New Venture Competition Features Innovation in Cutting-Edge Sectors

in Entrepreneurship, Students
February 10th, 2011

Latest News: Four Teams from Across BU Selected as Finalists
new venture competition

Boston University’s $50K New Venture Competition, sponsored by the Institute for Technology Entrepreneurship and Commercialization (ITEC) at the School of Management, provides students and recent alumni with an exciting venue through which to develop their business ideas and test-drive with industry experts.

Throughout the entire competition, budding entrepreneurs gain the opportunity to practice presenting their innovations to potential investors and refining their ideas with a network of advisors.

Each team acquires hands-on experience and exposure through the following steps:

“Since the contest’s inception 11 years ago, we’ve been impressed by the innovation and passion behind the teams’ proposals. This year, the applications have even surpassed this level of excellence. ”

–Beth Goldstein, Director, $50K New Venture Competition, ITEC

Competition launch: Each team submits their executive summaries for review.

Semifinal round: Semifinalists go on to present their business concept via a PowerPoint presentation to a team of business experts.

Final round: Finalist teams develop full business plans and present them to a panel of judges consisting of venture capitalists and other members of the business community. All finalists also receive mentoring from start-up veterans as well as introductions to ITEC’s networks, which can provide the capital and hands-on leadership required to bring their ideas to fruition.

Jackpot: The top three winning teams collectively gain access to $50,000 in funding and support.

The 2011 Competition: Congratulations to the Finalists!

Congratulations to the following teams, who will present their plans to venture capitalists at the final competition on April 6, 2011.

  • ACCEasy, headed by Katsiaryna Akhlopkava, GSM ’11, is accounting SaaS for Russian small businesses. It is an inexpensive, easy to deploy and scalable solution that can be integrated with major standards of existing accounting software on the  market.
    Handlebikes, headed by Fredrik Fjellsaa, ELC ’10, a graduate of the Global Diploma in Entrepreneurship program with team support from Inese Pumpure, will enter the bicycle market by offering an innovative solution that will increase comfort and performance for bicyclists
  • Nyumba, headed by Andrea Fernandes, SPH’10, is a robust, cell-phone/solar-powered pulse oximeter developed by BU’s Laboratory for Engineering Education and Development. It can potentially identify pneumonia patients in developing countries and accelerate achievement of Millennium Development Goals.Amy Canham, ENG, and Benvy Caldwell, SPH, are also members of the team.
  • RayVio, headed by Dr. Yitao Liao, ECE ’10, is a spin-off from a BU research lab. The company is developing revolutionary UV LEDs that are a low-cost, durable and energy efficient substitute for mercury lamps. Dr. Liao is joined by Simon den  Uijl, Chen-kai Kao and BU Professor Moustakas.

Learn more about support for entrepreneurs at the School of Management and Boston University in the Builders & Leaders article Start Something: Entrepreneurship at BU.