Winning team captured $7,500;
runner-up received $5,000
MURFREESBORO — As a graduate student in MTSU’s molecular bioscience program,
Matthew Wright of Knoxville, Tennessee, mixed his deep knowledge of cells with
his growing knowledge about sales during the 2015 MTSU Business Plan
Competition.
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.
“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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