In our search for a better understanding of what incentives help innovators to bring their ideas to business plan competitions (besides the inherent motivation investment capital), we came across a textbook example of success featuring a college student.

One year ago, Alex Loijos earned his Master’s in Technology and Policy from Massachusetts Institute of Technology (MIT) and to accompany his graduate studies, he competed in various business investment competitions. The knowledge he gained and time he spent formulating his business plan in preparation to compete ended up being well worth his time investment.

Loijos and his teammates took each competition seriously because they hoped to launch their business as quickly as possible. The numerous competitions provided his team with motivation to continue polishing their business pitch and this became incredibly relevant to his venture’s future success.

Now a proud co-founder of LinkCycle, Loijos used his invaluable experience from business plan competitions to launch the start-up company that he and co-founder Sahil Sahn developed while studying at MIT.

Loijos and Sahn competed in several business plan competitions during their time at MIT and won the following awards in three competitions sponsored by MIT:

• 2011 LinkedData Prize, MIT 100k Entrepreneurship Comperetaintition: Co-Winner with two other companies
• 2011 Deployment Category Winner, MIT Clean Energy Prize
• A 2011 MIT Global Challenge Development Grant, MIT Global Challenge

Granted, not every hopeful entrepreneur can study at MIT, but they can learn from the basic elements of Loijos’ experience as he worked to develop LinkCycle. Loijos attributed most of his success to MIT’s entrepreneurial program, which emphasizes three fundamentals required for success: feedback, viable business plan, and good mentorship.

If you’re interested in competing in a business investment competition, chances are you have a business plan ready to pitch. If you’re intending to or have already registered for NVC 2012 in Portland, then don’t sweat the feedback portion- we’ve got you covered.

NVC provides a panel of business professionals who evaluate your plan and offer their suggestions and provisional mentor advice. This leaves us with the last element in completing the equation: mentorship.

Adam Toren, writer for Entrepreneur.com, outlined 8 steps in his article “Mentors: A Young Entrepreneur’s Secret Weapon” to getting the right mentor for you. The steps provide a great beginning blueprint to help guide you in the right direction to finding a mentor that’s right for you. Good luck and we hope you choose to let NVC develop your plan and guide your path to success!

- Erin Suss

Want to learn more about what makes or breaks new business ventures? Take a look at Business Plan Competition Offers Insights.

Be a 21st century leader and climb the corporate ladder - Image courtesy of Getty Images

Adaptability to the ever-changing marketplace is a characteristic that will help 21st century business leaders thrive. The ability to innovate and execute is essential, but without adaptability, your business will fall behind in our rapidly evolving world. Exploring creative solutions to challenges is fundamental in the 21st century business world because businesses constantly face trade-offs. A successful leader will be adaptable by being open-minded and bringing in new perspectives to confront new business challenges.

Accurate foresight is another essential trait for 21st century business leaders. You need to have a clear vision of who you are, your business goals, and where you see you and your business develop. Many leaders spend their days dreaming about the future without taking initiative. Articulate a compelling future vision, develop an operations strategy, and execute that strategy. As a part of the aforementioned adaptability trait, reevaluate your strategy from time to time so it stays current with the changing times in which we live.

Have an articulated vision of your goals and you will finish first - Image courtesy of Getty Images

A 21st century business leader is decisive, flexible, and have an articulated vision that they are willing to execute. But most importantly, leaders need to have the ability to inspire trust. Inspiring trust is critical because your vision will not move forward without the trust from your investors and co-workers. Investors won’t want to take a risk on your venture unless they are convinced about your vision, and co-workers will not recognize you as their leader unless they trust you. Make ethical and moral business decisions and you will become a successful 21st century business leader.

- Hana Kelley

Want to learn more about being a 21st century business leader? Take a look at Building the 21st Century Leader and Leadership Qualities for the 21st Century.

Make a pitch that shows investors why your business is worthwhile - Photo courtesy of GettyImages

Investors want to know your startup’s objectives, strategies, and tactics; however, without addressing your passion and motivation behind your startup, investors won’t recognize why your ideas are viable and worth investing. While practicing your pitch, make sure to be concise and time yourself so that you leave time for questions and answers by your potential investors. If an investor interrupts during your pitch, don’t go back to your rehearsed pitch, but rather answer his or her questions to the best of your ability. After all, if you secure funding by an investor, it is likely that it will bloom into a long-term relationship and communication is fundamental in any kind of relationship.

Be enthusiastic while making your pitch - Photo courtesy of GettyImages

An effective pitch will make or break your opportunity for potential investors and by showing your passion and excitement for your venture, you will be likely to succeed.

- Hana Kelley

Want to know more about how to make an effective pitch? Take a look at Six Mistakes Entrepreneurs Make When Seeking Venture Capital and Elevator Pitch: 5 Tips for Creating a Strong Sales Message.

The University of Oregon’s Lundquist Center for Entrepreneurship invites you to take part in the 2012 New Venture Championship (NVC) competition. NVC offers over $50,000 in cash prizes for winning teams and every team that makes it to the semi-final round takes home investment funding to help grow their venture. Being selected to compete in NVC is a once in a lifetime experience shared only by a prestigious group of entrepreneurs around the world.

