Sixteen venture teams of graduate students from universities around the globe – including Hong Kong and Thailand—competed for a cash prize pool of more than $57,000 over a three-day competition in Portland, Oregon. The New Venture Championship, a Forbes magazine top 15 graduate business plan competition, concluded Saturday, April 7 at the Embassy Suites Downtown – Hotel.

LifeLine Innovations, from Arizona State University, is a biotechnology start-up that has developed live bacteria based vaccines for humans. The start-up’s first vaccine targets influenza (flu) and can be applied to several other viral or bacterial infections, such as plague, tuberculosis and pneumonia.

The winner of the New Venture Championship is awarded the Reinmuth Cup, $25,000 cash award and an automatic berth in 2012 Venture Labs Investment Competition – a worldwide investment competition hosted annually at The University of Texas at Austin.

The second-place team, Boston Mountain Biotech, LLC from University of Arkansas, received $10,000. Boston Mountain Biotech, LLC provides innovative and cost-effective protein purification solutions to increase the usage of proteins in immunology research, vaccine development and pharmaceutical manufacturing. Two finalist runner-up teams, Innovostics from Johns Hopkins University and LEMM Technologies from Purdue University, each received $2,500.

Teams not selected for the Final Round participated in the Oregon Entrepreneurs Network Lightning Round, a brief, intensive one-on-one session in which competitors must make a “quick” pitch without the help of visual aides. Four teams won $1,500 each, including Sensorius from SASIN Institute of Technology in Thailand, Corrosion Solutions from University of Oregon, HomeGourmet from Hong Kong University of Science and Technology and Ischiban-Neural Engineering Systems from University of Cincinnati.

Innovostics also received $1,500 for first place in the Tektronix Elevator Pitch competition and Ischiban-Neural Engineering Systems received $1,500 for first place in the Tektronix Trade Show competition.

Paramaxx from Thammasat University in Thailand earned the Best Written Business Plan Award and received $1,500.

The night began with the announcement of the four finalist teams that would soon be vying to be the 2012 NVC Champion. Everyone was eager to learn who had made the grade, and the casual atmosphere made certain that any anxiety was at a minimum.

Before long all of the competitors, advisors, and guests were throwing spares and strikes, but the gutter balls often brought out the biggest laughs during the round-robin bowling tournament.

The four finalist teams vie for the $25,000 grand prize and an automatic berth to the 2012 Venture Labs Investment Competition. The second place venture receives $10,000 and the remaining two finalists receive $2,500. An esteemed panel of judges, drawn from the investment and business community in the Pacific Northwest will decide the winners of the competition. Read more about the prizes here.

Sixteen venture teams from around the globe–including Hong Kong and Singapore–descended upon Portland, Oregon for the 21^st annual New Venture Championship, an international investment competition for graduate students. After two days of intense competition, all 16 teams earned an opportunity to receive feedback and further their entrepreneurial success.

The four venture teams competing in the final round include LEMM Technologies, LLC, Innovostics, Boston Mountain Biotech and LifeLine Innovations.

LEMM Technologies, LLC, of Purdue University, has developed a non-invasive medical device that measures blood glucose by performing an analysis using near infrared light technology. The product can help medical professionals and individuals with disabilities maintain glucose levels.

Innovostics, of Johns Hopkins University, provides point of care diagnostic technologies to save patient lives around the globe. They are developing a rapid diagnostic test for acute fever to differentiate between bacterial, viral and parasitic infection. Innovostics utilizes a unique microfluidics platform, which enables accurate, inexpensive and rapid tests results to patients.

Boston Mountain Biotech, of University of Arkansas, provides inexpensive and cost-effective protein purification solutions.  Currently, protein-based therapeutic pharmaceuticals are highly expensive to produce. Through cost reduction, Boston Mountain Biotech hopes to increase the usage of proteins in immunology research, vaccine development and pharmaceutical manufacturing.

