"The Super Bowl of World Business-Plan Competition" Business Week, 1993
"The Mother of All Business-Plan Competitions" Success, 1997
"The Granddaddy of Them All" Red Herring, 2000
"The Rose Bowl of business-plan competitions" Inc., 2004
With aspiring entrepreneurs soliciting start-up funds from experienced investors, the Moot Corp Competition simulates the real-world process of raising venture capital. MBAs from business schools around the globe come to The University of Texas at Austin each May to present their business plans to panels of investors. From among myriad offerings is selected the best new-venture opportunity. Founded in 1984, the Moot Corp Competition is both the first and longest operating, inter-business school, new-venture competition in the world.
The Early Years
In the early 1980s, two Texas MBA students, Steven A. Mailman and Barbara Oppenheimer, yearned for a business school activity as challenging and prestigious as “moot court” in law school. They envisioned a competition in which MBAs working in teams would conceive an idea for a new business, develop the idea into a written business plan, and present the plan to a panel of entrepreneurs, venture capitalists, accountants and lawyers. Their idea was not enthusiastically received in all quarters. The Dean of the Texas Business School at that time was concerned that the Moot Corp Program would divert external funds from his favored projects. But a faculty committee voted by a narrow margin to approve the launch of this program. The competition’s inaugural in 1984 involved only UT MBAs and was shepherded by Professor Kenneth E. Knight during this critical phase. Dr. George Kozmetsky and the RGK Foundation played major roles in the Program’s survival during these early years.
National, then International
In 1989, under the leadership of Professor Raymond W. Smilor, the Moot Corp Program held its first national competition. MBA teams from Harvard, Wharton, Carnegie Mellon, Michigan and Purdue joined Texas in the competition. MBAs and faculty advisors alike were enthusiastic about the Moot Corp experience, and the following year Dr. Smilor invited three prestigious business schools from outside the United States to participate. In 1990, the London Business School, Lyon Graduate School of Business (France), and Bond University (Australia) were represented, and approximately the same cast of universities competed in 1991 and 1992. In the summer of 1992, Dr. Smilor resigned from The University of Texas at Austin to become Director of the Kauffman Foundation Center for Entrepreneurial Leadership.
Going Global and Increasing Impact
Having been involved with the Moot Corp Program since its inception, having once co-taught the Moot Corp course with Ken Knight, and having been an entrepreneur, Gary M. Cadenhead, Ph.D. was a natural choice to succeed Ray Smilor.
Since becoming Director of the Moot Corp Program in September 1992, Dr. Cadenhead has transformed it into a global program; deepened and broadened the participation from American business schools; and formalized the sharing of ideas for improving entrepreneurship education among the participating faculty.
The Competition in 1992, the last before Dr. Cadenhead became Director, involved 11 universities: eight from the United States and one each from Great Britain, France and Australia. To have a greater and more significant impact on both entrepreneurship education and the reputation of UT Austin’s entrepreneurship program, the number of participating universities had to grow. The initial American strategy had been to invite only universities with top-twenty MBA programs. This strategy had two shortcomings: it excluded universities with outstanding entrepreneurship programs in lower-ranked business schools; and it excluded MBAs from unranked schools who might have outstanding new venture proposals.
The first of these deficiencies was overcome by including top-ten entrepreneurship programs in the invitational set. And now, by inviting winners of other new venture competitions to participate, the second concern has been put to rest as well.
The number of MBA new venture competitions in the United States has continued to grow. Not long after the establishment of the Moot Corp Competition, the University of Nebraska - Lincoln began its own contest in 1989, followed by San Diego State University in 1990, the University of Georgia in 1991, the University of Oregon in 1992, the University of Indiana in 1996, Rice University in 2001, and Clark Atlanta University in 2001. The winner of each of these contests is now invited to the Moot Corp Competition. Intra-business school competitions have also recently been introduced at such prestigious institutions as the Kellogg School, the University of Chicago and the Harvard Business School, and MIT has a university-wide competition instituted nearly ten years ago.
The strategy for global expansion initially entailed inviting the top business schools from regions not already represented. This resulted in participation from universities in Europe, Asia and Latin America.
The second strategy for global expansion involved licensing the Moot Corp name to prestigious universities in Asia, Australia, Europe, Latin America and Africa; and providing technical assistance so that they could hold regional Moot Corp Competitions. The Chinese University of Hong Kong held the first Asian Moot Corp Competition, directed by Professor Bee Ling Chua, in 1998. The best business schools in Asia, representing China, Hong Kong, India, Korea, Singapore, Philippines, Taiwan and Thailand, now compete every March.
The first Australian Moot Corp Competition began in 1999, and it now includes teams not only from Australia, but also other Pacific Rim countries. In 2000, the Ivey Graduate School of Business at the University of Western Ontario launched the first Canadian Moot Corp Competition. The first African Moot Corp Competition was also held in 2000. The inaugural Latin American Moot Corp Competition was held in 2001 in Sao Paulo, Brazil, and hosted by Fundacao Getulio Vargas.
The expansion strategy has succeeded. Thirty universities now send teams to Austin to compete in the Moot Corp Competition and many more are eager to participate. In addition, the international success of Moot Corp Competitions has contributed to the prestige of the McCombs School of Business’s entrepreneurship program and to its ranking. A recent entrepreneurship program ranking by Success specifically listed the Moot Corp Competition under its “Wow Factor” for the McCombs School of Business.
No Longer Moot
In the early years, the Competition was truly moot: no MBAs launched the venture that was the subject of their business plans. The process was strictly an academic exercise. However, many of the participating MBAs went on to work for or started their own entrepreneurial ventures and became successful entrepreneurs; but they did not “ride the horse” they had written about in their business plans.
