Thursday, April 30, 2015

[441] MTSU business plan contest attracts young entrepreneurs

Winning team captured $7,500; runner-up received $5,000

Wright stood before a panel of five area business leaders inside the Student Union Ballroom recently to pitch his three-member team’s proposal for Salomon’s House LLC, a startup whose ambitious mission is to discover disease-curing compounds that it in turn sells to the pharmaceutical industry.

One of three teams to make it to the competition finals, Salomon’s House LLC was the top winner for this year’s competition, an achievement that earned team members $7,500 in seed money to help bring their entrepreneurial idea into reality. Launched last year, the competition was a welcomed opportunity to this year’s finalists and is “what changed everything” for Wright and his team.

Watch a video recap of the finals at

“We’ve been working on the science — getting our protocols, getting our lab space done,” a relieved Wright said after his presentation, clutching the team’s first place plaque. “The competition caused us to put everything — business, financials — down on paper, and I believe it’s providing a quicker route to getting this thing off the ground.”

Wright teamed with alumnus Jacob Basham, a University Honors College graduate from Portland, Tennessee, and alumnus Eric Vick of Bellevue, Tennessee, who graduated last year with a doctoral degree in molecular biosciences.

“It’s a conversation we started probably three years ago, doing something like this,” said Basham, who serves as chief drug development officer for the business. “This is the first tangible thing we’ve gotten our hands on, as far as a success to where this is headed. I think it’s setting the precedent for good things to come.”

“It really focused us,” added Vick, chief science officer for the company. “… We’re going to change the world.”

Each team was represented by one spokesperson at the April 21 finals who gave detailed PowerPoint presentations on their startup company, including things such as financial projections that reached the millions in some cases, overhead costs, strengths and weaknesses and competitive landscape.

They were then peppered with questions from a panel of area business professionals who not only challenged some of the projections but also offered advice on how contestants could improve their business plans going forward.

The judges, who scored the presentations on a number of criteria, included: Thom Coats, vice president of sales for software consulting company JourneyTEAM; Tim Cronin, a local social media marketing entrepreneur; Jonathan Eby, vice president of operations for classical music label and distributor Naxos of America Inc.; Pete Hendrix, entrepreneur and host of local television program “Score on Business”; and Chip Higgins, senior vice president for Pinnacle Financial Partners.

The MTSU student team representing Green Source Energy Recovery won second place and a $5,000 prize. The team consisted of three environmental science majors in James Sherrill, a senior from Nashville, Tennessee; Symone Foster, a senior from Jackson, Tennessee; and Ryan Cunningham, a senior from Tullahoma, Tennessee; and environmental health and safety major Taylor Drury, a junior from Franklin, Tennessee.

The company’s concept was to partner with MTSU to provide bio-methane gas to use in the university’s cogeneration facility to help power the campus. The company would essentially take organic waste from sources such as farms, landfills and wastewater treatment and convert it into biogas for commercial purposes.

The other finalist was student Theresa Daniels of Nashville, founder of Theresa’s Twist-Pretzels with a Purpose. The nonprofit food service company has a mission to provide job opportunities and family support to others like Daniels with Asperger’s syndrome, a condition on the autism spectrum. Theresa’s Twist would enable those with Asperger’s gain valuable social and job skills and future employment.

“We really had a great opportunity to see some neat and unique business ideas presented,” said Bill McDowell, chair holder of the Wright Travel Chair of Entrepreneurship, which sponsored the competition. “I believe this is a great opportunity to stir entrepreneurship and innovation across campus.”

Organizers say the process allows students to enhance their learning experience, gain feedback on ideas, develop networks and expose their ideas to potential investors. Early-stage company investors, entrepreneurs and business leaders from the Midstate will judge presentations by the finalist teams.

Any enrolled MTSU student or MTSU alumnus could participate in the competition. A team could consist of one or more contestants and include nonstudents, but there must be at least one MTSU student or alumnus on each team. That person was responsible for making key presentations during the course of the competition and had to be included in top management for the proposed business.

After an initial screening round, participants went through an entrepreneurial boot camp of sorts where more specifics were shared about what’s needed in the business plan and how to put together presentations for potential stakeholders and investors.

Later, a tradeshow round was held where judges narrowed down the field to the top three entries. Mentors were assigned to the teams to help them polish their presentations and business plans for final evaluation by judges.

Secondary and specialty awards were also presented, including awards funded by a grant from the Clouse-Elrod Foundation that included a monetary gift of $250 for each category.

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