At Cupid’s Cup last Friday, six finalist startups from across the nation had six minutes to deliver a business pitch to Kevin Plank’96, Founder & CEO of Under Armour, and a panel of five other judges in front of 1,000 attendees at UMD’s Clarice Smith Performing Arts Center. It was the University of Maryland’s Earth Starter, maker of the Nourishmat modular garden kit, who took home $52,500 as the Grand Prize Winner and Audience Choice Award Winner. Earth Starter will also benefit from exclusive access to Plank’s professional network, one of the added bonuses of winning this year’s expanded competition.
University of Virginia’s CoverPlay Audio took home second place, and UMD’s Diagnostic anSERS finished third. The remaining competitors, HolePatch LLC from Case Western Reserve University, MoolaGuides from Florida State University, and Neural Analytics from UCLA, also gave phenomenal pitches and we were proud to have them as Cupid’s Cup finalists. Thank you to the 1,000+ guests including students, faculty, staff, regional entrepreneurs and special guests for joining us for this celebration of campus and regional entrepreneurship.
Cupid’s Cup 2013 Prize Breakdown Grand Prize – $50,000: Philip Weiner, Earth Starter, LLC
Second Place – $15,000: David Marriott, CoverPlay Audio
Third Place – $5,000: Sean Virgile, Neural Analytics
Audience Choice: $2,500: Philip Weiner, Earth Starter, LLC
UMD Prize – $5,000: Sean Virgile, Neural Analytics
Cupid’s Cup wasn’t the only competition of the day. Guests at the Business & Innovation Showcase were asked to Text-to-Vote for the 5 Coolest Booths who would each win $2,000. Winners included past Pitch Dingman Competition winner, Wheel Shields, past Cupid’s Cup Grand Prize Winner, MyFridgeRental.com, EnTERPreneur Academy member, Triple Impact, and regional startups Gill Grilling and Homesnap.
Congratulations again to all of our winners. Thank you to everyone who participated in the competition and showcase! We wish you the best of luck in your future endeavors and are confident that you will find success in your ventures!
Cupid’s Cup Business & Innovation Showcase and Final Competition are only five days away! Have you registered to attend yet? This will be the biggest Cupid’s Cup to date with more attendees, more elaborate setup and finalists from across the nation. Still need convincing? Here are five reasons why you should come to the 8th Annual Cupid’s Cup, the University of Maryland Business Competition.
5. Hear from UMD and regional entrepreneurial leaders
Notable guests include Kevin Plank, Founder and CEO of Under Armour, President Wallace Loh, of the University of Maryland, Dean Anand, of the Robert H. Smith School of Business, Dean Lucy Dalglish, of the Philip Merrill College of Journalism, Darius Graham, Co-Founder of the DC Innovation Project, and Bud Rosenthal, President of AOL Paid Services!
4. Enjoy Strawberry Startup ice cream on its last day!
The Dairy created Strawberry Startup, a delicious blend of strawberries, chocolate chips, and cream, exclusively for Cupid’s Cup. If you haven’t had the chance to try it yet, the Business and Innovation Showcase will be the last time to enjoy our signature flavor. Don’t miss it!
3. Vote for the 5 Coolest Booths at the Business & Innovation Showcase and help award them each $2000 from BB&T!
Entrepreneurs will be showcasing their startups at the Business & Innovation Showcase, sponsored by BB&T. You are invited to explore the showcase, network with entrepreneurs, play with their inventions and vote for your 5 favorite booths. The 5 companies who receive the most votes will each win $2,000!
2. Network in the AOL Innovation Lounge
Hang out at AOL’s “Innovation Lounge”, a vibrant space for networking with other attendees and local entrepreneurs where you can meet representatives from AOL’s technology team and other media properties, learn about the cool things going on at the new AOL, and maybe even find a job!
1. Watch 6 finalists duke it out for $70K in cash prizes
Six startups from across the nation, including two from the University of Maryland, will compete for the Cupid’s Cup grand prize at the Clarice Smith Performing Arts Center. Will UMD be able to keep the cup at home? Come support your fellow Terps as they take on the nation’s best for student-run companies.
Excited yet? Don’t forget to register for the event here http://cupidscup.eventbrite.com/. Tickets are free, but required for entry. Make sure your reserve your seat before we reach capacity!
Cupid’s Cup is fast approaching! Have you reserved your seat yet? Don’t miss the action on April 5 as six startups from across the nation compete in the final round of Cupid’s Cup, the national business competition held by the Dingman Center for Entrepreneurship at the Robert H. Smith School of Business. This annual competition is sponsored by Kevin Plank, CEO and founder of Under Armour. Find out more about our amazing finalists below.
