December 7, 2001
MBAs Win $100,000 in World’s Original, Largest New Venture Competition
|
Austin, TX - A team of MBAs from the McCombs School of Business at The University of Texas at Austin won $100,000 in the 19th annual Texas MOOT CORP® Competition on Thursday, Dec. 6. Private Concepts will market an at-home cervical cancer screen test developed by one of its members. The $100,000 investment will help the team raise initial capital to turn their idea into reality.
“This seed money will help us get things accomplished a lot faster. Winning it affirms our decision to go forward with this venture and means we can move forward a lot faster. The money will definitely make a difference,” said Dr. Patrick Pevoto, a member of the Private Concepts team and developer of the revolutionary device.
Dr. Patrick Pevoto is a practicing obstetrician and gynecologist who developed the Pevlon Home Cervical Cancer Screen. The device will allow women to self-administer a cervical cancer screen in the privacy of their own homes. He developed and refined the design based on the concerns and frustrations expressed by his patients.
In addition to the $100,000 investment, the most lucrative prize awarded in university-based competitions, the winning team will receive a free year in the Austin Technology Incubator, an opportunity to represent UT at the global competition held each Spring, and a number of industry and venture capital contacts. To qualify for the investment, the team must be committed to launching its venture.
“This was one of our best competitions in terms of strong teams. The teams articulated their ideas well and showed they are capable of launching. All four teams are moving forward with their ventures,” said Dr. Gary Cadenhead, MOOT CORP Director.
Inspired by UT students 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. The competition simulates the real-world process of raising venture capital. Previous winners include Austin-based start-up companies Isochron Data Corporation, Ampersand Art Supply, Halsa Pharmaceuticals and Partnerware Technologies.
The $100,000 investment made this competition even more real world. The judging panel functioned as an investment group seeking to reach consensus on the business venture they would most likely fund. The judges analyzed the business plans, watched the presentations and tested the team’s persuasiveness. The judges were Rob Adams, AV Labs; Laura Kilcrease, Triton Ventures; Ted Miller, Crown Castle International Corporation; Dick Moeller, Verity Ventures, and Molly Pieroni, JatoTech Ventures.
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.
