LEXINGTON, Ky. (Feb. 25, 2016) — College of Agriculture, Food and Environment students Cailtin Halliwell and Allison Burke of Team Serandu won UK Venture Challenge and $1,500 on Feb. 20 with their idea for custom-fitted riding boots. Second place and $1,000 went to Team Talkables, Cassady Ritter and Andrew Dharamse of College of Engineering, for their new device for pets. Juris doctor candidate Derek Campbell placed third and receives $500 for BlamBags, a fun, new gift bag concept.
Eight student teams pitched their new business concepts to judges from the local entrepreneurial community at the fifth annual competition at the William T. Young Library UK Athletics Auditorium. The teams’ written proposals were judged prior to their pitches.
“Competing in Venture Challenge sparked a passion for me to continue pursuing business as a career,” said Serandu team member Allison Burke, who was a December graduate in merchandising. “I am so inspired by the ideas of other young people and the amazing support by the faculty and staff at UK.”
Team Serandu was part of the 10-week Venture Studio Bootcamp, a new program in the Von Allmen Center for Entrepreneurship, which wrapped up at the end of the fall 2015 semester. The idea for the fitted boot originated from UK faculty members, Janet Kurzynske and Scarlett Wesley. “Because of the Venture Studio Bootcamp, both of us are planning on enrolling in the Gatton MBA program next semester,” said Caitlin Halliwell, a senior in equine business management.
“Venture Challenge has already been opening a lot of doors for me,” said computer engineering sophomore Cassady Ritter. “I'm so excited to take Talkables all the way and really make something to show for my college experience beyond a degree.”
Talkables team member Andrew Dharamsey, also a sophomore studying computer engineering, said “Venture Challenge is a great way for me to use my technical expertise, while working on a team, to actually build a product.”
Talkables will also receive $50 for winning the popular online vote with nearly 2,000 votes.
“Venture Challenge is a wonderful way of furthering ideas and concepts by presenting them before people of note in the business community who can help you overcome initial barriers to entry and ultimately take a better product to market,” said BlamBags creator Derek Campbell, a Gatton College finance and economics graduate, who is currently a second-year law student UK.
The judges included LaShana M. Harris, founder and CEO, Babylocity LLC; Wanisa “Pang” Hartman, vice president and creative designer, Frogdice Inc.; and George Ward, executive director, Coldstream Research Campus.
The three sponsors were the Bluegrass Business Development Partnership, an economic development partnership between UK, the Lexington-Fayette Urban County Government, and Commerce Lexington; the Gatton College of Business and Economics; and the College of Communication and Information.
UK Venture Challenge is organized by iNET, the Innovation Network for Entrepreneurial Thinking, hosted by the College of Communication and Information, with the Von Allmen Center for Entrepreneurship, Venture Studio & the Lexington Office of the Kentucky Innovation Network in the Gatton College of Business and Economics.
LEXINGTON, Ky. (March 2015) — All four University of Kentucky teams placed in the money at the Idea State U state business competition regionals last weekend. The undergraduate and graduate students won a total $3,000 for presenting their business concepts and business plans to a panel of judges.
UK Venture Challenge winners won second and third place in the business concept track. Second place and $750 went to Mark Manczyk, “re.3.” Manczyk is a first-year graduate student in the Master of Architecture program. The “FInanceU” team of Michael Lewis, finance and accounting major, and TJ Barnett, finance and management major, won $500 for third.
UK MBA students won first and second place in the business plan track. The “Red Natural” team of Joanna Foresman, Andrew Wachs, Jeremy Madigan and Wen Zhao collected $1,000 for first place. Second place and $750 went to “AIRboost LLC” MBA’s William Walker, Bryan O’Neill and Kyle Hogue. The MBA students developed businesses from UK faculty technology in the MBA 624 course focused on technology commercialization.
The teams move on to the Idea State U finals, April 24-25 at the Lexington Center, with the best ideas winning a share of up to $100,000 to get their companies up and running.
“Idea State U demonstrates the tremendous amount of entrepreneurial talent we have among Kentucky’s young people,” said Gov. Steve Beshear. “We have some of the brightest young minds in the country, and we need to encourage them to build on their dreams right here in the Commonwealth.” Idea State U is a program of the Kentucky Cabinet for Economic Development.
Advisors to the students included iNET Director Deb Weis, Von Allmen Center for Entrepreneurship Executive Director Dean Harvey and commercialization specialist Mariam Gorjian, and Warren Nash, Lexington Office of the Kentucky Innovation Network. iNET is hosted by the College of Communication and Information; the Von Allmen Center and Kentucky Innovation Network Lexington office are part of the Gatton College of Business and Economics.
LEXINGTON, Ky. (February 2015) — University of Kentucky architecture graduate student Mark Manczyk won the UK Venture Challenge and a $1,500 scholarship with his business idea, "re.3." Second place and $1,000 went to Phillip Gordon with "Nomad Apparel." The "FinanceU" team of Michael Lewis and TJ Barnett won third place and $500. UK Venture Challenge was held Feb. 28, at the William T. Young Library UKAA Auditorium.
“Congratulations to all of the students who participated in UK Venture Challenge,” said University of Kentucky President Eli Capilouto. “This competition provides students the opportunity to be creative, innovative and entrepreneurial, which is an important part of their educational experience.”
Mark Manczyk, a first-year graduate student in the Masters of Architecture program, said “'re.3' will produce sustainable consumer accessories with an end of use program that incentivizes customers to recycle old products. I plan to continue iterating on further designs and product ideas for 're.3' via 3d printing. These will be helpful in showing more of a product suite for 're.3' since the business model is less about one single product, but rather about the dynamic of the recycling and reuse of the sustainable materials from previous products.”
Manczyk said that Venture Challenge was important in expanding his belief and confidence in the business concept for "re.3."
"Having the opportunity to receive comments from the judges and others there on Saturday is extremely valuable in helping me to evolve the business and have more potential for success,” he said.
Marketing senior Phillip Gordon’s concept for "Nomad Apparel" is to produce comfortable and stylish clothes, starting with jeans, with a secure pocket.
“I plan to use the prize money to order new pants and shorts to prepare for a full production run and to develop new product lines I am designing,” said Gordon, who not only won second place, but was also the online vote winner with 5,542 votes.
“Venture Challenge gave me the opportunity to practice my presentation skills and show off all my hard work over the past months," Gordan said. "I was glad to meet so many like-minded students in their entrepreneurial pursuits and hope this competition continues to grow at UK.”
Third place winners Michael Lewis and TJ Barnett described FinanceU as a free, innovative, community-based platform that empowers any student to build their own scholarship through the process of crowdfunding.
“Our team is working hard to develop FinanceU. The money we won will be used to help bring FinanceU to market this fall,” said Lewis, a finance and accounting freshman, who added, “Visit www.financeu.org to get started and learn more!”
Partner Barnett is also a freshman in finance and management.
“Competing in Venture Challenge was a great experience that allowed us to network with some awesome entrepreneurs and get great feedback on our company,” Lewis said. “We were honored to compete against so many great ideas.”
The first and second place UK Venture Challenge winners will represent UK at the state competition, Idea State U, regionals sponsored by the Kentucky Cabinet for Economic Development.
The UK Venture Challenge competition is organized by iNET Director Deb Weis with Dean Harvey, the executive director of the Von Allmen Center for Entrepreneurship. iNET, the Innovation Network for Entrepreneurial Thinking, is hosted by the College of Communication and Information. The Von Allmen Center for Entrepreneurship & the Lexington Office of the Kentucky Innovation Network are part of the Gatton College of Business and Economics.