But then, a funny thing happened on the way to expansion and globalization. The process ceased to be “moot”: MBAs started converting their classroom creations into real-life enterprises. Since 1993, the team winning the annual competition for UT MBAs has moved into the Austin Technology Incubator and launched its venture.
As the reputations of the Moot Corp Competition and the entrepreneurship program at The University of Texas at Austin have spread, increasing numbers of entrepreneurially minded students have entered the UT MBA program. Coincident with this experience, many teams are launching businesses each year. Similarly, MBAs from around the world participating in the Moot Corp Competition are increasingly likely to launch their ventures.
Unexpected Funding, Then Planned Funding
Since 1997, the Moot Corp Competition has been held in conjunction with the Texas Venture Capital Conference, sponsored by The Capital Network, a not-for-profit investor network created by the IC2 Institute of The University of Texas at Austin. At this Conference, some 25 entrepreneurs have ten minutes apiece to showcase their companies to the over 500 venture capitalists in the Four Seasons Hotel ballroom. Because the Texas Venture Capital Conference is held the day before the Moot Corp Competition begins, Moot Corp participants can observe entrepreneurs doing for real what they themselves will simulate. The MBAs have an opportunity to interact directly with investors at the Conference’s closing reception, where each Moot Corp team has a table to display its production. Scheduling the Conference and the Competition back-to-back facilitates some of the venture capitalists’ staying on as judges for the Moot Corp Competition.
In 1999, for the first time, several teams received funding from one or more of the judges. These investments were brokered outside of the formal process of the Competition. With increasing numbers of MBAs intending to launch their ventures and more of the judges emerging from the venture capital community, it is increasingly likely that more teams will find backing for their dreams as a result of having participated in the Competition.
The Moot Corp Pontoon Fund was founded in 2001 to provide early stage bridge loans of $100,000 to the Global Champions in order to give the entrepreneurs financing while they are raising capital. The loans are convertible into equity at the same price as negotiated with the initial venture capital investment. In addition to the goal of facilitating the launch of the winning venture, another goal is to endow the Moot Corp Program through capital gains from the Fund.
The Spiral Factor
In the final round of the Moot Corp Competitions, both the finalists' presentations and their question and answer sessions with the judges are videotaped. The winning team’s video and business plan, along with appropriate instructional materials, are packaged into a “new venture module” which becomes a teaching case for the following year’s competitors. In effect, this top-notch business plan becomes the benchmark for the following year: expertise accrues and the achievement level is constantly rising. This unique spiral factor has worldwide impact, as all participating schools have access to the modules and strong motivation to incorporate their lessons into subsequent entrepreneurship courses.
The Moot Corp Program: Exploring the Frontier
Entrepreneurs around the world are exploring new economic frontiers and creating the future. They are riding innovation into the 21st century, creating wealth and jobs in the process, while meeting the ever-changing and expanding needs of consumers. Entrepreneurship represents a paradigm shift in business activity as we enter the new millennium.
This shift is having a profound impact on the corporate world as corporations downsize, reorganize and reengineer to become more entrepreneurial. Our best-managed corporations are using the entrepreneurial model to enter new markets, invigorate their organizations, commercialize emerging technologies and continue to grow. These corporations have recognized that the choice is to grow and adapt to the changing environment, or to stagnate and wither. One cannot recognize the choice without clearly acknowledging the only viable option.
Business schools face a similar choice. Business education based on functional approaches and taught by specialists increasingly insulated from market forces and real business problems did not serve us well in the eighties. Clearly this approach is even more inappropriate for the new era. Our best MBA programs infuse entrepreneurship throughout their core curricula and recognize that entrepreneurship should become a major focus of business education.
Riding the crest of this wave into the future, MBA students recognize the value added to their education by this new focus. Students have been electing entrepreneurship courses in overwhelming numbers. A major question facing business schools today is how best to shift entrepreneurship from a peripheral activity into the center and infuse entrepreneurial thinking into the core of MBA education. Business plan competitions, stimulated by strong student demand, are one response to this challenge. But why has the popularity of business plan competitions continued to grow?
Business school educators and education as a whole have become increasingly specialized. Even the traditional integrative course, business policy or strategy, has become a functional one. Entrepreneurship courses in general and business plan courses in particular now demonstrate the quintessential process for integrating the MBA experience. Here MBAs have the opportunity to apply knowledge assimilated and methodologies drilled in other business courses and they are pressed to cobble together a successful new venture. The case method clearly surpasses lecturing as a technique for imparting entrepreneurial skills to MBAs. Writing business plans provides another, parallel process and offers analytical depth. At last, we have a teaching and learning methodology that facilitates MBAs’ focus, study and effort, integrating functional knowledge and performing in-depth analyses, to give wings to their entrepreneurial dreams.
New Name and Focus
The Moot Corp process is a dynamic one that enables the sharing of new venture proposals among entrepreneurs. This approach is instrumental in the continuous improvement of entrepreneurship education. Although still a young institution, the Moot Corp Program is on a global trajectory to entrepreneurial excellence. In 2010, the Moot Corp Competition changed its name to the Venture Labs Investment Competition and repositioned itself as “The Super Bowl of Investment Competition.” We will continue to use our former name, Moot Corp, as part of our tagline for the foreseeable future.
Rob Adams, director of the Venture Labs Investment Competition, explained the renaming as “reflective of the true nature of what Moot Corp had turned into, a forum where MBAs from around the world launch their ventures by raising capital. This competition is far from moot, and parallels the real-world process and realities of developing and launching a venture backed company. This renaming and repositioning aligns the competition with that mission.”
Venture Labs Investment Competition – The Super Bowl of Investment Competition (formerly Moot Corp) is the premier world-wide investment competition hosted annually at The University of Texas at Austin.
