C2V Contest Brings Out the Best in UIC Entrepreneurs
Twelve teams of aspiring UIC student entrepreneurs pitched their new business concepts at the third annual Concept2Venture business plan competition December 18. Distinguished professionals in business, finance, law and entrepreneurship provided participants with valuable feedback and, ultimately, awarded the winning teams more than $20,000 in cash and in-kind services.
The twelve teams presented an array of inventions and ideas, from a machine that distributes sausage onto pizza in an equal and consistent manner to a refrigeration system for off-season apple supplies. Two companies—HeartSounds and BioRegenix—geared up to enter the growing and diverse medical device industry, which is largely situated in the Midwest. HeartSounds, founded by Liautaud Graduate School of Business MBA students Amir Bastawrous, Matthew Norris and Michael McCoy, took the $10,000 first place.
HeartSounds presented their acoustic-based, non-invasive medical devices for diagnostic and telemetric applications in a smooth, 40-minute presentation. Afterward, the team members faced the judges’ tough questions. During the feedback session, judge Buck Phillips of Apjohn Ventures noted that Amir Bastawrous’ career as a surgeon provided solid expertise and experience and their extensive research and clinical trials showed the project to be both functional and realistic.
BioRegenix’ patented, preclinical-stage biotechnology that repairs injured heart muscle following a heart attack took second place and earned Darius Kaulius and his teammates Thomas Triantafillou and Gokul Kumar the award for Best Elevator Pitch.
WeVentures, an Internet site dedicated to helping aspiring entrepreneurs like themselves, earned James Kelly, Aaron Miles, Uchenna Nnaemeka and Darnell Shields a third place finish and the award for best undergraduate team.
The competition showcases the wealth of resources that UIC has from its many colleges and schools and the Chicago business community. Under the direction of Professor Rod Shrader, Concept2Venture is organized through the UIC Institute for Entrepreneurial Studies and College of Business Administration and its Liautaud Graduate School of Business, in collaboration with the UIC Office of Technology Management. Sponsors for the 2007 event included Motorola, Illinois Ventures, Sonnenschein Venture Technology, Caterpillar, Inc., ARCH Development Partners L.L.C., L.E.K. Consulting, Nimlok Chicago, Microsoft Corp, Illinois Business & Investor Forum, Presidents Advisory Council, Trillium Solutions Group, the Chicago West Side Entrepreneurship Center and the Collegiate Entrepreneurs’ Organization.
