BOSTON--(BUSINESS WIRE)--The Institute for Technology Entrepreneurship & Commercialization (ITEC) at Boston University today announced the three winners of its 2008 $50K Business Plan Competition. The eighth annual competition showcased diverse and innovative life science, medical and mobile technologies, as well as language lesson products. This year’s team winners were:
Essense Medical Inc., headed by Roberto Reif (PhD student from the engineering school) along with three management school students, Jonathan Scherer, Dave Spenciner, and Adam Winston, develops disposable medical tools that can both diagnose and treat cancer in real-time, while reducing the need for biopsies. The tools incorporate a patented optical biopsy sensor that can identify cancerous tissues non-invasively by using light, therefore guiding the treatment towards the site of interest. Essense Medical Inc. will initially focus on screening and treating colorectal cancer to speed-up colonoscopy procedures and reduce the cost of healthcare. The company expects to translate the technology platform into other important medical markets.
Presented by Erick Ramos Murillo and Rodrigo Navarro Huerta, RemesaTel aims to help Mexican citizens in the US and Mexico reduce the exorbitant fees currently being paid for financial and commercial services by providing access to credit and trading opportunities through mobile text messaging. In 2007, $24B in cash remittances was sent from the US to Mexico. In Mexico, families have access to more than $6 billion dollars in cash and government subsidies but often lack the basic financial instruments (i.e. credit cards) that would allow them to access these funds at a reasonable rate. The result is payments ranging from 20%-300% over regular prices. By using RemesaTel mobile technologies, families will be able to conveniently transfer funds and realize significant savings.
Anirban Chatterjee and Paul Mirer presented their business plan which is based on breakthrough biomaterials technology developed at Boston University. AutoNAIS offers a simple, convenient alternative to DNA sample preparation that looks and works a lot like a common laboratory pipettor, but quickly performs sophisticated separation and sampling procedures that now take many valuable hours to complete. Ideal for molecular biologists, the AutoNAIS is easy to automate, saving time and effort and enabling many types of cell-based research to become truly high-throughput.
The competition was held at the Boston University School of Management on April 9, 2008. According to Jonathan Rosen, Executive Director of ITEC, “The event was exciting, fun, and informative. The ITEC Business Plan Competition has become a cornerstone of our entrepreneurship program and a standout among business plan competitions held at top colleges and universities. Our goal is to push the boundaries of education in every venue and use all tools available to educate our students through relevant, real life experiences. The focus on our students and their learning experience is what makes our competition unique.”
While the judges were debating their choice of winners, the audience had the opportunity to vote on various aspects of each team’s business ranging from market potential and feasibility to professionalism and investment worthiness. They did this using wireless technology donated by Platinum Sponsor Brown Rudnick. The most popular teams with the audience were not necessarily the most popular with the judges. The judges - venture capitalist and lawyers specializing in start ups - explained in detail what they liked about each business plan and what the teams needed to improve.
The ITEC $50K Business Plan Competition provides Boston University students and recent graduates with the opportunity to develop a solid business plan. For more information about the $50K Business Plan Competition, visit www.bu.edu/itec/bizplan.htm.
About The Institute for Technology Entrepreneurship & Commercialization (ITEC) at Boston University School of Management
The Institute for Technology Entrepreneurship and Commercialization (ITEC) is a new model for entrepreneurship education, research and training that uniquely cross-channels resources from a large number of schools and departments throughout Boston University. No other program provides the new entrepreneur with such a variety of opportunities for developing new technologies, products and services that meet global needs in healthcare, life sciences, alternative energy, information technologies, and other sectors.
To help new entrepreneurs create sustainable enterprises, ITEC is located in the School of Management, 595 Commonwealth Avenue, Boston, MA 02215. ITEC promotes cross campus exchange across all 17 schools at the university. For more information, please email ITEC@bu.edu or visit www.bu.edu/itec
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