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MUM student team named finalist in 10-state clean tech competition Competing for the chance to win $100,000 in startup funding, a team of four Maharishi University of Management students was selected as one of six finalists out of 25 entries in a 10-state clean technology business plan competition, thanks to the strong pitch and marketing plan they created for an innovative solar hot water heater developed by Fairfield, Iowa, inventor Joel Price. The students highlighted the extraordinary features of this new product, which costs less than half of competing products while having one-sixth the weight. Called the Cottonwood Collector, it uses a provisionally patented polymer design that can be easily shipped, easily installed, and custom-shaped so that it can blend more aesthetically with buildings. Vinodthan Nayagar, Matthew Lindberg-Work, and Wu Bo took an internship in the February block to participate in the CU Cleantech New Venture Challenge, a student-focused business plan competition for the region that includes Colorado, Utah, Wyoming, Montana, North and South Dakota, Nebraska, Kansas, Missouri, and Iowa. It is part of the Department of Energy's National Clean Energy Business Plan Competition, which is focused on increasing clean energy businesses coming out of universities and national labs as well as creating a new generation of entrepreneurs to serve the nation's energy. In the second phase of the project, MBA student Michael Blitz, an experienced entrepreneur, also joined the team. They met the late-March deadline with their submission, which included an executive summary and a five-minute video. Then in early April they were notified they were one of six finalists, and were invited, all expenses paid, to the University of Colorado in Boulder for the finals, which entailed giving a 30-minute pitch session in front of an audience and judges, followed by a 30-minute question-and-answer session. The judging of the business plans was based on the nature of the product or service, market analysis, market strategy, management, profitability for investors, and viability and sustainability. Although the students didn't win, Mr. Price said they made a number of great contacts, several of whom expressed interest in furthering or licensing the technology. They were also encouraged by the judges to enter the Clean Tech Open. The opportunity for the students came about when Mr. Price learned of the competition and approached the management department. "It was very interesting and entailed a lot of research into the market," Mr. Nayagar said. "I enjoyed the experience of presenting our business model in front of venture capitalists as it gave me an understanding of how they really do business." The goal of the competition was to have participants create business plans that met the Department of Energy mission of 1) enhancing energy efficiency and productivity; and 2) bringing clean, reliable, and affordable energy technologies to the marketplace.
© Copyright 2012 Maharishi University of Management
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