A-Surgical (formerly Anastom Technologies), E.M. Lyon
2010 Global Moot Corp – Division I Outstanding Market
Since the 2010 Competition, the A-Surgical team (formerly Anastom Technologies) has completed their MBA program and has been actively implementing their plan. A-Surgical has been incubated and the founding team benefits from the support of new partners that offer critical skills in engineering, quality/regulatory affairs, sales/marketing, laboratory testing (bio-materials, animal surgery), IP, medtech, and medical devices manufacturing. The founders are now focusing on putting together its Advisory Board and proof of concept financing. A-Surgical plans to conduct UroClip ex-vivo tissue testing later this year, and pre-clinical (live animals) and clinical (humans) test campaigns are planned for 2012 and 2013. A-Surgical will be officially inaugurated by the end of 2011 and will then seek private funds to finance its time-to-market and product launch scheduled for 2014. For additional information, contact Arnold Ferlin (CEO) at email@example.com.
Altus Poles, Brigham Young University
2010 Global Moot Corp – Thompson & Knight Challenge First Runner-up
Altus Poles is focused on developing and implementing the most advanced structural composites for the pole, tower and aircraft industries. In pursuit of this goal, Altus Poles has secured the exclusive worldwide license of IsoTruss technology for these markets. In an effort to continue the development of the IsoTruss technology, Altus Poles recently announced a three year, multi-million dollar development agreement with Novatek, a well established technology incubator. Since competing in the Global Moot Corp Competition, Altus Poles has grown to four employees, two founders and two part-time employees. In the future, the company plans to possibly introduce another non-anticipated product, if the economics prove more interesting than its current towers. For more information, visit www.altuspoles.com.
BiologicsMD, University of Arkansas
2010 Global Moot Corp – Global Champion
BiologicsMD is on the path of developing a unique treatment for osteoporosis PTH-CBD that binds directly to bone stimulating new bone growth. This new prescription medication has the potential to improve the quality of life and affect millions of people worldwide. The company received notification in January 2011 that it has been awarded a $2.3M contract from the Department of Defense. Over 600 applications were submitted and less than 10% were awarded. BiologicsMD’s application was well received and the company was, in fact, told that “the proposal is exceptionally well presented, and the investigators show a clear and concise understanding of bone biology, drug discovery and drug development.” The DOD grant provides an external validation of BiologicsMD’s science and has given the company momentum in its fund raising efforts. Ideally, BiologicsMD will close its seed round in the first quarter of 2011. The seed round capital combined with the DOD grant will provide the company ample opportunity to start executing its business plan. For more information, visit www.biologicsMD.com .
CervoCheck, LLC, Johns Hopkins University
2010 Global Moot Corp
CervoCheck’s preterm labor technology addresses the unmet market need of an accurate early detection of labor, a $26.2 billion annual problem in the United States alone. CervoCheck, LLC was incorporated in early 2010 and since competing in the Moot Corp Competition has continued to grow as it received grant funding of $50,000 from the Maryland Technology Development Corporation (TEDCO). As the company proceeds through animal studies, CervoCheck continues to achieve many important milestones and is in the process of preparing for a human pilot study. See www.cervocheck.com/.
DSGM, Kennesaw State University
2010 Global Moot Corp – Thompson & Knight Challenge Honorable Mention
DSGM is finalizing the seed financing needed to complete the development of a bench-scale prototype of its Glusonic Alert™, a non-invasive blood sugar testing device for both Type 1 and Type 2 diabetics, later this fall. Also, DSGM has received expressions of interest from two major pharmaceutical firms for the possible purchase of its technology after the completion of these tests.
LyoGo LLC (formerly GlucaGo), Purdue University/Indiana University
2010 Global Moot Corp – Third Runner-up
LyoGo was formed for the purpose of developing innovative drug delivery systems. LyoGo is focused on engineering delivery systems which offer a superior user experience, are intuitive to use, improve safety and sterility, and substantially reduce or eliminate the need for refrigeration at room temperature which improves storage and distribution of drugs. LyoGo develops systems for delivering drugs that are intentionally designed to easily fit into the established drug filling processes of leading pharmaceutical companies. See www.lyogo.com.
Nanomark Therapeutics, University of Louisville
2010 Global Moot Corp – Semifinalist
Nanomark Therapeutics is in the final stages of Research and Development of its flagship product AUra. AUra has shown great results in animal studies, eliminating ovarian cancer with minimal or no side effects at all to normal, healthy cells while reducing dosage requirements by more than 50 fold. Currently, the company is finishing the final round of animal studies with hopes to enter human testing by 2012. Additionally, simultaneous testing in animals for 11 other cancers is scheduled to begin before the end of 2011. Nanomark Therapeutics has been recognized with several grants since Moot Corp, including $75,000 from the Kentucky Commercialization Fund and has recently been awarded the prestigious Vogt Award that is given to promising companies in Louisville and can total up to $250,000. To learn more about Nanomark Therapeutics and AUra, visit www.nanomark-therapeutics.com or email firstname.lastname@example.org. The mission still remains the same as Nanomark moves forward to eliminate cancer and the harsh side effects associated with traditional chemotherapy because we still believe Life Is Precious!
Recárgatel¡, Centro de Investigacion en Materiales Avanzados (CIMAV)
2010 Global Moot Corp – Semifinalist
Recárgatel¡, our “wire public pay phone vending machine” wiphone, competes in the E and D segments of the pyramid base for prepaid air time in cellular phones in suburban and rural areas. The company has 3,000 points of sales and is growing at six points of sale daily. We are striving to be the biggest distributor of prepaid air time for the brand of Telcel and Movistar cellular carriers in this segment in Mexico and we are creating an alliance to sell e-Lottery as well. We have raised $500,000 from angel investors since Moot Corp.
