Nanotechnology Now - Press Release: "OSU team earns Innovation Award at Governor’s Cup, wins $50,000 for business plan"

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Governor Brad Henry presents Chas Craig (left) and Shannon Jarmer with the Innovation Award during the 2009 Governor's Cup Competition.

Governor Brad Henry presents Chas Craig (left) and Shannon Jarmer with the Innovation Award during the 2009 Governor's Cup Competition.

Abstract:
A team from Oklahoma State University's Spears School of Business earned the Innovation Award this week in the state's Donald W. Reynolds Governor's Cup Collegiate Business Plan Competition in Oklahoma City.

OSU team earns Innovation Award at Governor’s Cup, wins $50,000 for business plan

Stillwater, OK | Posted on April 18th, 2009

OSU finance and accounting senior Chas Craig, marketing junior Conley Fincannon and management seniors Shannon Jarmer, Jennie Robinson and Eric Turner presented a business plan for Innovative Solutions and will receive $50,000 of in-kind services to advance their business.

The Innovation Award recognizes the most feasible business plan with at least one member who plans to continue on to commercialize the technology. The Innovative Solution business plan proposes to commercialize a patent pending closed design Intravenous IV catheter and syringe that would create a solution to a longstanding problem of systems that expose health care workers to blood borne illnesses and patients to infection.

"We live in a highly entrepreneurial age, and it is vital that students are prepared," said Michael Morris, N. Malone Mitchell, Jr. Chair in Entrepreneurship and head of the OSU Department of Entrepreneurship. "These competitions enable young men and women to test themselves against the best."

The Donald W. Reynolds Governor's Cup Collegiate Business Plan Competition was held April 14. The competition encouraged students to take their entrepreneurial ideas beyond the classroom and implement them into the real world; and also offered the opportunity to network with entrepreneurial professionals. The event has helped establish more than 10 innovative companies.

In addition to the Innovative Solutions team, two other teams represented OSU in the finals of the Governor's Cup competition.

Jordan Sligar, a management senior, presented a business plan for Luxom.com, a Web-based platform to serve as clearinghouse to connect business brokers to marketing vehicles throughout the United States.

In addition, Sligar and finance and economics senior Sean Wyatt recently traveled to Colorado State University to present the Luxom.com plan at the Venture Adventure Competition, a national business plan competition for undergraduate students.

The third team of Spears School students who competed at the Governor's Cup competition included Wyatt; Troy Fezler, a management senior; Ryan Hunter, a management junior; Granger Brown, a university studies senior; and Matt Villarreal, a management senior. The team presented a business plan for an innovative lumbar puncture medical device for spinal taps from Axio Medical.

OSU students also participated in other national competitions this semester that were aimed at encouraging entrepreneurship and creativity. Students participated in the Venture Adventure Competition and the 2009 Venture Challenge.

The 2009 Venture Challenge was held March 12 through 14 in San Diego. The event allowed graduate students from universities around the world to present their business plans to investors, entrepreneurs and service providers in hopes of receiving up to $25,000 in awards.

OSU MBA students Shoaib Shaikh, Jessie Loeffler, and Liviu Pavel presented a business plan for Explosafe Nanotechnology, Inc., a company that has developed a chemical technology for detecting explosives in passenger baggage and cargo and identifying dangerous situations in research laboratories. The OSU team was one of 12 teams from across the nation to make it to the semi-finals of the competition.

Shaikh, Loeffler and Pavel have decided to establish the company and have equity stake in the company. They will form the management team, serving as the directors of marketing communications, finance and operations.

"We are extremely proud of these students and their willingness to dream big dreams," Morris said. "They are now in a stronger position to actually start these ventures and to make a contribution to the Oklahoma economy."