Posts Tagged ‘business plan competition’

Global change marketplace: how the GSEC Trade Show brings the world to UW

Wednesday, May 22nd, 2013

trade showOver its nine year history, the Global Social Entrepreneurship Competition (GSEC) at the University of Washington’s Foster School of Business has brought awareness of pressing global issues to thousands of people – student competitors; competition mentors, judges and coaches; university partners; student volunteers; friends, family and supporters. So far, the competition has engaged over 2000 students of diverse educational disciplines and levels from around the world in tackling complex global social problems with entrepreneurial spirit and innovative market-based solutions.

At the competition’s culmination, semi-finalist university student teams (30-60 students per year) from around the world travel to Seattle for a week to learn about social enterprise, receive professional guidance and connections, network with each other and compete for prizes.

GSEC’s cross-cultural exchange is highlighted at the Trade Show, where semi-finalist teams each give their “pitch” to sell their business ideas to Trade Show judges, who act as mock investors, as well as students and community members. They often have prototypes, photos, videos and stories to illustrate the challenges they are facing and the inspirational impacts of their solutions. As a result, these issues become real, even for those who have never experienced them firsthand. Judge Loretta Little explains: “I have always felt and try to teach my kids that we’re citizens of the world. You need to put yourself in other people’s shoes. What better way than to meet people from around the world who are willing to come forward and share problems with you and what they think might be solutions to those problems.”

Teams often use prize money and connections made during GSEC to help launch their business, which can create employment and have other positive social impacts back home. Archived and streaming video of competition events, media coverage locally and in the student competitors’ universities and communities, and even the competitors own blogs and social media extends the education still further – allowing even those who cannot take part in the competition to feel inspired by the innovations being proposed to some of the world’s most pressing problems. Trade Show judge David Parker summed up why he volunteers each year: “The new ideas that are emerging every year from young people – it’s just astounding – they’re already creating patents, engaging with partners for manufacturing new devices, they’ve been able to engage with experts in the geographies of high need that they hope to get their solutions to – I just love seeing that passion, energy and creativity and innovation emerge and I continue to be impressed year after year with the applicants, the competitors and their ideas.”

GSEC is open to currently enrolled degree-seeking students in any discipline, at any level of study, and at any higher education institution worldwide who submits a plan that uses business principles to create a sustainable solution to poverty, health and economic growth in the developing world. Applications for the 10th annual competition are due November 12, 2014. Learn more at http://www.foster.washington.edu/gsec/

The Buerk Center for Entrepreneurship awards $170,000 to eight student-led start-ups

Friday, February 22nd, 2013
Haiti Babi Blanket

Haiti Babi

When Katlin Jackson returned from her second trip to Haiti in January 2012, she was a woman on a mission. After spending time in a Haitian orphanage, she’d discovered that a good number of the children there weren’t orphans at all. Their parents were simply too poor to care for them. Within months, Katlin, along with UW junior Kari Davidson, cofounded Haiti Babi and entered the 2012 Business Plan Competition.

Haiti Babi now employs four Haitian mothers to knit and crochet high-quality, incredibly soft baby blankets and accessories that are sold to moms in the United States. In 12 months, Katlin and Kari have taken an idea, defined a mission (Moms helping Moms), and created a start-up company that is making real headway. They have a well-thought-out brand, fashionable products, and a detailed operations plan. Their Indiegogo campaign brought in double their fund-raising goal, pre-orders for their first blankets surpassed all expectations, and Haiti Babi has been featured in Seattle Magazine, Social Good Moms, and Disney Baby.

Much of Haiti Babi’s success can be attributed to the intelligence, drive, and dedication of its founders, but they’ve also had great help along the way. They were admitted into the Jones Milestones/Foster Accelerator in July 2012.

The JM/FA at the Foster School’s Buerk Center for Entrepreneurship is a TechStars-like program that provides a milestones-based framework, monthly coaching from Seattle entrepreneurs and investors, and connections that help student teams make the transition to start-up companies.  From July 2012 to February 2013, 10 teams worked to recreate their teams, develop their technologies or get product to market, and raise early-stage funding. On February 13, eight teams were awarded between $10,000 and $25,000 for their efforts.