Sayyou, Insper – Sao Paulo
2010 Global Moot Corp – Benchmark Capital Challenge Winner
Sayyou offers a cheaper, safer and environmentally friendly solution to weed eradication. The company has continued to grow since Moot Corp and has received approximately $1 million from investors and approximately $200,000 from the government. For more information, visit www.sayyou.com.br.
Solavicta, University of Texas at Austin
2010 Global Moot Corp
Solavicta is developing an ultra low cost solar generation technology that is 25% cheaper than the world’s leading solar panel manufacturers. Our patent-pending technology combines linear concentrated photovoltaics with a novel mass manufacturing process to create low cost solar energy without the need for a capital-intensive factory. Since competing, the company has been awarded an R&D grant from local utility Austin Energy and is currently building a demonstration prototype to be tested on the grid in late spring of 2011. For more information, contact David McParland at email@example.com.
Thermal Conservation Technologies, University of Illinois at Chicago
2010 Global Moot Corp – Thompson & Knight Challenge Honorable Mention
Thermal Conservation Technologies is an early-stage company committed to energy preservation and sustainability through the utilization of high-performance vacuum insulation. The first product by TCT is Klimate Kontrol, a patent pending technology which presents novel improvements for more reliable and efficient cooling in cold chain transportation. Currently, the company has NSF SBIR phase I funding for $150k. Since Moot Corp, Thermal Conservation Technologies has won the Clean Energy Trust concept award where the company was awarded $30k. It is notable that the USPTO recently allowed claims on the patent that serves as the basis for the thermal insulation. For more information, visit www.tensileVIP.com.
TranquilMed LLC, Brigham Young University
2010 Global Moot Corp – Division I Outstanding Written Plan
TranquilMed LLC is a medical device company that has a new treatment for Restless Legs Syndrome (RLS). It is working with Brigham Young University (BYU) in the development of this new treatment and is the exclusive worldwide licensee of the patent filed by BYU. RLS sufferers have been ignored and ridiculed and TranquilMed has been inundated with thanks, interest and praise since its inception. Currently the company is seeking funding for a Canadian launch that is less costly and less risky than a full-scale US launch. For more information, see www.tranquilmed.com and you may contact the technical founder at firstname.lastname@example.org or the president at email@example.com.
WindFlip, Norwegian University of Science and Technology
2010 Global Moot Corp – Thompson & Knight Honorable Mention
WindFlip is a specialized barge for transportation and installation of floating wind turbines. The design of the barge enables high transit speeds and larger operational window. The novel launching operation enables turbines to be fully assembled onshore and installation to be performed without any costly offshore cranes. The barge operates independently of large water depths, which opens huge markets worldwide. WindFlip AS has today two employees and a highly competent board of directors. The company has raised $452,000 in research grants and other non-diluting funding used to perform proof of concept by testing a scale prototype. In September 2010 a private share issue was held, raising $250,000. In 2011, the company saw its first revenue stream. WindFlip is currently looking to attract industrial partners for the further commercialization of our concept. For more information, visit www.windflip.com or contact us at firstname.lastname@example.org , email@example.com, or +47 971 63 117.
Grain Life Technologies, Fayetteville State University
2009 Global Moot Corp – Division VIII Outstanding Product
Grain Life Technologies (GLT) is in the process of finishing product validation showing the grain dryer performance based on US standards. Validation is being conducted at Vicosa University in Brazil and Iowa State University in the US; the completed report is expected by April 2011. Proven US results will allow GLT easier access to funding and better market acceptance. Since attending Moot Corp, the company has grown their network, increased the number of prospective buyers and is well positioned to sell its first unit within six months.
Fluoptics, E. M. Lyon
2009 Global Moot Corp – Division VI Outstanding Market
Fluoptics is a French medical imaging company developing a patented system for intra-operative cancer imaging. Fluoptics allows surgeons to clearly delineate cancerous tissues from healthy tissues in real time during surgery, greatly reducing both the time needed to perform such procedures and the probability of either damaging healthy tissue or leaving cancerous tissue behind. Fluoptics’ patented technology combines two elements: a consumable fluorescent probe which specifically targets tumors and a real-time optical imaging system offering acute intraoperative visualization. Once injected, the fluorescent probe concentrates in the tumor, emitting a shifted infrared signal which is visible on a screen. Tumors can thus be precisely located and removed. Fluoptics has received multiple rounds of government research funding and is in a preclinical trial phase while simultaneously marketing its system to research laboratories for in vivo imaging.
KT TAPE, Brigham Young University
2009 Global Moot Corp – Thompson & Knight First Runner-up
After competing in the Global Moot Corp Competition, KT TAPE was launched early in 2009. KT TAPE is a self-funded venture that has grown from a small startup to an international success story. True to its original business plan, KT Tape is now sold at over 10,000 US retail locations and is distributed in over 40 countries. KT TAPE is the currently the best selling sports medicine product at many of the nation’s top retail sporting good retail chains and will be available at Wal-mart and Target stores later this year. You can learn more about KT TAPE at www.kttape.com .
NuVision Pharmaceuticals, Kennesaw State University
2009 Moot Corp – Semifinalist
NuVision is completing the package design and vendor selection needed to bring its first product, Valoxiderm™, to market in the U.S. later this year. It is also finalizing a Licensing Agreement for the sale of Valoxiderm™ in India and Japan. In addition, Beta tests of Trioxiderm™, its second product, were 100% successful curing ALL of the Grade 1, 2 and 3 diabetic ulcers on which it was used in under 10 weeks with no side effects.
