After a day full of venture pitches and penetrating questions from judges, KT Tape from Brigham Young University prevailed as the 2009 New Venture Champion, earning an impressive first prize of $50,000. Team members Michelle Quinn and Reed Quinn can now take this investment money and the lessons learned from the NVC judges to make their venture a reality.
Yet, KT Tape was not the only winner of the event, as every team ended up leaving the event with prize money and the experience to improve their business plans.
“We are very grateful, the judges were phenomenal,” said Michelle Quinn, after learning her team had won. “They provided us with feedback in both the semi-final and final rounds, which was unparalleled in any other business plan competition we have competed in.”
Gyan from Northwestern University, finishing in second place, earned $10,000 to invest in its venture. The third prize of $5,000 was awarded to Integrated Diagnostics from the University of California, Berkeley.
“We’re thrilled with third place,” Octavian Florescu of Integrated Diagnostics said. “The list of competitors was extremely strong but we’re still hungry for the top spot. The competition has given us the edge to get us there.”
Runner-ups from the Intel Capital Final Round were Castor & Pollux of Chulalongkorn University and Gold Plus from Thammasat University, each walking away with $2,500.
The $1,000 Trade Show Award and the Tektronix Elevator Pitch Award were both awarded to
from University of Louisville.
Five teams who did not move forward to the final round of competition came away with $1,500 each as winners of the OEN Lightning Round which included:
Focal Pop from University of Texas at Austin received $1,500
GeneWeave from Cornell University received $1,500
GroundUp Biosolutions from University of Arkansas received $1,500
Interactive Fan from University of Oregon received $1,500
necoPlastics from University of Louisville received $1,500
The remaining teams each received $750 to put towards funding of their ventures.
Over its 18-year span, the NVC continues to show strong signs of expanding the quality of its competing ventures.
“It has been another banner year for the NVC as momentum continues to build for this event,” said Dick Sloan, Undergraduate Coordinator of Innovation/Entrepreneurship at the University of Oregon. “We had a record number of teams applying, which elevated the quality of venture teams competing.”
Thanks for staying tuned to New Venture Championship on the NVC Blog. Make sure to check back often, as the blog and NVC Twitter account will remain active throughout the year.