Leo Petrossian – Neural Analytics – University of California, Los Angeles
Phil Weiner – EarthStarter LLC – University of Maryland
Thomas Brady – Moolaguides.com – Florida State University
Sean Virgile – Diagnostic anSERS – University of Marryland
Noah Gostout – HolePatch LLC – Case Western University
David Marriott – CoverPlay LLC – University of Virginia
Watch all six teams pitch one last time to Kevin Plank at the Cupid’s Cup finals on Friday, April 5, 2013. You can register now at http://cupidscup.eventbrite.com/
And now for some things worth reading from the week:
In case you’ve been out of touch, South by Southwest is in full swing in Austin, Texas and the interactive segment gave us a lot to talk about regarding cool new technologies and businesses emerging from around the nation. For those of you who missed the festivities, Time gives a good recap of their top 5 highlights from SXSW, and inc.com gives us 8 lessons learned for entrepreneurs everywhere.
Google also made a big splash in the news this week by acquiring DNNresearch, a university incubated startup from the University of Toronto. With a trendsetting company like Google digging into University based startups, could this be the beginning of a new renaissance in tech commercialization?
What a week it’s been? We hope you all stayed safe when Winter Storm Saturn rolled around, we weren’t hit too badly here in College Park. Other than that, we’ve been going full speed ahead in preparation for Cupid’s Cup, which will be here in less than a month! If you haven’t already registered, go to http://cupidscup.eventbrite.com/ and save your seat for the event. Registration is free, but seats are limited, and the venue fills up every year!
With that said, let’s take a look at some interesting reads we’ve found during the last few weeks
If you’re like me, coming up with a name for anything takes forever and a day. How do you come up with something that both describes the business and sets you apart from your competition? This article from Young Entrepreneur gives 6 handy tips to keep in mind when coming up with that perfect name.
In awesome new tech news, a lot’s been said about 3d printing recently, but what about 4d printing? A team from MIT revealed their new innovation on 3d printing at the TED Conference last week. A 3d printed object that changes shape and assembles itself after printing! Check out this article from Tested.com to see it in action!
Meet Live Unchained, an EnTERPreneur Academy company in the Hatch stage that is in the midst of a major crowdfunding campaign on IndieGoGo. We caught up with Kathryn Buford, the founder of Live Unchained, to chat about her organization and her latest efforts.
Tell us about yourself and your company.
A: I am Kathryn Buford, a PhD student in sociology at UMD, an artist, journalist and digital media consultant.
My organization is Live Unchained, an international arts media and events organization featuring works by female artists across the African diaspora. Our media offerings include a growing online magazine at www.liveunchained.com where we’ve interviewed over 100 female artists from over 16 countries. We also offer a variety of events such as art exhibits, festivals, film screenings, concerts and now, with the help of our Indiegogo supporters, we’d like to add an awards ceremony to our offerings as well.
How did you come up with the idea?
A: I started Live Unchained with my college roommate, Miriam Moore. She majored in Graphic Design and I studied Sociology and African American studies. A lot of our classes overlapped and led us to discuss topics like art, social justice and black identity. In our eyes we had pretty radical ideologies. Negative and limited representations of black women in popular culture really upset us and learning more about the history behind those images added fuel to the fire. When it comes to arts media and venues, women of African descent are still under-represented, with not enough done to reflect the diversity of our perspectives and experiences.
At the start, we wanted to create a cultural project that would critique the misrepresentation and under-representation of black women, by satirizing the absurdity of it all. But, as we grew – putting others first and developing a global conscience – the project changed. We didn’t want it to only be about what was wrong, but also celebrating what black female artists were creating. We grew to see it as a platform and community to unite black women across the diaspora.
How has the Dingman Center and the EnTERPreneur Academy helped you and your startup?
A: I am so grateful for all the wonderful entrepreneurs the EnTERPreneur Academy has allowed us to meet. It’s amazing to not only learn about business marketing and strategy from some of the leaders in the industry, but to also see their human side. These accomplished business executives have been so humble and down-to-earth; I really respect their approachability because they model for me the type of entrepreneurial leader I want to be. I also love seeing my colleagues in the program and learning about their businesses.
Tell us about your Indiegogo campaign.
A: The campaign is called “Terrifying, Strange & Beautiful.” The name comes from a line from the poem, For Women Who Are Difficult to Love by London-based Somali poet, Warsan Shire: “You are terrifying and strange and beautiful, something, not everyone, knows how to love.”
After I heard these words I shared the poem with everyone I could. Later, I had a vision for an awards ceremony titled, “Terrifying, Strange & Beautiful,” The goal of this ceremony would be to recognize the many amazing artists that we’ve interviewed during the last 4 years on Live Unchained for their layers, fire, and vulnerability, both as individual women, and as part of an international community. The ultimate message being that, like in Warsan’s poem, these are qualities meant to be celebrated.