PULSE, Universidad de los Andes
2009 Global Moot Corp – Division VIII Outstanding Market
PULSE is a new technology solution for improving the doctor-patient relationship using touch screen devices to improve the quality and interaction with the medical registers, tracking and treatment updates. HAND BUSINESS SOLUTIONS was legally incorporated in Colombia in late 2008 and has a partner company in USA HRHAND INC to deliver and distribute products and services. PULSE has customers who are doctors, clinics and multinational companies. As of 2011, PULSE has been installed in 40 customers in six different countries (Colombia, Venezuela, Ecuador, Costa Rica and Mexico) and is used daily by 150 users. PULSE follows the business plan and has a copyright in Colombia. The solution has been specialized and customized for specialties like General Medicine, Rheumatology, Internal Medicine, Plastic Surgery and is now working with Occupational Health for large companies in the oil sector. So far, funding has been bootstrapped – in countries like Colombia it is very challenging to get venture capital for startup companies. PULSE is still looking for funding, but the company is now changing its strategy to get a small group of ten or twenty investors, one for each new specialty, some of them family or close friends. The goals for this year are to have three more specialties and double the customers.
Cleanspray, Bond University
2008 Global Moot Corp
Cleanspray is a convenient pocket sized hand sanitizer. It kills 99.9% of germs. Application is simplicity itself. Spray three squirts onto your hands and vigorously rub together until dry. Since the Moot Corp Competition, the company now has a small management team and a national distribution network within Australia, with distributors also in New Zealand. Cleanspray has recently received an approach from a UK importer and distributor and is currently engaged in preliminary discussions regarding the UK opportunity. Additionally, Cleanspray has identified higher value opportunities in some EU countries and will likely pursue offshore growth in Europe prior to entertaining opportunities in the US. Cleanspray is signing new distribution agents and wholesalers on a monthly basis. Its distribution footprint within Australia has grown considerably and is now quite comprehensive with multiple distributors and wholesalers in every Australian State. Further significant distribution agreements are expected to be closed with large retail chains in the immediate future (one with the third largest retail chain in Australia). In terms of funding, the operation has been self-funded by the founder, with some assistance provided by Australian Government R&D tax rebates. The company is debt free and will fund future growth from free cash flow. Cleanspray has moved away from vending machines as the primary means of market access. In the original business plan the principal source of distribution was via vending machines. The capital intensive vending business has been sold off in an exclusive supply agreement with one of Australia’s largest independent vending machine enterprises. That business owner is now one of many clients and sales via vending is a small component of overall sales levels. The vast majority of sales are via conventional retail outlets. The company is finding that this change reduces the capital required to be injected into the business to drive growth and also makes for improved gross profit levels at the product level. For more information, visit www.cleanspray.com.au .
ePack, Inc., University of Michigan
2008 Global Moot Corp
ePack utilizes world-renowned technology and packaging expertise to help MEMS component companies bring new and exciting devices to market. Its technology eliminates the headache of packaging so your company can focus on the functionality that makes your devices truly exciting. Since the Moot Corp Competition, the company has received funding through grants for an undisclosed amount. For the next three years, ePack has applied for around $3 million in additional grant funding. For more information, visit www.memsepack.com.
HeartSounds, University of Illinois at Chicago
2008 Global Moot Corp – Thompson & Knight Challenge Winner
HeartSounds is an early-stage medical device company focused on the development of advanced cardiac monitoring solutions for both intensive care and preventive care environments. The device platform utilizes advanced signal processing techniques to non-invasively detect a variety of cardiac dysfunctions and abnormalities, including allowing for the remote monitoring of heart failure patients – a $3 billion market. Since the Moot Corp Competition, the company has raised and invested more than $300K to develop a working prototype, negotiated an exclusive technology license from the University of Illinois at Chicago and is currently collecting data for FDA approval, anticipated in 2011. For more information, visit www.HeartSoundsDevices.com.
HydroCoal Technologies, Kennesaw State University
2008 Global Moot Corp – Division VII Outstanding Product
HydroCoal has completed the design of its product parameterization test facility at the University of Georgia. It plans to complete the initial testing needed to build its first commercial coal gasification facility in the fall of 2011, which will be available for customer use in early 2012.
Klymit, Brigham Young University
2008 Global Moot Corp – First Runner-up
Klymit has seven full time employees and 50+ agents. Its sales and distribution is located in more than 25 countries. The company first reached profitability in 2011 with revenue growing each month. Klymit has gained some significant traction with the military, with most US Special Forces units using its Klymit branded gear and the company expects a large full military order within the next 12 months. Klymit has received $4.5 million total by Q2 of 2011 from both angels and VCs. The company’s initial business model was to solely license our technology; however a better opportunity was seen, consisting of better strengths, margins etc., by launching products under its own brand, which has then accelerated the licensing portion of our business model. Klymit has also invented a number of new platform technologies providing new product and licensing opportunities for the company. For more information, visit www.klymit.com.
MicroTransponder, University of Texas at Dallas
2008 Global Moot Corp – Murphree Venture Partners Challenge Honorable Mention
MicroTransponder is in the final stages of finishing the wireless SAINT™ device which can deliver wireless stimulation to peripheral nerves to treat several different neurological disorders including chronic pain, urinary incontinence, tinnitus and PTSD. Our research on using paired vagus nerve stimulation therapy to reverse tinnitus in rats will be published in a prestigious peer-reviewed scientific journal (name withheld for embargo). Additionally, the ongoing research into using neurostimulation for other neurological disorders has resulted in MicroTransponder being awarded over $5 Million in NIH grants. The newest research area is using our wireless device to increase permeability in the blood brain barrier during chemotherapy treatments to treat refractory breast cancer, which was recently funded via a Qualified Therapeutic Discovery Project grant from the U.S. Government. Both the company and executive team of MicroTransponder received numerous sources of recognition both locally and nationally. The focus for the company in 2011 will be in finalizing our clinical prototype for biocompatibility testing and testing for use for patients with refractory neuropathic pain. We will also be running a clinical trial with patients who are suffering from overactive bladder. We hope to present how our financial position will enable us to finish clinical trials in tinnitus, neuropathic pain and OAB by the end of 2012. We anticipate even more exciting developments to report in 2011. Please continue to check our website www.microtransponder.com for updates throughout the year.
