University of Illinois at Chicago MBA team earns first place in 2008 University of Louisville Cardinal Challenge business plan competition

    LOUISVILLE, Ky. (February 24, 2008)--Medical concepts utilizing breakthrough technology and a trendy restaurant venture proved to be the judges’ favorites at the 2008 Brown-Forman Cardinal Challenge Business Plan Competition hosted by the UofL College of Business.

     The February 22-23 competition in downtown Louisville featured 11 MBA student teams from across the U.S. and Canada competing for more than $30,000 in award money and an automatic bid to Moot Corp®, the global “Super Bowl” of business plan competitions.

       “We had an outstanding group of teams,” said Competition Director and UofL Cobb Family Professor of Entrepreneurship Van G.H. Clouse. “Our judges--experienced venture capitalists and entrepreneurs--had some tough decisions to make.”

     The trio of finals judges awarded first place--$15,000 and the automatic bid--to HeartSounds, Inc., a team from the University of Illinois at Chicago.  Their start-up company is using patented sound-separating technology to more accurately detect cardiac dysfunctions and abnormalities.  Their initial product is the FetalPATCHÔ, a non-invasive, wireless electronic fetal monitor.

     “They had some things they needed to fix, but they have good potential for funding,” said finals judge Bob Saunders, a principal at Louisville-based Chrysalis Ventures.  “They had relevant experience and their science was credible.”

     Second place and $5,000 were awarded to BioRegenix, Inc., another team from the University of Illinois at Chicago.  Focusing on heart muscle tissue regeneration, the team’s first product—CardioGen—addresses heart muscle regeneration in patients suffering from Acute Coronary Syndrome.

     “One of the keys health care concepts need is intellectual property that works,” said judge George Emont, a partner in Triathlon Medical Ventures.  “But at this level, you expect teams that have it all—knowledge, experience and good technology.  I think we saw that here.”

     Spice9 Indian Bistro was the third place choice, winning $3,000.  The team from Arizona State University detailed a quick-serve alternative restaurant concept that featured Indian cuisine fused with an American flair.

     “I’ll see a couple of hundred plans a year and our firm will see a couple of thousand,” said finals judge Mark Richey, managing director of Draper Triangle in Cincinnati.  “These presentations and concepts were high quality—as good as any we see, and better than some that come from more experienced entrepreneurs.”

     In the Fast Pitch event, a competition allowing one team member to detail their concept in 60-seconds to a group of four judges, Advotech Medical Sciences from the University of Manitoba earned first place honors and $1,500 with their plan to develop medical devices targeting the orthopedic market.  Two teams tied for second place, each winning $1,000:  NatureCure Technologies from Kennesaw State University and The Partum Group from the University of Louisville.  NatureCure’s concept is the creation of innovative natural products to improve human health.  The Partum Group is developing MaternaTRAC ™, a device that more accurately monitors the changes in the cervix as a woman progresses through labor.

      Other participating teams were Envision Luggage Company (University of Georgia); Banque Pour Tous (University of Georgia); ShaBamm (University of Louisville); Slow Kitchen Post (University of Michigan); and Tutela Health (Arizona State University).

     All teams not selected for awards received $750 for participating in the competition.

     The two-day competition included a keynote luncheon presentation by entrepreneur Kent Taylor, founder and chairman of the Texas Roadhouse restaurant chain, and concluded with a Saturday night launch party for “Rhythm,” a new adult beverage developed by RJS, LLC., a company created by UofL IMBA students for last year’s Moot Corp® competition.

      “Our goal for the Cardinal Challenge was to create a solid event that offered educational, financial and networking benefits, and based on the comments we’ve received, we hit all three,” said Clouse, who is also director of UofL’s entrepreneurship MBA (IMBA) program.  “The feedback each team received from the judges will help them refine their plans and move closer to making their concepts a reality.”

     The 2009 Brown-Forman Cardinal Challenge is scheduled for February 20-21, 2009.

     For more information, visit www.CardinalChallenge.com or call Tom Peterson at 502-852-1518.  
LINK TO PHOTOS OF CARDINAL CHALLENGE