LifeLine Innovations, of Arizona State University, is a biotechnology start-up that has developed live bacteria based vaccines for humans. The first vaccine targets influenza (flu) and can be applied to several other viral or bacterial infections, such as plague, tuberculosis, and pneumonia.

The twelve teams not advancing to the final round will enter the OEN Lightning Round. Without the use of any equipment or visual aids, each team makes a “quick” pitch to a new panel of judges. The panel discusses strengths and weaknesses of each plan, after which teams will have only 15 minutes to adjust their plan and re-pitch it to the judges.

Click here for more information about each round of the competition and here for photos from the event.

The competition began with a friendly expose’ of the different ventures during the Tektronix Trade Show. Teams proudly manned their stands while conversing with one another and the attendees. The room was lively and so were the spirits. For such a high caliber of competition, it was great to see the competitors thoroughly enjoying themselves while maintaining business savvy.

As the Tektronix Trade Show concluded, the elevator pitch segment began. Teams were selected in random order and given one minute to present their venture to an audience of judges, potential investors and entrepreneurs. After a light introduction, each team selected a representative to present their venture in a compelling way in only one minute. This segment provided the teams with a creditable introduction to the competition and an insightful preview for what is to come in the following rounds.

            Friday April 7, transitions into to the semi-final rounds, in which each team presents and defends their venture in front of a panel of esteemed judges. Each venture is given forty minutes to present their business plan as judges may interject their own questions and concerns throughout the presentation. As the competition progresses so does the competitive nature of the event. Stay tuned for major happenings of the semi-final rounds on Friday, April 7 as the competition continues.

FlexLeg at Trade Show

Networking at the Trade Show

EyeQ Delivers Elevator Pitch

Elevator Pitch

Preparing for Elevator Pitch

Innovostics at Trade Show

Written by Taylor Stafford

We have complied a list of places near the event that may be useful during your stay in Portland. Need to find an office supply or electronics store? Same day dry cleaners? Taxi? ATM? Worry not! We have you covered.

Taxi Services:

• Yellow Cab: (503) 646-9500
• Radio Cab Co: (503) 227-1212

Same Day Dry Cleaning

• Levine’s Dry cleaning 200 Southwest Broadway, Portland, OR (503) 222-4444
• City Laundry Northwest 1414 Northwest Glisan Street, Portland, OR (503) 224-7733
• Bee Tailors & Cleaners Downtown 1026 Southwest Salmon Street, Portland, OR (503) 227-1144

Office Supply/Electronics

• Office Depot 604 Southwest Washington Street, Portland, OR (503) 417-8199
• Wired iRepair 1720 NW Lovejoy #116, Portland, OR (503) 317-9977
• Apple Store Pioneer Place 700 SW Fifth Ave., Suite 1035, Portland, OR (503) 265-2010

Coffee Shops

• Stumptown Coffee Roasters 128 Southwest 3rd Avenue, Portland, OR (503) 295-6144
• Floyds Coffee Shop Old Town 118 Northwest Couch Street, Portland, OR (503) 295-7791
• Starbucks 305 SW 4th Avenue, Portland, OR (503) 227-0960
• Bijou Cafe 132 Southwest 3rd Avenue, Portland, OR (503) 222-318

ATM Locations

• Gas 76 400 West Burnside Street, Portland, OR (503) 224-6633
• Cardtronics ATM 500 SW 5th Ave, Portland, OR
• Us Bank 111 SW 5th Ave, Portland, OR (503) 275-5112

Breakfast Locations

• Mother’s Bistro 212 Southwest Stark Street, Portland, OR (503) 464-1122
• Bijou Cafe 132 Southwest 3rd Avenue, Portland, OR (503) 222-3187
• The Original 300 Southwest
  6th Avenue, Portland, OR (503) 546-2666 ‎

Be sure to refer back to our blog, follow us on Twitter and join the conversation using #OregonNVC, ‘Like’ us on Facebook, and join the NVC group on LinkedIn for updates and announcements during the 2012 New Venture Championship.

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.