This year a total of 344 students participated in early phases of the Competition with Internet concepts dominating the field again as they did nearly a decade ago. Ideas centered on IT, life sciences and consumer products were also popular in the early rounds. For the semi-finals, judges chose ventures in medical devices, regionally focused services, disease management therapies to serve specific market niches. Only one energy related concept was selected.
Among the Wharton Business Plan Competition semi-finalists six teams are led by undergraduates, seven are members of the Wharton Venture Initiation Program educational incubator and at least one completed the Wharton Small Business Development Center’s business planning course. Some of them include:
• SmartSock: Prosthetic sock alleviates discomfort for below-knee amputees
• SCM Inc: Makers of the ‘Brallet,’ silicone breast enhancer inserts and a wallet that a woman can carry in her brassiere
• Organ Transplant Technologies: Device and solution for preserving organs during transplant transport extending time organs remain viable
• Waterways: A sustainable approach to bottled water offering vending machines for locally sourced filtered water, bottled on demand in a low-waste recyclable bottle
• Sustenance Health Food: Food products for growing diabetic population in Southeast Asia.
• FlyBy: Non-intrusive visual commercials for free ad-supported music to listeners using portable devices, personal computers, and the Web.
The Wharton BPC program is made possible through corporate sponsorship support, including from Gold Level sponsor Schering-Plough and Silver Level sponsor Johnson & Johnson. Like all sponsors they will gain visibility throughout the year-long Competition and at the Venture Finals. The Venture Finals, the Competition’s culminating event, consists of the eight finalist teams, selected from among the 25 semi-finalists, facing off with 20-minute presentations to distinguished judges. Those judges, drawn from the business and venture capital community, evaluate the persuasiveness and viability of each business plan. Finalists will vie for $70,000 in cash prizes and in-kind awards including a $20,000 Grand Prize. The Venture Finals takes place April 30 at the Wharton School’s Dhirubhai Ambani Auditorium and annually attracts over 200 entrepreneurs, venture capitalists, investment bankers, alumni, faculty and students.
For the past decade, the Wharton Business Plan Competition, which is open to any University of Pennsylvania student and managed by Wharton Entrepreneurial Programs, has seen numerous student teams go on to become successful businesses including PetPlan USA, PayMyBills.com, BuySafe, NetConversions, Stata Labs, DealMaven, Verge Solutions and MicroMRI.
For more information on the Wharton Business Plan Competition, go to:
http://bpc.wharton.upenn.edu.