Qcue, University of Texas at Austin
2008 Global Moot Corp – Second Runner-up
Qcue is the premier software-based dynamic pricing solution for the live entertainment industry. Our proven software helps sports teams, venues, promoters and ticketing organizations set better up-front prices and adjust to shifting demand, changes in market conditions and real-time sales data. Sophisticated algorithms analyze real-time sales data and other external factors to generate sales and revenue forecasts based on various price recommendations. Qcue has received $1 million from the Texas Emerging Technology Fund, as well as funding from approximately ten private investors. For more information, visit www.qcue.net.
Trusted Guests (formerly ShellSwitching), London Business School
2008 Global Moot Corp – Murphree Venture Partners Challenge Honorable Mention
Trusted Guests helps vacation homeowners rent their empty nights to trustworthy guests. Homeowners identify exactly whom they trust and only guests who exceed this trust threshold can even see the home exists and then make an automatic reservation. Our portable and multi-purposed MetaTrust Engine facilitates this trust relationship and will eventually open new markets and improve peer-to-peer commerce beyond the vacation home industry. Safely Stay is the payment platform for vacation home rentals. Homeowners can accept credit cards, we hold the reservation money in a bonded escrow account until after the guest arrives; we eliminate the security deposit by selling a damage waiver to cover the first $3,000 or $5,000 worth of damage and run a background check on the guest. This “PayPal for vacation homes” is the best and safest way to make a “rent-by-owner” reservation, and is immediately usable by the million or so homes already available for rent to strangers. We will be launching SafelyStay.com by April 2011.
eVapt, University of Texas at Austin
2007 Global Moot Corp – Division IV Outstanding Market
eVapt enables the pay-as-you-use model for Cloud infrastructure and Software-as-a-Service (SaaS) vendors. By using eVapt’s solution, Cloud and SaaS vendors can operate more efficiently. The solution handles price modeling, usage analytics, invoicing, billing etc. thereby allowing vendors to focus on their core competencies. eVapt was initially funded by the two founders. The McGinnis Competition gave us almost $45,000 in cash and services, which kept eVapt going through the end of 2007. We got angel funding in January 2008. In October 2009, MagnaQuest, a Hyderabad, India company, acquired eVapt. Both companies are involved in providing cloud computing solutions. With a customer-centric approach to building its solution, eVapt has grown steadily since its inception and continues to build upon its solid momentum. See www.evapt.com.
Green Dragon Pest Solutions, Inc. (formerly Mullis Enterprises, LLC), University of Georgia
2007 Global Moot Corp – Finalist
Green Dragon Pest Solutions, Inc. received EPA registration of its patent pending, environmentally friendly roach bait, Green Dragon Roach Kill™ in April of 2008 and began building demand in the professional pest control market by attending national and regional pest management tradeshows. Most recently GDPS, Inc. partnered with Univar USA, Inc., the nation’s largest chemical distributor, to provide its product to customers in the southeastern United States. The company was seeded with $65K from 2007 business plan competition winnings and angel money in the amount of $400k. GDPS, Inc. is currently raising an additional $350k to expand into additional markets and develop its first ant bait product. For more information, visit www.gdpsinc.com or contact the corporate office at 478-742-8868.
Hudl (formerly Agile Sports), University of Nebraska at Lincoln
2007 Global Moot Corp – Semifinalist
Agile Sports Technologies, Inc. is a software-as-a-service company focused on helping coaches win. In the past several years, Agile has grown from the original three founders to 30 full time employees. We have completed two rounds of funding for a total of $4 million in angel investment, led by Jeff Raikes (CEO of the Bill and Melinda Gates Foundation) and a group of local investors. We recorded $2.3M in revenue in 2010 and were named to Inc. Magazine’s 30 Under 30 list (http://www.inc.com/30under30/2010/profile-david-graff-john-wirtz-brian-kaiser-agile-sports.html). Our customer base has grown from 15 pilot teams to over 2,900 schools. We are profitable and on track to have another year of record growth. In order to facilitate this level of growth, Agile has expanded its markets beyond the original vision at Moot Corp (a focus on NFL and NCAA) to include high schools and youth organizations. You can learn more about Agile Sports and our product Hudl at www.hudl.com.
Innovative Sports Strategies (ISS), University of Oregon
2007 Global Moot Corp – Division IV Outstanding Written Plan
Innovative Sports Strategies (ISS) continues to grow. ISS successfully met their financing needs between 2007 and 2009 by first initially convertible notes and subsequently completing their Series A financing. They launched their Elevation brand college athletic financial management software in January 2009. As of March 2011, there are a dozen athletic departments across the country using Elevation to meet their financial planning and reporting needs.
Lumedyne Technologies (formerly Omega Sensors), San Diego State University
2007 Global Moot Corp – Global Champion
Lumedyne Technologies employs 15 people and is continually growing. The company’s annual revenues are in the multiple millions. Lumedyne has received $1.5 million from angel investors and approximately $6 million from grants and corporate partners. In 2011, Lumedyne Technologies received an award from the Federal Laboratory Consortium for Excellence in Commercialization of Government Tech. For more information, visit www.lumedynetechnologies.com.
