Tepper School of Business
News Detail
2009 McGinnis Venture Competition Welcomes Graduate Student Teams from Four Continents
Author:Mark D. Burd 412-268-3486
Release Date: Mar 12, 2009
PITTSBURGH— Transitioning innovative new technologies from concept into reality is the focus of the 2009 McGinnis Venture Competition, which will be hosted by the Tepper School of Business at Carnegie Mellon University March 12-14. During the competition, teams of graduate students will have the opportunity to present business plans for new, independent ventures focused in three distinct tracks: Technology, Life Science, and Sustainable Technology.
In each track, the winning team’s start-up company will receive a prize of $20,000 cash investment in their firm along with in-kind business services and the opportunity to pitch their concept to a venture capital or early-stage investment firm. Two of the three track winners will receive an automatic invitation to participate in the Global Moot Corp® competition, which was won in 2008 by a team from Carnegie Mellon University with a venture called NeuroBank that made its debut at the McGinnis competition. Winners of “elevator pitch” rounds will also receive a cash prize of $1000.
In its sixth year, the annual competition will attract more than two-dozen teams from across North America, as well as competitors from Universities based in Asia, Europe and South America. The event is organized by the Donald H. Jones Center for Entrepreneurship at the Tepper School of Business and is made possible by an endowment from Gerald E. McGinnis, a successful entrepreneur and founder of Respironics, Inc. . Participating teams include:
- Babson College
- Boston University
- Carnegie Mellon University (2)
- Dartmouth College
- George Washington University
- IIFT (2)
- Illinois Institute of Technology
- Indian Institute of Technology
- Johns Hopkins University
- Kennesaw State University (2)
- Lund University
- Queens University
- Rensselaer Polytechnic Institute
- Universidad do los Andes
- University of Arkansas (2)
- University of Chicago
- University of Illinois at Chicago
- University of Manitoba
- University of Michigan (2)
- University of Oregon
- University of Texas-Austin (2)
- University of Utah
- University of Virginia
- Xavier Labour Relations Institute
“In addition to the prizes, the McGinnis Venture Competition offers bright, young entrepreneurs the opportunity to present their emerging ventures to venture capitalists, private investors, leading entrepeneurs, and successful business leaders” said Dr. Art Boni, director of the Donald H. Jones Center for Entrepreneurship at the Tepper School of Business. “This interaction helps to define and enhance the strengths and identify potential weaknesses of their proposed venture. This process enables the students to refine their approach toward successfully marketing new technology.”
Winners of this year’s competition will be announced at an awards program on Saturday evening, March 14, 2009, at the Carnegie Science Center in Pittsburgh. Master of Ceremonies for the keynote address will be given by Glen T. Meakam, co-founder and managing director of Meakam Becker Venture Capital. A special presentation will also be made at dinner by Michael Kobold, Carnegie Mellon University Graduate, founder of Kobold Watch Company, and leader of an upcoming expedition to Mt. Everest.
A detailed schedule of events, teams, sponsors, and additional information is available at: http://www.mcginnisventurecompetition.com.
News Item Updated (March 15, 2000)
2009 McGinnis Competition Final Results:
Technology Track
Grand Prize - Carnegie Mellon University (Tepper School) – Dynamics, Inc.
Dynamics produces next-generation, interactive payment cards with programmable magnetic strips.
Second Place - Dartmouth College – mPedigree Logistics
mPedigree provides pharmaceutical companies with robust anti-counterfeit solutions appropriate for emerging markets, with added value via mobile marketing and granular supply chain oversight.
Life Science Track
Grand Prize - University of Utah – ElutInc (MOOT)
ElutInc is a start-up orthopedic device company that improves orthopedic surgeries and bone healing by creating implantable devices that can release (or elute) antibiotics and various drugs directly into a surgical site. Our patent-pending technology is being developed into a series of orthopedic, controlled-release surgical devices.
Second Place - University of Illinois at Chicago – Optical In-Sight
Optical In-Sight holds the exclusive rights to a light-powered retinal prosthetic, the first of its kind with the potential to restore functional sight to people blinded by end-stage, age-related macular degeneration (AMD). Optical’s technology closely mimics the normal vision process, using the natural light that enters the eye to trigger the device.
Sustainable Technology Track
Grand Prize - University of Michigan – Husk (MOOT)
Husk Insulation is a business-to-business company that will use proprietary technology licensed from the University of Michigan to convert agricultural waste into high-grade, vacuum-insulated panels that will be sold to final-product manufacturers (initially refrigerator manufacturers).
Second Place - Queen’s University – Green Gold
Green Gold will rehabilitate mine tailings from abandoned gold mines. Many of these tailings are contaminated with toxic wastes (such as mercury and arsenic) that have a terrible impact on the local environment. Green Gold will bid on government contracts to clean up the tailings by processing them through a centrifuge and concentrated leaching process. This will remove the metals and rehabilitate the mine sites. This process will also extract any residual gold and heavy metal deposits that can be used as a secondary source of revenue.
Third place - University of Virginia – Clean India LLC
Clean India provides industrial wastewater recycling and water supply services in a profitable, cost-effective, and environmentally friendly manner by utilizing algae as a water treatment vehicle. Clean India will develop a network of water purification plants across industrial cities in India and target customers in the pulp and paper, textiles, steel and engineering industries.
Elevator Pitch Winners
1st Place – Dartmouth College – mPedigree Logistics
mPedigree Logistics provides pharmaceutical companies with robust anti-counterfeit solutions appropriate for emerging markets, with added value via mobile marketing and granular supply chain oversight.
2nd Place – Carnegie Mellon University (Tepper School) – Dynamics, Inc.
Dynamics produces next-generation, interactive payment cards with programmable magnetic strips.
3rd Place - Universidad de los Andes – CareCure
CareCure offers low-cost, high-quality alternative solutions to cardiac surgery in developing countries. The first product is the DCN (Double Cone Nitinol) Device, which is a minimally invasive occluder device used to close congenital heart defects in children.
###
