Haas Newsroom
Medical devices lead UC Berkeley Business Plan Competition for 2003
Contact: Ute Frey
Haas School of Business
(510) 642-0342
frey@haas.berkeley.edu
FOR IMMEDIATE RELEASE
Berkeley, March 5, 2003 - Medical devices
have emerged as the leading product developed by semifinalists
in the fifth annual University of California, Berkeley Business
Plan Competition.
The 25 semifinalists were selected in the 2003 competition
by some of Silicon Valley's leading venture capitalists from
a pool of 58 executive summaries. They represent industries
covering medical devices (28 percent), software (16 percent),
and other healthcare products (12 percent). Out of the eight
medical device plans submitted, seven advanced to the semi-final
round. Additional categories included communications, consumer
products and online services.
"The entrepreneurial spirit of the San Francisco Bay
Area is unbreakable," said Jerome Engel, executive director
of the Lester Center for Entrepreneurship & Innovation
at UC Berkeley’s Haas School of Business. The Lester
Center sponsors this competition, which was founded by UC
Berkeley MBA students in 1999.
"The popularity of this competition shows that Berkeley
students and alumni continue to see opportunity in the commercialization
of new ideas and technical innovation," Engel said.
The competition prides itself in producing viable businesses,
as the successes of past participants demonstrate. First-year
winner Timbre Technologies sold for $138 million to Tokyo
Electron Limited in 2001. GetRelevant, a 1999 finalist, sold
to Spanish Lycos for an undisclosed cash amount in 2002. And
Hotpaper.com, also a 1999 participant, sold to GoAmerica for
$10 million shortly after that year's competition. Educational
venture WiseToad has been acquired by LeapFrog. The amount
of venture capital raised by previous participants now exceeds
$131 million.
Teams are competing for a $50,000 grand prize and access to
some of Silicon Valley's preeminent venture capitalists. Competition
organizers have raised a total of $120,000 this year to hold
the event. Top-tier sponsors include Allegis Capital, Sevin
Rosen, and ComVentures. Additional corporate sponsors include
Chevron Corporation, Fenwick & West, FTVentures, Newbury
Ventures, SAP Inspire, Techstock Ventures, Versant Ventures,
and Woodside Fund, along with an individual donation from
Kevin Warnock, founder of Hotpaper.com.
The semi-finalists will compete for eight finalist slots on
April 4. The final round of judging will take place privately
on April 22, followed by a public presentation of the eight
finalists' business plans on April 23 at the Haas School.
All teams participating in the competition must include at
least one graduate or current student from UC Berkeley or
UC San Francisco. The teams are judged in three rounds by
a leading group of venture capitalists who volunteer their
time. Final round judges include Bob Ackerman of Allegis Capital,
Beckie Robertson of Versant Ventures, Steve Domenik of Sevin
Rosen Funds, Michael Rolnick of ComVentures, Susan Mason of
Onset Ventures, Todd Brooks of Mayfield, and Russ Seigelman
of Kleiner Perkins Caufield & Byers.
To emphasize the educational value of the competition, all
finalists receive written feedback from the judges on their
business plans and presentations. Throughout the competition,
teams can participate in workshops on a variety of entrepreneurial
topics.
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NOTE: For more information, see http://bplan.berkeley.edu or contact Ute Frey at the Haas School of Business at (510) 642-0342 or frey@haas.berkeley.edu.
