And the Winner is…ClearBrook Imaging! (Release)

ClearBrook Imaging is $25,000 closer to launching its medical venture after winning the 20th annual New Venture Championship, a business plan competition held by the Lundquist Center for Entrepreneurship of the University of Oregon.

Sixteen teams of graduate students from universities around the world, including Hong Kong and Thailand, competed in Portland in the three-day competition.  The New Venture Championship, a Forbes magazine top 15 graduate business plan competition, concluded Saturday, April 9.

ClearBrook Imaging

ClearBrook Imaging; Photo by Chelsea Jennings

ClearBrook Imaging is a specialty medical device company that developed intravascular photoacoustic cardiac catheterization imaging technology. ClearBrook’s revolutionary imaging technology can provide cardiologists with the necessary information needed to properly diagnose atherosclerosis and plaque vulnerability.

David Mortellaro, member of ClearBrook, commented about NVC. “It was a fierce competition, and the amount of feedback was almost overwhelming. The interaction between teams and judges was very personal.”

The winner of the New Venture Championship receives an automatic entry to the 2011 Venture Labs Investment Competition, a business plan contest held at The University of Texas at Austin.

The second-place team, aQuainnova from SASIN Institute of Technology at Chulalongkorn University in Thailand, received $10,000. aQuainnova has developed tools to detect common viruses in aquaculture. Two runner-up teams, Hemova Medical from Johns Hopkins University and VisiRay from University of Oregon each received $2,500.

NVC Students Relaxing

NVC students enjoying downtime; Photo by Chelsea Jennings

Hemova Medical also won $1,000 for first place in the Tektronix Elevator Pitch competition and CAIR Technologies from University of Manitoba was awarded $1,000 for first place in the Tektronix Trade Show Competition.

Fork in the Road from Portland State University won $1,000 for Best Written Business Plan Award.

In the Oregon Entrepreneurs Network (OEN) Lightning Round each of the following won $1,500: Fork In The Road from Portland State University, Kalood from Brigham Young University, Enzium from Carnegie Mellon University and CAIR Technologies from University of Manitoba.

The OEN Lightning Round is a brief, intensive one-on-one session in which competitors must make a “quick” pitch without the help of visual aides. All other OEN Lightning Round competitors received $500.

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NVC Model Unlike Others

In January, more than one hundred teams yearned to participate in the 20th annual New Venture Championship. Only 16 teams were chosen to venture to Portland for the Semifinal round in this highly competitive competition, held each April.

Each team in the Semifinal round formally presents their venture plan to an esteemed panel of judges that includes venture capitalists, seasoned business executives and experienced entrepreneurs. Presentations are followed by a hard-hitting question-and-answer session. At the end of the round each team is briefed individually and receives extensive feedback from the judges’ panel, a key element of the New Venture Championship (NVC) learning model.NVC Setup

Only four teams whose ideas and plans stand up to rigorous questioning and scrutiny by the judges will rise to the top. Teams must convince investors and executives that the team’s business plan represents a solid, viable investment opportunity.

While other competitions place restrictions or limitations regarding prize money, NVC awards teams with what they need: cash. The winning team also receives automatic berths to 2011 MOOT CORP competition and 2012 New Venture Championship.

Second place receives $10,000; third place receives $2,500; runner-up team receives $2,000.

The twelve teams not chosen as finalists still have an opportunity to win prize money in the Oregon Entrepreneurs Network (OEN) Lightning Round. Here, the quality of their teamwork and ability to adapt is pushed to the limit. Without the use of props or visual aides, the teams make a “quick” pitch to a new panel of judges. The panel identifies strengths and deficiencies within each plan to leverage the strengths and fix the deficiencies. Teams must meet the challenge of doing it all in fifteen minutes.

No PowerPoint, props, charts, or other support materials can be used in the presentation. During the fifteen-minute adjustment period teams may access research information, related materials, laptop computers and other reference items. Teams have access to napkins and pencils in order to illustrate their points.

When asked about the Lightning Round, AE Solutions from Hong Kong, said, “You better be good at drawing.”

Most teams need hundreds of thousands of dollars in capital in order to take their venture to the next level. While $25,000 may seem relatively small, teams value the opportunity to present their ventures to angel investors, entrepreneurs and top executives, who comprise the judging panel and audience members. Not only could your team exit Portland with $25,000, you may find the person or group willing to invest in your venture.

This opportunity is tremendous and this experience is invaluable.

Written by: Nic Corpora

Some Trade Show Contestants

Hors d’œuvres await the teams, faculty members, and attendees of the Tradeshow at the opening night of the NVC competition. From miniature hamburgers, to hummus and cheese cubes, a small bar serving house wine and cocktails, and plenty of competitors awaiting to talk about their products, tonight’s expo is both delicious and informative. Here are a couple of ventures I learned about while walking around the White Stag annex:

CUDDLE CLONES

Cuddle Clones digitally reproduces pets into a custom-made stuffed animals that distinctly match the detailed features of your pet. Customizing everything from small markings to eye and paw color, Cuddle Clones allows you to bring a stuffed animal looking identical to your real pet anywhere you wish!

FORK IN THE ROAD

An affordable, franchisable grocer on wheels! Fork in the Road works directly with independent wholesalers to reach market space that is currently neglected.

 

 

 

Many more blogs to come about this year’s New Venture Championship! Stay tuned.

 

 

Written by: Hannah Moore