Writer Michael Lewis praised serial entrepreneur Jim Clark, founder of Silicon Graphics and Netscape, as having a nose for the "new new thing" -- i.e., an uncanny ability to discern where technology and the economy are headed. For those not blessed with a nose as sensitive as Clark's, attending the Venture Finals of Wharton's Business Plan Competition offers an opportunity to whiff the future by surveying potential startups. It's a chance to see what aspiring, ambitious entrepreneurs believe will be the next big thing. Today's business plans, after all, become tomorrow's companies.
At this year's competition, healthcare companies, ranging from medical-device makers to a creator of artificial muscles, grabbed five of the eight finalist slots. The other three included a virtual call center, an online mortgage broker and a company that wants to replace credit cards with fingerprints.
The annual Business Plan Competition begins as students turn in brief summaries of business ideas. Over the course of the school year, their ideas evolve into more detailed summaries and then, for 25 semifinalists, full-fledged business plans. Judges winnow those plans down to eight finalists, who are invited to present at the Venture Fair, held this year on April 25.
It's at the Venture Fair where the finalists get their shot at business-school stardom and cash: The winner receives $20,000. In front of an audience of investors, faculty and students, each team has 10 minutes to outline its plans and then be grilled by five judges for another 10 minutes. This year's judges hailed from Shelter Capital, Savvian, Pequot Ventures, Johnson & Johnson and Quaker BioVentures. The competition, sponsored by Wharton Entrepreneurial Programs, isn't limited to Wharton. It's open to any team that includes a Penn undergraduate or graduate student. The three top finishers receive cash prizes as well as in-kind contributions of legal and accounting services.
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