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Russ: This is The Business Makers show, heard here and online at thebusinessmakers.com. Early this week I was out at Rice University checking out the details for the 2009 Rice Business Plan Competition, and I happened to cross paths with Brad Burke, the Managing Director of the Rice Alliance for Technology and Entrepreneurship. So I sat down with him and talked to him about the upcoming event. We entered the conversation where I ask him to tell us about this 2009 version.
Brad: Well, you know we're real excited, Russ, this year. This will be the biggest competition in the history of the event, so we will have 42 teams competing from around the world for over eight hundred thousand dollars in front of over 200 judges.
Russ: My goodness. Now isn't it true that it's been getting bigger every year?
Brad: It has. We started with 9 teams competing for ten thousand dollars 8 years ago, and now we have teams from all over the U.S. and all over the world including India, Thailand, the UK.
Russ: And all of the competitors are actually university-based startups, correct?
Brad: That's right. They're all graduate university students looking to launch their ventures, so they're coming here to get feedback and get investment capital.
Russ: Okay. Eight hundred thousand dollars-what was it last year?
Brad: Last year was 675.
Russ: Okay. And last year it was the biggest on the planet.
Brad: And it's again the biggest on the planet by a wider margin than last year.
Russ: Fantastic. Well, I am real excited about it. So what do you attribute this incredible success to, Brad? Besides yourself.
Brad: Well, I think the word's gotten out that we have real investors and top quality teams and that teams come here and are able to get help and get assistance to get funding. For example, we've had over 80 past competitors launch their business after competing at Rice, and they've raised over a hundred and forty-five million in capital.
Russ: My goodness. That's remarkable. You know, I travel around quite a bit and seen a lot of university-based programs and have seen some contests. But I got to tell you, the enthusiasm at this thing is extraordinary for sure.
Brad: Well, it is. You know, we have standing room only on Thursday night for the elevator pitch portion of this where every team has 60 seconds to interest the potential investors in their company.
Russ: Hey, I'm going to be here for that like I have been, I think, for the past 3 years, and we're going to record those elevator pitches because I have been able to tell on thebusinessmakers.com they are extremely popular.
Brad: They are, and they do a terrific job getting the interest the investors and intriguing them enough to want to have a subsequent meeting with the company.
Russ: Okay, let's say we got a listener right now that's tuned into this and didn't know about it and wants to attend. Can the public come and attend some of these events?
Brad: The public can. So all events are open to the public, and it starts with the elevator pitch competition on Thursday night and runs through the final round on Saturday afternoon, and we announce all the winners at the awards banquet on Saturday night.
Russ: Do they just show up? Do they go to your website? Do they have to register first?
Brad: If you want to come, you can register on our website. It's alliance.rice.edu or call us at 713.348.3443.
Russ: Great. Brad, thanks a lot for this preview. I'm excited and looking forward to it.
Brad: Thanks a lot, Russ.
Russ: You're listening to The BusinessMakers Show, heard here and online at thebusinessmakers.com