  • PatientStream, a cloud-based electronic patient-tracking system for hospitals, licensed its technology from the University of Washington and secured a $500,000 investment from the W Fund.  Ben Anderson (TMMBA 2012) is the founder, and brought in Keith Streckenbach as COO and co-founder to drive sales. Anderson quit his day job at UW Medicine/Harborview in October.
  • Haiti Babi provides mothers in Haiti with employment to keep their children out of orphanages. As part of their “Moms helping Moms” mission, Haiti Babi’s mothers knit and crochet high-quality, incredibly soft baby blankets that are sold in the United States. Co-founders Katlin Jackson and Kari Davidson (BFA 2014) raised funding through an Indiegogo campaign, pre-orders for blankets surpassed all expectations, and Haiti Babi has been featured in Seattle Magazine and Disney Baby.
  • LumiSands was awarded a $150,000 National Science Foundation SBIR Phase-I Grant and a $50,000 gift from the Washington Research Foundation for the development and manufacture of its silicon-based alternative to rare-earth phosphors used in LED lighting. Co-founders Ji-Hao Hoo (PhD 2013) and Chang-Ching Tu have negotiated an agreement with the University of Washington, and are still in the technology development phase.
  • JoeyBra, “the first sexy and comfortable fashion bra with a pocket,” closed a successful angel investment round, produced a new, quality sports bra with a waterproof pocket in a full range of sizes, and has been featured by Forbes, MSNBC, and CNN.  Mariah Gentry (BA 2013) and Kyle Bartlow (BA 2013), the co-founders, have contracted with a former Miss America as a spokesmodel and will launch their product nationwide in April 2013.
  • Microryza, a KickStarter-type site for smaller science and research projects,was admitted into Y-Combinator in October and moved to the Bay Area. Cindy Wu (BS 2011) and Denny Luan (BS 2011) have raised more than $170,000 and their site has funded projects from tracking Magellanic penguins to sustaining native bees and student-designed electric racecars.
    Update: March 28, 2013 – Microryza was named one of the top 5 Y-Combinator start-ups to watch by Inc. Magazine.
  • Strideline sold more than 60,000 pairs of their signature city skyline crew socks in 2012. Co- founders Jake Director (BA 2013) and Riley Goodman (BA 2013) have organized a national sales team, are now selling in Nordstrom and Zumiez, and were the subject of a UW TV short feature
  • SuperCritical Technologies has designed and will build compact modular power plants that provide up to 5MW of clean, reliable electricity for heating and/or cooling. Chal Davidson (MBA 2012) is the CEO, with Max Effgen (MBA 2012) as a co-founder. The company raised $200,000 in angel funding to complete the conceptual design and establish supplier relationships, and is currently fundraising to build the prototype.
  • UrbanHarvest is an urban farming company that grows high-value hydroponic lettuces and herbs within feet of where they’ll be consumed. The brainchild of Chris Bajuk (MBA 2011) and Chris Sheppard (MBA/JD 2012), UrbanHarvest is currently negotiating with a large SoDo corporation to build a rooftop greenhouse.

So what’s next? The work certainly doesn’t stop here. As any entrepreneur knows, it takes more than six months to grow a thriving business. And that’s what the JM/FA ultimately provides at the end:  additional runway.  This follow-on funding is a testament to the companies’ hard work so far, and an investment in what we know they can become.

The Jones Milestones/Foster Accelerator is funded by the Herbert B. Jones Foundation and additional private donors who, like us, believe in the ability of student entrepreneurs.

Challenges drive environmental innovation

Tuesday, August 21st, 2012

Why are “challenges” so crucial in driving innovation?  We asked Connie Bourassa-Shaw, the director of UW’s Center for Innovation and Entrepreneurship about this, specifically in relation to the Center’s annual Environmental Innovation Challenge.  Here’s what she had to say:

We launched the Environmental Innovation Challenge in 2009 because we believe that “challenges” drive innovation, and we were looking to engage smart, passionate students in the quest to produce real, market-conscious solutions to environmental problems.  My story at the time was the Solar Car Challenge, which has been going on for the last decade or so. Most people know it. But the point is that we’re still not driving solar cars. That’s what I didn’t want to see. I wanted to see market results with the EIC.

So we narrowed it down to this: Tell me what the environmental problem is, tell me about your solution, show me that it works, tell me about the market opportunity, and demonstrate the potential for impact. Now, what we’re asking students to do is hard. Designing and building a prototype is hard. Getting it to work is even harder.  And we’re not interested in the $5,000 solution to the $500 problem. It’s got to be appropriate technology, especially when you’re looking at technologies targeted for third-world countries.