With Warsan’s blessing, we’re raising funds for an awards the ceremony to honor artists across the African diaspora. The funds will also cover the costs of Warsan’s travel and accommodations so she can attend the ceremony. In conjunction with the awards ceremony, Warsan will host a workshop on healing through narrative and participate on a panel on cultural activism.
Why did you decide to utilize crowdfunding and what have you learned about running a crowdfunding campaign so far?
A: Being very resourceful, we’ve been able to put on some really great Live Unchained events and share some great magazine features. However, to make “Terrifying, Strange & Beautiful” a reality, we need money.. For this campaign, I decided we’d raise our own funds instead of waiting on someone else’s grant or competition time-table.
I did a lot of research on crowdfunding platforms and learned some are better suited for different type of initiatives. We’re raising funds for an arts initiative and want to avoid the risk losing all the funds if we don’t reach our goal soIndiegogo is the best choice for us. I’ve also learned the importance of having a strong start, affiliate networking plan and fundraising milestones. We kicked off “Terrifying, Strange & Beautiful” at our anniversary party and it brought a lot of awareness and positive energy to the campaign.
A: I’m really excited about adding people to our advisory board. We’re also adding a non-profit component to the business so we’ll by established as a hybrid for-profit/non-profit entity.
Additionally, we’ll share more regular video features and new content at www.liveunchained.com.
Do you have any advice for fellow aspiring entrepreneurs?
A: When it came to spreading the word about the “Terrifying, Strange & Beautiful” campaign, I had some reservations about asking people for money. One of my mentors told me, simply, if you want people to give you something, you have to ask for it directly. So, I’d say, once you are clear about what you want and why, there’s no need to be self-conscious about asking for the help you need in making it happen.. Make your requests professional, but also personal; whenever appropriate, include a visual component that humanizes your work.
And, most importantly, Live Unchained.
Watch the video below to find out more about Live Unchained’s Indiegogo campaign. Help support Live Unchained by contributing to their Indiegogo campaign at http://www.indiegogo.com/projects/270627!
Elana Fine, Managing Director of the Dingman Center recently participated in a live chat on Wednesday February 19 with the Washington Post’s Capital Business magazine for their Business Rx column. Elana answered questions from regional entrepreneurs on improving or starting a business. This post features an excerpt from the live chat that was posted on washingtonpost.com. Follow the Dingman Center’s Facebook Page and Twitter Page for information on the next live chat and other Dingman Center news and events.
Q. What are your thoughts on getting involved in an existing franchise vs. starting my own company?
EF: It depends on your risk tolerance and the current opportunity. Franchising can be a rewarding route to start a business with a model that has been well tested. Like any start-up, it has it challenges, but it gives an entrepreneur an opportunity to operate an established brand. That being said, this is quite different than pursuing your own idea, dream and passion and seeing something grow (or fail). The latter may have higher risks because the idea and market is unproven, but more potential for upside.
Q. Have you owned a business? How did you become an expert on start-ups?
EF: I was an early employee at a start-up, technology-focused investment banking boutique. Our team was growing our own business while also advising early stage companies on raising private capital and buy side/sell side acquisitions. We worked with a variety of technology companies and often helped refine their growth strategy and business model to prepare them for venture financings or for exit. In my current role, I work closely with many student start-ups, as well as regional entrepreneurs.
Q. I know that it takes time to build a business. What is a reasonable amount of time to give a business before knowing if it has been successful? I guess the real question is: How many months of expenses should a person have when getting started until the income becomes regular?
EF: Ooh, that is always a hard question because it really depends on the type of business. If you are starting a restaurant, you may start generating cash flow sooner than if you are developing cancer drugs. I’d say two things:
Depending on your idea, you want to put a plan in place to score card yourself to know if this is an idea worth pursuing or whether you should pivot or lick your wounds and admit “failure.”
Always assume it will take twice as long and cost twice as much.
Q. I’m thinking of starting a tech company. Should I build it here in D.C. or move somewhere like Silicon Valley or N.Y.?
EF: STAY HERE! There is a thriving ecosystem of technology entrepreneurs and mentors — regardless of what you might otherwise hear. The community is supportive and collaborative with a deep bench of seasoned executives. The imminent decline in government spending should also free up tech talent who, after some soul searching, might find working at start-ups more rewarding than consulting firms. There is a funding issue, no question, but there is also a lot of expertise in grant funding and other non-dilutive financing.
Q. Is one age better than another for starting a business? I know that experience and age go together. I have known several people who reached their mid-50s or early 60s who decided to become consultants and cut back from their full-time jobs. I know college graduates who are used to living on a shoestring budget and could take the chance. But, I am somewhere in the middle. I am used to my current income level, but not my current job situation. I know that I could offer my services and have a better quality of life, but I am not sure if my finances would agree.
