2005 Headlines
Johnson School Announces Business Idea Competition WinnersIthaca's Sustainable Pharmaceutics Receives $10,000 and Free Legal Advice March 3, 2005, Ithaca, New York The Johnson Graduate School of Management's BR Ventures (BRV), a student run venture capital organization that invests in early stage businesses, is pleased to announce the winners of its 5th Annual Business Idea Competition (BIC). The annual competition is an opportunity for entrepreneurs to earn cash winnings and growth assistance from Cornell University's "Entrepreneurship Triad." The first place winner is Sustainable Pharmaceutics of Ithaca, NY, which produces generic drugs at a lower cost through more efficient and environmentally friendly processes. Sustainable Pharmaceutics, which is led by Tyler McQuade, an assistant professor at Cornell in Chemistry and Chemical Biology, receives $10,000 from BRV as well as 20 hours of legal assistance from Cornell's Entrepreneurship Legal Services (ELS). The second place winner is Illuminaria of Ithaca, NY, which manufactures portable biosensors for point-of-care diagnostics to detect biological threats including pathogenic bacteria such as anthrax. The product performs a complete analysis, from sample loading to endpoint analysis within one hour. Illuminaria, which is led by Scott Stelick, a Masters of Engineering Cornell graduate, receives $2,500. The third place winner is OTS Diagnostics of Ithaca, NY, which produces hand-held electronic kits that diagnose different diseases simultaneously and instantly. OTS Diagnostics, which is led by current Johnson School MBA student Andreas Wankerl, receives $1,000. On February 24, 2005 seven finalists presented their business ideas to a panel of notable judges from the venture capital industry at Sage Hall on the Cornell campus. Judging was based on the viability of the business idea and the attractiveness of such ideas to venture capital investors. Judges for the event include entrepreneur Mark Brandt, founder of the Maple Fund; Jim McCall, Managing Director for the Digital Home and Enterprise at Intel Capital; Dan Simpkins, founder of Hillcrest Communications; and Ralph Terkowitz, of ABS Capital Partners. The BIC is unique among business plan competitions in that participants are only required to submit a two-page description of their idea, not a full business plan. This year 103 entries were received, 16 of which were from outside the Cornell community. Other universities submitting this year include the Owen Graduate School of Management at Vanderbilt University, the University of Maryland, MIT, Indiana University, and Virginia Tech University. BRV is composed of 2nd year MBA students who are well-versed in venture capital and entrepreneurship. BRV fosters entrepreneurship throughout the Cornell community by identifying, supporting, and adding value to entrepreneurs and funding high-growth companies. The 20 hours of legal services offered to the BIC winner will be provided by ELS--a joint program of the Johnson School and Cornell Law School. Through ELS, Cornell law students provide affordable, professional quality legal services that are vital to the formation, operation, and eventual success of any start-up or emerging growth-oriented business. The 20 hours from ELS are valued at $500; similar assistance from a law firm could cost in excess of $4,000. Cornell University is the only school to offer all three services of the "Entrepreneurship Triad"-BRV, ELS, and Big Red Incubator (BRI). With the right idea, a new company could use BRI to develop their business plan, ELS could assist the new company in formation and development of start-up legal matters, and BRV could provide seed funding for the new company. For more information on BRV visit: www.brv.cornell.edu and for ELS visit www.els.cornell.edu. The Johnson School is Cornell University's graduate school of management. The Johnson School combines leading edge intellectual capital with "real time, real world" business practice and is among the top business schools in the world. Opportunities for experiential learning, such as immersion programs and student-run venture capital and mutual funds, distinguish the Johnson School's curricula. Programs include MBA and doctoral degrees, a twelve-month MBA option for students with advanced degrees in science or engineering and an executive MBA. For more about the Johnson School please visit: www.johnson.cornell.edu. For More Information |
