Marketing & Communications
Division of University Relations and Development
News Release
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RELEASE University
of Colorado-Boulder Wins Venture Challenge 2002 SAN DIEGO, Monday, April 8, 2002 - An innovative product that allows companies to use wireless LANs for everything from customer service to operations was at the core of a business plan that earned the University of Colorado-Boulder the grand prize of $15,000 at Venture Challenge 2002. Twenty teams of MBA students from the United States, Mexico and Sweden competed in San Diego State University's 13th annual international student business plan event March 27-29. Teams consisted of the best and brightest of up-and-coming entrepreneurs, whose start-up companies ranged from hospital technology to data-enabled telephones to skin care products. The University of Wisconsin-Madison earned the $3,500 second prize. The team's venture is based on patented technology which will be used to detect and report the presence of proteins in drug discovery, specifically targeting cancer research. Georgia Institute of Technology earned the $1,500 third-place award with its early stage technology company that enables microelectromechanical systems manufacturers to increase their low production yield, reduce their expenditure on quality assessment and reduce their time to volume for new products. "The winners' ability to create sound business plans around technical innovations certainly reflect an increasing synergy that is taking place nationwide between high-quality, university-based entrepreneurship programs and their local high-tech communities," said Sanford Ehrlich, executive director of SDSU's Entrepreneurial Management Center (EMC). "I look forward to monitoring the future growth of these start-up companies that used Venture Challenge 2002 as part of their launch strategy." Seth Goldhammer, Chris Grey, Kaj Gronholm and Kate Tallmann produced Colorado's winning "Roving Planet" design. Gronholm, the team's presenter, made the trip to San Diego with faculty advisor Frank Moyes. The team's project consists of an engine that manages multiple applications running over a wireless LAN in a corporate environment or public space, allowing companies to improve their customer service and other departments such as operations. "What we find is that our concepts get better every year," Moyes said. "The result is that we have better business plans at the end. Not only are our plans better, but the viability of our businesses seem much stronger." Schools from the following teams took part in Venture Challenge 2002: Carnegie Mellon University, Duke University, Georgia Institute of Technology, I.T.E.S.M. (one of Mexico's leading technical universities), Indiana University, Kennesaw State University, San Diego State University, Stockholm School of Entrepreneurship, Thunderbird, University of Arizona, University of Colorado-Boulder, University of Georgia, University of Illinois at Urbana-Champaign, University of Illinois at Chicago, University of Michigan, University of Nebraska-Lincoln, University of North Carolina at Chapel Hill, University of Oregon, University of Texas-Austin and the University of Wisconsin-Madison. The competition's judges consisted of seasoned investors, entrepreneurs and financial professionals who gave the students the priceless knowledge they need to thrive in venture capital's nuclear winter. San Diego State University is the
oldest and largest higher education institution in the San Diego
region. Founded in 1897, the university has grown to offer bachelor's
degrees in 78 areas, master's degrees in 61 areas and doctorates
in 14 areas. Its students participate in academic curriculum distinguished
by direct contact with faculty and an increasing international emphasis
that prepares them for a global future. For more information, visit
www.sdsu.edu. ### |
