April 30, 2002
MOOT CORP® Gears Up for Finals
MBA Students from Around the World Compete for $100,000 in World’s Original, Largest New Venture Competition
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After preliminary competitions held around the world, 30 teams representing more than 11 countries will compete May 1-4 in the 2002 MOOT CORP® Competition for the title of Global Champion and a grand prize of $100,000.
The MOOT CORP Competition is a business plan competition that simulates the real-world process of raising venture capital. Teams present an original business plan to a judging panel consisting of venture capitalists, attorneys and other funding experts. The panel functions as an investment group seeking to reach consensus on the business venture they would most likely fund. Teams are judged on the quality of the idea, the strength of the management team and the clarity and persuasiveness of the written plan and oral presentation.
“This competition simulates the real-world process of raising venture capital,” said Dr. Gary Cadenhead, director of the MOOT CORP Program. “The participants and judges approach this competition as a real opportunity for future ventures.”
Judges for the MOOT CORP global competition include representatives from such organizations as The International Bank of Commerce, Ernst & Young and The NASDAQ Stock Market.
Many of the teams competing in the 2002 MOOT CORP Competition won intramural competitions at their respective universities. The teams will represent a diverse group of graduate students who have developed business plans with strong potential to become successful ventures. Representative teams include:
- QGenics BioSciences, Inc. — University of Tennessee — This prospective company has secured an exclusive worldwide license to the Molecular Comb™, a foundation microfluidics technology with the ability to move and separate molecules on a microchip and form the basis for an enhanced “lab-on-a-chip” device.
- Private Concepts — University of Texas at Austin — This venture provides safe, affordable, home diagnostic medical tests for women. The company's initial product is a self-administered cervical cancer screen developed by Austin gynecologist Dr. Patrick Pevoto.
- CeaseFire Solutions, Inc. — Thammasat University — CeaseFire, the self-activating extinguishing ball, can be safely thrown into a fire, dispersing standard extinguishing chemicals without the complications or danger of standard canister extinguishers.
- Silicon–light — London Business School — Silicon–light develops and commercializes technologies that enable light interconnect in silicon electronic and optical devices based on the research by the team of Professor Kevin Homewood at the University of Surrey.
- Roving Planet — University of Colorado at Boulder — Roving Planet designs innovative middleware that allows companies to use their wireless LANS for everything from customer service to operations.
- FairUse — University of Oxford, UK — FairUse will increase software companies’ profits by offering them online product activation as a service by which they can reduce unauthorized use of their products.
On the first day of competition, all 30 teams will compete in an opening round. Five finalists will be selected to compete for the Global Championship and the $100,000 initial investment. Teams not selected as finalists will have the opportunity to compete in the Money Rounds offering prizes of up to $3,000. The public is invited to attend the opening rounds and the competition finals.
“The $100,000 prize will serve as an early-stage bridge loan to give entrepreneurs breathing room while raising their first major round of venture financing,” said Cadenhead. “The only qualification is the team must be committed to launching its venture.”
Created by University of Texas MBAs in 1984, the business plan competition was the first of its kind in the world and has become the premier launching pad for aspiring MBA entrepreneurs to start viable business ventures. Previous global winners include Bio-Pet Technologies from the University of Georgia, Jetfan Technology from Queensland University of Technology in Australia, DementiaGuide, Inc. from Saint Mary’s University in Canada and Lear NeuroLogic Inc. from the University of Western Ontario.
Editor’s note: Please contact TateAustin for additional background on the program, including, but not limited to, contact information for each competing team, history on the program, facts about the McCombs School of Business and Dr. Cadenhead’s background.
For information on specific programs at the McCombs School, consult our contacts page. For media information, contact the Communications Director by phone at 512-471-3314 or by email at CommunicationsDirector@mccombs.utexas.edu.