The Challenge is run by CIE (which is in the Foster School of Business), in partnership with the College of Engineering and the College of the Environment. We want cross-disciplinary teams–from undergrads to PhD students. We start the process with a fall quarter class–the Environmental Innovation Practicum. Those students walk through the process of thinking about and planning for the Challenge, which happens late March or early April. We get $25,000 from the College of Engineering to provide small grants ($500 to $5,000, but generally under $2,000) to teams that need prototype funding. We give all the money away.

This year (2012) GIST won the $10,000 grand prize. Barrels of Hope and Urban Harvest won prizes as well–and both went on to our annual Business Plan Competition, which follows the Challenge. In fact, about half of the EIC teams go on to do the BPC.

What happens is really interesting–students get caught up in the excitement of thinking about making this a real company. Many are very serious.

The EIC is full of great stories, and the “challenge” process itself is the key.

Standing room only: celebrating “entrepreneurial speed”

Friday, June 15th, 2012

Outside the sun set gloriously over Elliott Bay and the Olympic Mountains.  Inside, even the sky couldn’t distract the entrepreneurs, student teams, judges, press and guests in Seattle’s Pier 66 ballroom from the excitement of the main event—the 15th annual University of Washington Business Plan Competition (BPC) awards.  Having no idea how the finalists had placed for the $68,000 in prizes, the crowd listened with rapt attention to each team’s one-minute pitch.

The diversity of the four finalist start-ups made it difficult for audience members to venture a guess who would take grand prize. Would it be Xylemed or Joey Bra? Bicycle Billboards or Urban Harvest? As each student ended his or her team pitch minute, you could almost hear guests thinking, “Fantastic idea!”

What Zulily CEO Darrell Cavens then shared during his keynote speech was how to get such fantastic ideas to market by leveraging what he calls “Zulily time.” Called “an entrepreneurial speed freak if there ever was one” by Geekwire, Cavens emphasized not only the importance of “going fast” but of using the Internet as a tool to tweak the offering, making it better each day along the way. “Don’t spend five months on your business plan—apologies to the professors in the room! Put that plan together, and try it, innovate on it, adjust it, move forward.”  Now launching 1,400 new styles of kid products a day, Zulily focuses on beating rivals to the punch while delivering exceptional customer service. “It’s what we do every single day,” Cavens explained.

The BPC prize winners are now putting that sentiment into practice.

The $25,000 WRF Capital Grand Prize winner, Urban Harvest, will soon convert one of Microsoft’s Redmond parking garage rooftops into an active garden, allowing them to “grow their own” lettuce and herbs rather than continue to truck their food service salad fixings from the Salinas Valley. The team of two Foster School of Business MBAs, Chris Sheppard (MBA/JD)  and Chris Bajuk (MBA/MS real estate), intend to put many more  commercial rooftops to better use as hydroponic gardens that serve building owners as well as the local community. In addition to delivering the benefits of local agriculture, the Urban Harvest co-founders, both former military, have made hiring fellow veterans a priority.

Xylemed, the winner of the $10,000 Jones Foundation second-place prize, provides cloud-based electronic patient tracking and operations management system for hospitals. Their  goal is to eliminate patient care white boards used in surgery departments and replace them with 60-inch screens that can be updated with current information from any hospital computer. Ben Andersen and Marc Brown led the team of Foster School Technology Management MBAs that designed the system.  Xylemed’s product is already used in several of Seattle’s top hospitals—including Harborview Medical Center and the UW Medical Center—to improve safety and communications while reducing costs and administrative headaches.

After gaining incredible national press coverage with their initial product launch, Joey Bra’s fashion- forward bra with a discreet cell-phone pocket garnered the team one of the BPC’s $5,000 finalist prizes. Marketed initially to female college students who need a place to stow their phone and keys while out on the town, the two Foster School undergraduate co-founders, Kyle Bartlow and Mariah Gentry, are now working quickly to introduce a sports bra version to market.

Finally, Biking Billboards, which brings mobile marketing focused on building strong, personal customer connections, won the second $5,000 finalist prize.  The company, whose founding team includes Foster undergraduates Curtis Howell and Claire Koerner as well as two non-students, is now expanding to Los Angeles. As existing clients T-Mobile and PEMCO can attest, Biking Billboard “brand ambassadors” are able to more authentically engage with micro-targeted consumers on specialized routes.