Creative thinking and innovation are flourishing at the University of Chicago. The Graduate School of Business’ business- plan competition, the New Venture Challenge, was unusually strong this year,according to Ellen Rudnick, clinical professor and executive director of the Polsky Center for Entrepreneurship at the university. To enter the contest, at least one member of the team had to be anenrolled full- or part-time student at the Graduate School of Business.
Michael Moyer and Alyson Tesler walked away with the top prize of $25,000 for their innovative software company called Vicarious Communications, which helps dental-product manufacturers and suppliers more effectively market their products through dentists.
Moyer, who is the CEO, said the venture will receive the money within the next few weeks. It will help pay for software development. He already has been able to leverage the award to secure a cash-and-services angel investment from a printing company.
“There was definitely a lot of competition, and it feels very good to win. It adds validity to the plan,” Moyer said.
Two companies tied for second place and will receive $12,500: Iterative Therapeutics, which develops antibody therapies, and Green Hedges, a financial services company in the insurance industry.
Tim Ramsey, CEO of Iterative Therapeutics, said he will use his award to help defray incorporation and patent expenses.
“The monetary benefits, however, pale in comparison to the exposure and recognition that a good performance in the contest provides to a start-up,” he said in an e-mail, adding that participation noticeably accelerated the development of the company.
John Rodkin, CEO of Green Hedges, is no newcomer to the New Venture Challenge or entrepreneurship. He went through the program in 1998 as the CEO of flyswat, a firm that marketed a browser tool. The company was among the finalists but didn’t win; no matter, flyswat soon sold out to NBCi for more than $100 million in April 2000.
Now back at U. of C. law school, Rodkin said the best part of the competition is getting a chance to pitch real investors in a supportive framework.
“It is a no-risk opportunity to share your idea and get feedback. You don’t get a free shot like that with the venture capital community [in the real world],” he understated.
The competition was founded by Edward Kaplan, CEO of Zebra Technologies, and this year was also sponsored by Altheimer & Gray, Silicon Valley Bank, and Fred Dotzler from De Novo Ventures.
DePaul swings into action
Thanks to support from the Coleman Foundation, DePaul University in Chicago just established one of the most far-reaching and what will become one of the most visible entrepreneurial centers in the region.
The Coleman Entrepreneurship Center at DePaul’s College of Commerce made its debut with a $2.5 million challenge grant that will bring in a total of $4 million or more.
Said the well-known Harold Welsh, who holds the Coleman Chair in Entrepreneurship and who founded the venture: “This gives us the opportunity to leverage beyond the academic model. We want to help nascent entrepreneurs get to the next level. It’s really all about economic development and job creation.”
The hallmark of the program will be collaboration with community experts in 13 service sectors that entrepreneurs need, from accounting to marketing, Welsh said.
“Our markets will include alumni, current students, DePaul affiliates and the general public with compelling business concepts. We want to see more companies get started and see the entrepreneurial process proliferate,” Welsh added.
The program will feature business plan competitions, creativity contests, internships and mentorships, and is the outgrowth of more than five years of planning. Tinley Park technology attorney John Lanigan was named managing director on Friday, and an executive director is planned as funding becomes available.
“What intrigued us the most was the hands-on approach this program will have,” said Michael Hennessy, president and CEO of the Coleman Foundation. “The other part is that it is a strong complement to the educational programs in place and serves as a transition piece for students and the community.”
“This idea of creating your job rather than getting a job is something that has been important to us for a long time,” added Hennessy.
Darcy Evon is editor of i-Street magazine and the i-Street Reporter, a weekly online newsletter for the tech sector.
