After contestants presented their business concepts to a panel of financial and business startup experts in New Haven, four student businesses were selected as winners of the 10th annual Connecticut Collegiate Business Plan Competition. Each received a grant of $2,500.
“The submissions we received this year were among the best we have seen and they reflect the innovative and entrepreneurial spirit, which is critical to maintain Connecticut”™s economic vitality,” said David Sturgess, President of the Connecticut Venture Group.
The competition, sponsored by the Connecticut Department of Economic and Community Development (DECD) and the Connecticut Venture Group, was open to undergraduate and graduate students attending college in Connecticut.
The small-business proposals were for opportunities catering to a limited local market such as a restaurant or a personal service; venture enterprises included technology-based or mass-market products and services.
Winning the undergraduate student small-business category was 4Paws Mobile Pet Grooming, submitted by Ewa Lupinska and Tsz (Janet) Wong of the University of Connecticut in Stamford. The concept was for a pet salon on wheels offering home grooming services for dogs and cats.
The winner of the graduate student small-business category was a project called Rivals, submitted by Timothy Baker of Watertown who attends Southern Connecticut State University. The entry was for an experiential, sports-themed dining concept.
A concept called Zip Search was the winner of the undergraduate student venture enterprise category, submitted by Yasser Elleithy of Trumbull who attends the University of Bridgeport. The Zip Search plan is for a search engine computer program that can retrieve data from compressed or zip files, an action that currently can”™t be accomplished by most search engines.
The winner of the graduate student venture enterprise category was OMKARA Technologies Inc., submitted by Andrew Bilukha of Fairfield, Kunal Lakhiani, Tijana Bokic, and Mohamed Bawab all of whom attend the University of Bridgeport. The group”™s business plan was for a wrist-motion sensing mouse for use with PCs and laptop computers.
“We want to start economic development at the well pump,” said Mike Roer, executive director of Connecticut Venture Group. “It”™s important that the students who are going to go back and take care of the mom-and-pop stores are competent to operate them as well as those who are going to venture out on their own, it”™s all part of the Connecticut economy.”
According to Mike Roar, executive director of Connecticut Venture Group, the program began when CVG noticed that investors were getting on planes and going to California for business, indicating a Connecticut “brain drain” and an outflow of capital. The program is trying to promote straight-out-of-college innovation in Connecticut to stay in Connecticut.
The two venture enterprise winners are eligible to compete for a startup grant of $25,000 that will be awarded following the spring 2008 competition. Startup grants of $10,000 and $5,000 will be awarded to second- and third-place finishers in the venture enterprise category. The 2007-2008 Collegiate Business Plan Competition will also award a $10,000 grant from Connecticut Innovations for a technology-based student business selected as a finalist.
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The fall semester phase of the 2007-2008 Collegiate Business Plan Competition attracted 33 applications from eight different universities. Business financing experts gave feedback to each of the entrants. The applicants were also invited to attend a Connecticut Venture Group meeting to meet experienced entrepreneurs and investors.
“Supporting entrepreneurship is key to the state’s long-term economic health,” said Joan McDonald, Commissioner of the Department of Economic and Community Development. “DECD is proud to support the Connecticut Collegiate Business Plan Competition because it supports one of Connecticut’s most important assets in the areas of technology and innovation ”“ its young people.”
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