10 Semi-finalists announced in Olin Cup Entrepreneurship Competition

Oct. 22, 2004 -- The Skandalaris Center for Entrepreneurial Studies at Washington University has announced 10 semi-finalists in the 2004 Olin Cup Entrepreneurship Competition.

The participants are competing for a total of $70,000 in seed investment to the teams who create viable business ventures with a high probability of success.

"Being a part of this competition is hugely valuable to the team members, even if they do not win," said Ken Harrington, managing director of the Skandalaris Center. "Participants tell us that the workshops and feedback that they receive really helps them move their venture forward. They also tell us the process gives them invaluable exposure."

Throughout the year, the business formation competition holds more than 50 workshops and other events to promote learning, collaboration and team formation. The events contribute to the competition's goal to support the creation of new ventures and to help grow the entrepreneurial economy in St. Louis.

The Olin Cup competition was founded at Washington University in 1987 and has resulted in more than 60 start-up companies. Every team in the Olin Cup competition must include at least one current or former Washington University student.

A first for the 17-year-old competition this year is a social entrepreneur semi-finalist — The Blessing Basket. The not-for-profit Blessing Basket pays weavers in undeveloped countries a prosperity wage (which is multiples higher than the local average), then import their high-quality baskets and sell them via its website and retail relationships. Revenues above expenses will be reinvested into economic- and community-development projects.

"Entrepreneurial skills are as valuable and essential in the independent social sector as they are in the private business sector," Harrington said. "We think innovation is becoming increasingly important and entrepreneurs have the ability to accomplish this quickly with limited resources."

Social entrepreneurship is one of several new initiatives at Washington University resulting from a multi-year cross campus effort that is supported by the Ewing Marion Kauffman Foundation and Bob and Julie Skandalaris.

The remaining field of nine semi-finalists includes a variety of businesses from advanced medical technology and bio-tech companies to a bicycle retailer and an exercise equipment producer. The semi-finalists will continue to compete over the next month, presenting their plans to a diverse group of judges.

The semi-finalists are:

• Abajo Bicycle Co.
• Blessing Basket
• Care Coordinator
• Exerton
• Kiosite
• Luminomics
• Occurtech
• Piper Hydroponics
• Portable Technologies for Surgical Pain
• TEQ Development

On Friday, Oct. 29, the semi-finalists will deliver a two-minute oral presentation to a panel of more than 20 judges. This panel will include private investors, business leaders, venture capitalists, faculty, accountants, attorneys and others.

Five finalists will be announced later that evening at a networking event, which is open to the public. The reception will begin at 5 p.m. in Simon Hall's May Auditorium on campus. Michael G. Douglas, Ph.D., associate vice chancellor and director of the Office of Technology Management at Washington University, will speak on "Connecting University Technologies to Start-up Ventures." The event is free but registration is required and is available online at http://www.olin.wustl.edu/cel/olincup/events.cfm or by calling (314) 935-9134.

The Olin Cup is co-sponsored by the Regional Commerce and Growth Association, and the reception is sponsored by the RCGA's St. Louis Commerce Magazine.

The Skandalaris Center for Entrepreneurial Studies is one of the top entrepreneurship programs nationwide, based upon Entrepreneur Magazine's comprehensive rankings. SCES is a member of the Ewing Marion Kauffman Foundation National Consortium for Life Science Entrepreneurship. The Kauffman Foundation recently selected Washington University in St. Louis as one of eight U.S. universities to share $25 million in grants through a program designed to make entrepreneurship education available across campus and transform the way entrepreneurship is viewed, taught and experienced. Washington University in St. Louis received a Kauffman grant of $3 million to support this multi-year campus-wide entrepreneurship programs. In addition, Bob and Julie Skandalaris, along with other private donors, have generously contributed to this broad initiative.