Sixteen teams traveled to Portland, OR to participate in our business plan competition. Now, four teams are going to the finals to compete for the $25,000 grand prize. Oregon New Venture Championship congratulates the four teams who are going to the finals!
The results are in, the judges have been fed and it is time to kick off the finalist reception! Congratulations to:
Team members include: Walther Buecklers, Andrew Cook, Orit Ofri and James St. Clair; Faculty Adviser: Don Upson
VisiRay plans to bring airport scanning technology to the pest control industry through their new pest detection product. This product provides visual evidence of pest infestation in the home. When asked about their chances in Saturday’s finalist competition, Walther Buechklers of VisiRay concludes, “we did really well today, and if we do the same tomorrow, I think we have a decent chance of winning”.
aQuainnova, SASIN
Donsiri Aromsook, Porametr Chetnakarnkul, Prapada Prapan, Nichaboon Purnaveja, Patraporn Saenawatanakul; Faculty Adviser: Nick Pisalyapua
The vision at aQuainnova is to develop tools that will detect common viruses in aquaculture. Their first prototype, Genovex, detects common viruses in shrimp. aQuainnova traveled to NVC from Thailand and is one of the competition’s most impressive international teams.
Hemova Medical, Johns Hopkins University
Team members include: Sherri Hall, Peter Li, Shishira Nagesh, Mary O’Grady and Thora Thorgilsdottir; Faculty Adviser: Souymadipta Acharya
A patented technology, Hemova Medical has developed a new way to access blood for dialysis that will remain accessible for up to four times longer than current methods. “The judges said that out of all of the teams that they’ve seen, we were the only one to own their IP. We developed technology from the ground up, and this money would help us with the next stages,” Shishira Nagesh stated.
ClearBrook Imaging, University of Texas at Austin
Team members include: Ryan Miller, David Mortellaro and Jimmy Su; Faculty Adviser: Gary Cadenhead
ClearBrook Imaging is a specialty medical device company that focuses on the development of a cardiac catheterization imaging technology. This technology will allow medical professionals to efficiently diagnose cardiac diseases.
Written by: Nic Corpora and Nicole Hyslop
NVC Model Unlike Others
In January, more than one hundred teams yearned to participate in the 20th annual New Venture Championship. Only 16 teams were chosen to venture to Portland for the Semifinal round in this highly competitive competition, held each April.
Each team in the Semifinal round formally presents their venture plan to an esteemed panel of judges that includes venture capitalists, seasoned business executives and experienced entrepreneurs. Presentations are followed by a hard-hitting question-and-answer session. At the end of the round each team is briefed individually and receives extensive feedback from the judges’ panel, a key element of the New Venture Championship (NVC) learning model.
Only four teams whose ideas and plans stand up to rigorous questioning and scrutiny by the judges will rise to the top. Teams must convince investors and executives that the team’s business plan represents a solid, viable investment opportunity.
While other competitions place restrictions or limitations regarding prize money, NVC awards teams with what they need: cash. The winning team also receives automatic berths to 2011 MOOT CORP competition and 2012 New Venture Championship.
Second place receives $10,000; third place receives $2,500; runner-up team receives $2,000.
The twelve teams not chosen as finalists still have an opportunity to win prize money in the Oregon Entrepreneurs Network (OEN) Lightning Round. Here, the quality of their teamwork and ability to adapt is pushed to the limit. Without the use of props or visual aides, the teams make a “quick” pitch to a new panel of judges. The panel identifies strengths and deficiencies within each plan to leverage the strengths and fix the deficiencies. Teams must meet the challenge of doing it all in fifteen minutes.
No PowerPoint, props, charts, or other support materials can be used in the presentation. During the fifteen-minute adjustment period teams may access research information, related materials, laptop computers and other reference items. Teams have access to napkins and pencils in order to illustrate their points.
When asked about the Lightning Round, AE Solutions from Hong Kong, said, “You better be good at drawing.”
Most teams need hundreds of thousands of dollars in capital in order to take their venture to the next level. While $25,000 may seem relatively small, teams value the opportunity to present their ventures to angel investors, entrepreneurs and top executives, who comprise the judging panel and audience members. Not only could your team exit Portland with $25,000, you may find the person or group willing to invest in your venture.
This opportunity is tremendous and this experience is invaluable.
Written by: Nic Corpora