EF: Entrepreneurs are like marathon runners (in many ways) — they come in every age, shape and size. Young entrepreneurs are fresh with fewer financial burdens — and have the energy it takes to get ideas up and running. But they are inexperienced in hiring and managing teams, developing customer and channel partnerships, and often impatient with the ups and downs and highs and lows of starting companies. Identify your skill set as an entrepreneur and look for co-founders that might have complementary skills. There is no question your bank account will take a hit, but sounds like being your own boss might be worth the tradeoff.
Q. What is the Cupid’s Cup competition I saw a mentioned on the Dingman Web site?
EF: Cupid’s Cup is a national business competition, sponsored by Kevin Plank, founder and chief executive of Under Armour, for students who are currently running businesses. Finalists will compete for $50,000, and access to Kevin Plank’s network, on April 5th here at the University of Maryland.
Q. As you know, Europe is in the midst of economic crisis. What is the best business that could survive this economic turbulence? Even big companies have already collapsed.
EF: The businesses that are most agile and proactive are more likely to survive. There is no magic formula — but if you are starting a business and expanding internationally, you need to think carefully about which markets to approach first. Those that are more unstable might be lower priority. Other emerging economies with vibrant start-up cultures, such as Brazil, might be a viable option.
Elana Fine was appointed Managing Director of the Dingman Center in July 2012, after joining the team in 2010 as Director of Venture Investments. As Managing Director, Elana’s primary focus is leading the Dingman Center in support of its mission and strategic plan. Key responsibilities include oversight of our student venture incubator, Dingman Center Angels investor network, business competitions, and technology commercialization efforts.
It’s been a while since our last Worth Reading feature, but it’s been an exciting time for the Dingman Center for Entrepreneurship! Yesterday, 12 student startups from around the nation competed at the Cupid’s Cup Semi-Finals held at Under Armour headquarters. We’ll be announcing the results soon so stay tuned to find out which 5 teams will be competing at the Cupid’s Cup Finals on April 5, 2013!
In the meantime, here’s some suggested reading to get you in the mood:
Earlier today, five student startups pitched to a panel of judges for the first Pitch Dingman Competition of 2013. The competition was fierce and each entrepreneur put up equally compelling arguments for their ventures. In the end the judges and audience both chose Wheel Shields as their winning student startup, with UPride receiving 2nd place honors. Wheel Shields was awarded $2,250 and a Cupid’s Cup prize package allowing the company to participate in the Cupid’s Cup Business & Innovation Showcase on April 5. UPride took home $500 to propel their business. Congratulations to both startups, the Dingman Center expects great things from you in the future!
Shield Boards, LCC produces my patented invention Wheel Shields. Wheel Shields are a skateboarding accessory that solve “wheel bite” (a dangerous safety problem), keep riders dry and allow riders to stand over their wheels. “Wheel bite” occurs during hard turns when wheels come in contact with the deck, stopping the board and throwing riders to the pavement. Wheel Shields completely eliminate “wheel bite” and work universally with any skateboard. Wheel Shields have gone viral: our Facebook page has over 25,000 likes, we’re endorsed by a Guinness world record-holding skater, and we are in an upcoming edition of Heelside Magazine.
About Pitch Dingman Competition
Twice a semester, students can compete for $2,750 in start-up funding at the Pitch Dingman Competition. Everyone is welcome to attend Pitch Dingman Competitions as an audience member and there is no need to register. The next Pitch Dingman Competition is scheduled for Friday May 10, 2013 Interested in competing? Start with an informal Pitch Dingman Session
Founded in 2006, Cupid’s Cup is the flagship entrepreneurship event at the University of Maryland. Many student entrepreneurs from the University of Maryland have competed on the main stage for the chance to win the cup and recognition for their ventures. This year, the organizers of Cupid’s Cup, Kevin Plank, founder and CEO of Under Armour, and the Dingman Center for Entrepreneurship, decided to raise the stakes and make the Cupid’s Cup a national competition, seeking the best student-run business in the United States!
After a long and difficult deliberation, we are proud to announce the semi-finalists for Cupid’s Cup 2013. These teams will be attending the Cupid’s Cup Semi-Final Round at Under Armour HQ in Baltimore, MD next Thursday, February 21, where the top 5 teams will be chosen to pitch at the Final Round on Friday, April 5 at the University of Maryland.
Cupid’s Cup is where you’ll find the coolest innovations from the UMD campus and the mid-Atlantic region all under one roof. Pick the brains of entrepreneurs from all kinds of businesses. Take a break from the dining halls and your usual lunch spots and visit the food trucks. Get to the competition early to score one of our limited-edition t-shirts. And definitely stay to watch our competitors duke it out in front of Under Armour Founder Kevin Plank. Find out more at http://www.cupidscup.com
Dingman Center for Entrepreneurship 