Carnegie Mellon announces winners of McGinnis Venture Competition

Carnegie Mellon announces winners of McGinnis Venture Competition

Officials from the Tepper School of Business have announced the winners of the McGinnis Venture Competition, which was held earlier this month.

A total of 26 teams hailing from business schools in North America, Columbia, Canada and the UK were invited to present their plans for small companies to a panel of judges, who awarded start-up capital to winning submissions in three categories.

Competitors submitted business proposals in the technology, CleanTech and life science categories through a fifteen-minute presentation. Some teams also participated in the elevator pitch contest, through which they were required to present their ideas in two minutes or less.

The judging committee was comprised of successful entrepreneurs and venture capitalists, who also awarded legal support to protect the winners' intellectual property.

This is the seventh year the school has hosted the competition, which was initiated by a generous donation from entrepreneur Gerald McGinnis.

Arthur Boni, organizer of the event, said that "prize money from the McGinnis Venture Competition provides very early-stage capital that helps companies become a reality" and can give budding entrepreneurs "a reality check."

By Stefanie Hughes