MacuCLEAR, University of Texas at Austin
2007 Global Moot Corp – Murphree Venture Partners Challenge First Runner-up
MacuCLEAR Inc. is a specialty clinical-stage pharmaceutical company focused on developing and commercializing novel solutions for vascular disorders of the eye. It has received investigational new drug (IND) application clearance from the FDA and has successfully completed a Phase 1b study in humans. MacuCLEAR is now preparing to commence a pivotal Phase 3 human clinical trial beginning later in 2011. MC-1101, MacuCLEAR’s lead compound, is a patented, topically delivered drug for treating and stopping the progression of Dry Age-related Macular Degeneration (AMD), the leading cause of blindness and vision impairment in people over the age of 50. Subsequent targets beyond dry AMD include diabetic retinopathy and ischemic retinopathy. In April 2007, MacuCLEAR closed a Series A investment round to complete preclinical studies, optimize the eye drop formulation and advance MC-1101 through FDA IND clearance for human clinical testing. In April 2009, MacuCLEAR received $1.7M from the Texas Emerging Technology Fund. See www.macuclear.com for more information.
Power Prawns, Thammasat University
2007 Global Moot Corp – First Runner -up
Power Prawns uses a specialized technology to breed the most sought-after larger 100% male offspring prawns. Power Prawns can produce them cheaper, faster and with greater yields than competitors. After one year of due diligence, Power Prawns was funded by angel money and legally registered as Power Prawn Producer Co., Ltd. in Thailand. The Power Prawn phenomenon, and its first time harvest of all male prawns, was witnessed by a hundred farmers and made the venture well embraced by the industry. Power Prawns Producer continues to build its stock of male producing prawns and building its production base.
T&T International Seafood, University of Georgia
2007 Moot Corp – Semifinalist
T&T International Seafood launched its business importing farm-grown Tiger shrimp from Vietnam in late 2007. Currently, it imports, processes and distributes superior quality fresh seafood from around the world for the American market. Its 2010 sales exceeded $8.0 million and it is continuing to grow profitably.
Floragenex, University of Oregon
2006 Global Moot Corp – Murphree Venture Partners Challenge Honorable Mention
Following very positive feedback from advisors and potential investors, the company launched in early 2007. The company leveraged founders’ capital with local business development loans and a small round of friends and family investment to move through technology development and into commercial launch in late 2008. With additional grant funding and early support from customers, the company grew slowly by boot-strapping through recent economic doldrums. Building on a strategic niche in plant genomics applications to the global seed industry, the company recently completed a Series A financing round led by a new strategic partner. The core concept of Floragenex has remained very true to the idea that was presented at Moot Corp. As the technology revolution of DNA sequencing has evolved over the past five years, Floragenex has adapted to that change and built a business specializing in bringing rapidly advancing genomics technology to the global agricultural industry.
Phurnace Software, University of Texas at Austin
2006 Global Moot Corp – Division V Outstanding Presentation
Phurnace is a developer of automation software that reduces the cost, complexity and risk to deploy and configure Java-based applications in physical, virtual and cloud environments. Phurnace significantly reduces the time that large companies spend rolling out and upgrading Java applications. Phurnace Software was purchased by BMC Software, a Houston-based firm, in 2010. Phurnace had raised $5 million from backers including Austin investor John Hime, S3 Ventures of Austin and DFJ Mercury , a Texas-based venture fund affiliated with Draper Fisher Jurvetson of Menlo Park, Calif. Phurnace’s 21 employees will remain on board. In addition, BMC plans to expand both the product and staff. Phurnace, which doesn’t disclose revenue, has two dozen customers, including Discover Financial Services, American Airlines, Union Bank of California and the State of Texas. BMC, which sells information management software and services to corporate customers, has 5,800 employees worldwide — including 264 in Austin — and posted revenue of $1.9 billion in fiscal 2009. The purchase amount was not disclosed.
Bigfoot Networks, University of Texas at Austin
2005 Global Moot Corp – Semifinalist
Bigfoot Networks is a leading networking technology company that develops hardware and software solutions that significantly improve the online consumer experience. Its products are designed to provide maximum network performance for online gaming, HD video streaming, high quality audio, and other real time applications. The company’s new line of products include Killer® Wireless-N high-performance Wi-Fi® adapters embedded in leading PC notebooks, award-winning Killer® 2100 plug-and-play desktop NIC, and gaming motherboards featuring Killer® E2100 networking. Bigfoot saw triple-digit growth in 2010, much of which was the result of Asian and European expansion. The company also got its products into the retail channel via Best Buy, Fry’s, Microcenter and others. The company is headquartered in San Jose, CA and has offices in Austin, TX. Venture capital investors include North Bridge Venture Partners and Raven Venture Partners. To learn more, visit www.bigfootnetworks.com.
International Nutraceutical Company of America, University of Georgia
2005 Moot Corp
INCA secured a license for its technology from the University of Georgia in 2006. In the past year, it completed all required product testing and finalized its package design and vendor selection. To date, INCA has secured over $300,000 in funding and expects to launch its highly effective Revalife™ osteoarthritis cream later this year.
