Students present plans for future technological businesses in contest

The 13 teams of University students that competed Saturday in the Second Annual Business Plan Contest represent the latest additions to a rapidly developing world of high-technology entrepreneurship.

The contest offered University students the opportunity to present business ideas to a panel of experienced venture capitalists and entrepreneurs in exchange for valuable advice and, for some, prize money, according to contest director Geraldine Alias '00.

Brancusi Technologies, Inc. — the winning entry created by Dirk Balfanz GS and Wenjia Fang GS — is developing a software program to coordinate wireless transactions and purchases.

"Our software is enabling technology that will allow for engineering development in the wireless space," she said, adding that the prize carried a $5,000 award. "[The Business Plan Contest] was an opportunity for us to get feedback from venture capitalists and entrepreneurs."

Apparel-Online.com, the second place entry, was established by Greg Lilien '00 and Dev Tandon '00, who received $3,000 for their plan to create a business-to-business exchange for the apparel industry. "[Our business] helps to integrate the clothing supply chain," Tandon said. "It could be used by refiners, designers, manufacturers and suppliers as a tool for them to buy and sell materials."

Lilien said he was excited to receive the prize money. "The funding is great," he said. "Our goal now is to look for seasoned management to add to our team and to attract additional funding."

Forward One — an Internet investment banking plan created by Ethan Cohen-Cole GS — captured third place and an award of $2,000.

The other two proposals selected as finalists were MediaScope Incorporated, founded by George Nyako '00, Hidekazu Oki '00 and Adithya Raghunathan '00, and HealthMethod, Inc., created by Paul Caldwell '02, Josh Rothman '02 and Robin Giese '02.

MediaScope Incorporated is a visual display company developing a specialized technique to allow different images to be "stacked" on the same screen. The technology would allow one user to wear glasses that would isolate an image from the screen while another user wears glasses that isolate another image from the same screen, according to Nyako.

HealthMethod, Inc., is exploring the potential to offer an Internet-based business-to-business supply service for hospitals. "Our company does more than other [business-to-business] supply chain platforms. Our product would allow hospitals to save money," Caldwell said.

Howard Cox '64, a general partner at the venture capitalist firm Greylock and a contest judge, donated the $10,000 in prize money and additional funds for contest expenses. The contest, which is in its second year, was sponsored by the Princeton Entrepreneurship Club.

The 10 judges — five of whom were University alumni — also hailed from BeyondMedia.com, and the venture capitalist firms Domain Associates, Gund Investments and Burson-Marsteller.

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Each of the 13 teams presented a five-minute speech to the panel of judges and then met with two of the judges for a 45-minute presentation. The experience was designed to mimic a meeting between venture capitalists and entrepreneurs seeking funding, according to Alias.

The five finalists were selected from the field of teams based on their written business plans and oral presentations. The finalists gathered in Dodds Auditorium at 3 p.m. Saturday to make 20-minute presentations to the entire panel of judges, after which the panel selected three groups to receive the cash prizes.

"The plans this year were very impressive and there were more than twice as many as last year," Alias said.