All teams will acquire invaluable information and networking opportunities focused on helping ventures succeed. Click here to complete the 2012 Intent to Compete form to be considered for this year’s competition. We appreciate your interest in participating in this year’s event and we are excited to hear about your new and developing ideas.

Sixteen teams of graduate students from universities around the world, including Hong Kong and Thailand, competed in Portland in the three-day competition. The New Venture Championship, a Forbes magazine top 15 graduate business plan competition, concluded Saturday, April 9.

ClearBrook Imaging; Photo by Chelsea Jennings

ClearBrook Imaging is a specialty medical device company that developed intravascular photoacoustic cardiac catheterization imaging technology. ClearBrook’s revolutionary imaging technology can provide cardiologists with the necessary information needed to properly diagnose atherosclerosis and plaque vulnerability.

David Mortellaro, member of ClearBrook, commented about NVC. “It was a fierce competition, and the amount of feedback was almost overwhelming. The interaction between teams and judges was very personal.”

The winner of the New Venture Championship receives an automatic entry to the 2011 Venture Labs Investment Competition, a business plan contest held at The University of Texas at Austin.

The second-place team, aQuainnova from SASIN Institute of Technology at Chulalongkorn University in Thailand, received $10,000. aQuainnova has developed tools to detect common viruses in aquaculture. Two runner-up teams, Hemova Medical from Johns Hopkins University and VisiRay from University of Oregon each received $2,500.

NVC students enjoying downtime; Photo by Chelsea Jennings

Hemova Medical also won $1,000 for first place in the Tektronix Elevator Pitch competition and CAIR Technologies from University of Manitoba was awarded $1,000 for first place in the Tektronix Trade Show Competition.

Fork in the Road from Portland State University won $1,000 for Best Written Business Plan Award.

In the Oregon Entrepreneurs Network (OEN) Lightning Round each of the following won $1,500: Fork In The Road from Portland State University, Kalood from Brigham Young University, Enzium from Carnegie Mellon University and CAIR Technologies from University of Manitoba.

The OEN Lightning Round is a brief, intensive one-on-one session in which competitors must make a “quick” pitch without the help of visual aides. All other OEN Lightning Round competitors received $500.

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

The results are in, the judges have been fed and it is time to kick off the finalist reception! Congratulations to:

VisiRay, University of Oregon

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

University of Oregon’s VisiRay team.

KarmaGoat from UCLA.

Tomorrow is the semifinal round and the finalist announcements. Stay tuned for updates!

Written by: Nic Corpora and Nicole Hyslop

CUDDLE CLONES

Cuddle Clones digitally reproduces pets into a custom-made stuffed animals that distinctly match the detailed features of your pet. Customizing everything from small markings to eye and paw color, Cuddle Clones allows you to bring a stuffed animal looking identical to your real pet anywhere you wish!

FORK IN THE ROAD

An affordable, franchisable grocer on wheels! Fork in the Road works directly with independent wholesalers to reach market space that is currently neglected.

Many more blogs to come about this year’s New Venture Championship! Stay tuned.

Written by: Hannah Moore

Thursday, April 7^th

Art Exhibit

Portland Museum of Art
1219 S.W. Park Ave.
Portland, OR 97205

0.5 miles from Hotel Monaco

Take a guided tour of the Jubitz Center for Modern and Contemporary Art and explore numerous forms of media including photography and decorative arts.

Time: 6:00 – 7:00 PM

Cost: Free with museum admission

Comedy

Arlene Schnitzer Hall
1037 Southwest Broadway
Portland, OR 97205

0.4 miles from Hotel Monaco

See Sarah Silverman, the popular comedian perform at Arlene Schnitzer, one of the most prized venues part of Portland’s Center for the Performing Arts.

Time: 8:00 PM

Cost: $42.00

Friday, April 8^th

Concert

The Hawthorne Theatre
1507 S.E. 39th Ave.
Portland, OR 97214

3 miles from Hotel Monaco

Enjoy performances by a href=”http://www.hawthornetheater.com/”>A Rocket to the Moon, Valencia, Anarbor, Runner Runner, and Go Radio.

All Ages

Time: 7:00 PM

Cost: $15

Dinner and live music

The Heathman Restaurant & Bar
1001 S.W. Broadway
Portland, OR 97205

0.4 miles from Hotel Monaco

Have dinner or drinks at the Heathman Restaurant & Bar, which offers a French touch to Northwest cuisine. Musical performances by Johnny Martin.

Pizza, beer, and live music

Mississippi Pizza Pub
3552 N. Mississippi Ave.
Portland, OR 97227

2.3 miles from Hotel Monaco

Band: Lamppost Revival (Acoustic Folk-Rock)

Time: 6:00 PM

Saturday, April 9^th

Dinner and live music

Portland Prime
121 Southwest 3rd Avenue
Portland, OR 97204-2704

0.3 miles from Hotel Monaco

Treat yourself to seafood and steak; listen to some live Jazz music by the Mel Brown Trio.

There’s always something going on in the City of Roses.

Check out a full list of events this weekend at http://www.oregonlive.com.

~BEST OF LUCK TO ALL THE COMPETITORS IN

THE 2011 NEW VENTURE CHAMPIONSHIP!~

Written by Hannah Moore