O.N.E (formerly One World), Fundacao Getulio Vargas
2005 Global Moot Corp
O.N.E.™ is the premier, all-natural beverage company established in 2005 by Rodrigo Veloso – a visionary instrumental in creating a whole new category of functional beverage in the U.S. Their award winning and #1 selling coconut water is fast-becoming recognized as America’s healthiest beverage for providing enhanced hydration, essential nutrition and all five essential electrolytes (calcium, potassium, magnesium, phosphorous and sodium). O.N.E.™ drinks are packaged in environmentally friendly Tetra Pak cartons underscoring the company’s deep commitment to the Earth. O.N.E.™ is a founding member of Conscious Capitalism (consciouscapitalism.com) and dedicated to using its business platform of conscious capitalism to educate consumers about the importance of proper hydration in all stages and phases of life–especially for mothers and children. As such, it supports several nonprofit organizations – most importantly Healthy Child Healthy World (www.healthychild.org). It is also collaborating with the Alliance for a Healthier Generation, an initiative that supports schools nationwide in developing healthier environments with the goal of reversing the trend of childhood obesity. The Alliance for a Healthier Generation is a partnership between the American Heart Association and the William J. Clinton Foundation. O.N.E.™ is available in over 14,000 retail outlets including Whole Foods, Publix, Kroger Stores, Cost Plus World Markets, Vitamin Shoppe and on Amazon.com.
P’Kolino, LLC, Babson College
2005 Global Moot Corp – Division VII Outstanding Presentation
P’kolino (pee-ko-lee-no) was founded to improve play at home by two dads with a passion for creating great products. With the help of friends, family and a global network of designers, P’kolino has created play products that are beloved worldwide for their playful style and smart functionality. P’Kolino has grown since its participation in Moot Corp and has reached $5 million in revenue with more than 100Skus, seeing growth at 3X every year since incorporation in 2004 (aside from 2009, which was flat). Additionally, the company is distributing in over 15 countries. P’Kolino has received $2 million in funding from angel investors. For more information, visit www.pkolino.com.
Perpetua, University of Oregon
2005 Global Moot Corp – Gefinor Ventures Challenge Winner
Incorporated in 2005, Perpetua Power Source Technologies, Inc. develops cost effective and easy-to-integrate energy harvesting solutions for industrial, commercial and on-body wireless sensors and other low-power electronics. Perpetua is the exclusive licensee of over a decade of thermoelectric developments at the Pacific Northwest National Laboratories and has produced the best performing thermoelectric products that harvest energy from small temperature differences. The Perpetua Power Puck® product line introduced in 2009 is the recipient of the National Federal Laboratories Consortium Award and prestigious R&D 100 Award. The company was initially seeded with angel money and has successfully raised subsequent rounds of follow-on financing from institutional and strategic investors. Perpetua is currently working on expanding manufacturing capabilities to keep pace with high product demand. For more information, visit www.perpetuapower.com.
Chipotle Business Group, University of Texas at Austin
2004 Global Moot Corp
It has been said “Water promises to be to the 21st century what oil was to the 20th century.” Chipotle Business Group, Inc. (CBGI) is advancing industry-altering technologies for rapid quantification of dangerous, if not deadly, microbes (E. coli, Cryptosporidium, etc.) and complex chemicals (pesticides, pharmaceuticals, etc.) in water. CBGI’s patented technologies could potentially save millions of lives caused by contaminated water as well as save billions of dollars lost annually in the tourism and other industries reliant on safe water. The company offers customers key advantages on the most important competitive factors in environmental testing including better data acquisition and results clarity, a reduction in the potential for human error and faster turnaround times all while meeting specific industry needs at a lower price point. CBGI has received over $200K in private equity and debt funding and $700K out of a $1M award from the Texas Emerging Technology Fund. For more information, contact Scott Evans at Sevans@ChipotleGroup.com.
uShip, University of Texas at Austin
2004 Global Moot Corp – Semifinalist
uShip is an online shipping marketplace that connects people with customer-reviewed transport companies that can move hard-to-ship items such as cars, motorcycles, boats, household goods, LTL (less-than-truckload), FTL (full truckload), heavy equipment, horses and more. Transporters place competing bids to win a customer’s business, which brings down delivery costs and makes shipping more affordable and efficient. uShip operates globally with localized functionality in the United States, the United Kingdom, Germany, France, the Netherlands, Austria, the European Union, Canada and Australia. uShip is a privately-held company of 65 employees based in Austin, Texas, with European headquarters in Amsterdam. uShip has grabbed investment dollars from Benchmark Capital — the venture firm that took a $5 million gamble on eBay back in 1997 — and estimates that it doubled its annual revenues in 2009, to approximately $6 million. Since uShip launched six years ago, shippers have paid more than $125 million for services brokered by the company. Nearly 900,000 listings have been posted to the Web site, attracting bids from tens of thousands of transport companies. See www.uship.com.
Halsa Pharmaceuticals, University of Texas at Austin
2001 Global Moot Corp – TL Ventures Challenge Winner
Halsa Pharmaceuticals currently is working on preclinical safety, dosing and small animal studies of its lead ZAG candidate and CEO Phil Speros estimates the drug is about 24 months from the filing of an investigational new drug application. Earlier in its pipeline, Halsa is working on a program that involves blocking proteolysis induction factor receptor (PIFR), interrupting the mechanism by which cancers cause muscle wasting. To date, Halsa’s ZAG and PIFR work has been funded without venture capital. The firm raised about $500,000 around its 2007 launch from angel and high net worth investors and it also received $1 million from the Texas Emerging Technology Fund. Halsa currently is fundraising and aims to close a $5 million second round in mid-2010, which may or may not include VCs. Read more at www.halsapharma.net.
Lear Communication (formerly Lear NeuroLogic, Inc) , University of Western Ontario
2000 Global Moot Corp
Lear Communications’ speech language pathologists help determine which factors are contributing to the difficulties and what their impact is on each area of communication. Since the competition, revenue has increased ten-fold in 10 years and has expanded from one to three locations. Lear Communications has been funded by bank loans of approximately $250k over a few years. The company has experienced a much slower growth rate since incorporation and maintained its sole focus on speech-language pathology services, rather than expanding into other rehabilitation therapies. For more information