Judges at the 12th annual Ballard Morton New Venture Competition liked the idea of a new business that could revolutionize plastics recycling, but the one they’d bet on would provide retailers a new tool for cutting costs and wooing consumers.
     The competition’s $8,000 first place award went to PackStream, a team of IMBA students whose innovative concept promises to streamline retailers’ fulfillment processes while generating additional sales for them.

     “Let me just say ‘Wow.”’ said judge Marty McClelland, the managing director of Mainstream Investment Advisers.  “If this really works, you have a concept here that’s going to generate some real interest.”
     Packstream’s concept would enable retailers to target consumers with one-to-one marketing and package branding—essentially tempting customers with personalized promotional messages printed on packaging materials, suggesting items to complement the current purchase. 
     “We started this as a class project,” said Packstream team member Danny Bower, “but then we really got into it and saw an opportunity. We’re excited about where we can take it.”
     Ed Nasief, a veteran competition judge and senior vice-president of UBS Financial Services, agreed the concept had potential. “They still have to fill in some blanks,” he said, “but you can sense their excitement in the way they present their information.”
     The two-day competition featured four teams of the college’s IMBA (MBA for Entrepreneurial Thinking) students chasing nearly $20,000 in cash awards.  Each team had to develop a new business concept and plan, and present their ideas to expert judges in three formats:  a Trade Show environment, a 60-second solo verbal presentation (Fast Pitch) and a 15-minute business plan presentation followed by judges’ questions.
    “I see presentations by entrepreneurs every day,” said first-time judge David Parento, an associate with Chrysalis Ventures.  “And what I’ve seen here is as good as any of them.”
     Cara Silletto, a first-year IMBA student who hopes to participate in the competition next year, was similarly impressed with the students’ effort.
     "I moved to Louisville for the IMBA program and this competition verified I made the right decision,” she said. “I was blown away by the quality of talent.”
     In grabbing first place, the PackStream team (Bower, Patrick Just, Erik Nelson and Troy Thomas) earned the competition’s automatic bid to Moot Corp Global Business Plan Competition, the annual ‘Super Bowl’ of collegiate business plan events.   The team also has the option to represent the college in the second annual Brown-Forman Cardinal Challenge Business Plan Competition in February.
     “Our goal now is to take the judges’ feedback and build a stronger plan and look for funding,” said Erik Nelson. “And we’re thrilled to be representing the college at Moot Corp.”
     “Very impressive,” said IMBA Director and Cobb Family Professor of Entrepreneurship Van Clouse, who also moderated the program.  “The quality of teams and concepts improves each year, making us better prepared to go head-to-head with other MBA programs in the regional events ahead. Our goal is to qualify multiple teams for Moot Corp Global Business Plan Competition May 2009.”
     Second place honors and $5,000 were awarded to the necoPlastics team for its plan to simplify mixed-waste plastic recycling and combine it with high-carbon fly ash to create a less-costly, eco-friendly plastic resin.  Besides sharply reducing the amount of plastic in landfills, the resin would have a wide range of manufacturing applications. The team members are IMBA students Whitney Austin, Steve Flaherty, Nick Jacoby, Charles Price and Jason Wade.
     The Tetra One Source team of Daniel Johnsen and Abby Lovan received the $3,000 third place award for Tritetra, a new soil and groundwater remediation product that reduces heavy metal toxicity quicker and more cost-effectively than current brownfields solutions.  Fourth place honors and $1,500 were awarded to the EvolvinGreen team for its proposal to create a comprehensive on-line competitive marketplace to connect buyers and sellers of green energy systems and products. Team members are Tendai Charasika, Devin Ellis and Ashok Pitchamani.
     Additional $500 awards were presented to PackStream for best Business Plan Presentation and best Trade Show exhibit, and to necoPlastics for the best Fast Pitch presentation.
     The Fast Pitch and Trade Show competitions were judged by Net Tango President and Founder Susan Weiss and Tripoli Consulting Principal Paul van der Pol. 
     All teams were coached by Clouse and MBA Executive-in-Residence Suzanne Bergmeister.

 2008 Ballard Morton New Venture Competition program

(Posted 10/17/08)