Baruch's annual Entrepreneurship Competition ended on a high note this past May, the first time in the competition's three-year history that six teams received awards. In addition to the three top teams, three teams received honorable mentions.

According to Barry Dumas, professor of computer information systems and the competition director/coordinator, "This year there was a quantum increase in terms of both the number of participants and the quality of business plans." This time around, almost 200 students attended the September 2002 kickoff, forming 65 teams (compared to last year's 47). Each of these teams submitted concept papers, and, since so many were promising, 39 of those teams made it to the draft business plan round in late March, an enormous advance over past years. The six winners were chosen from the 10 teams that made it to the final round. As in the previous two competitions, the judges included business leaders, entrepreneurs, and venture capitalists, but this year, Zicklin Dean John Elliott, Field Center Director Alvin Puryear, and Professor Dumas joined the panel. Once again, a variety of highly successful business professionals volunteered to serve as mentors.

The first-place team, AutoEval, developed the idea of providing used car buyers with thorough, impartial evaluations of potential vehicle purchases, as well as certifications of used cars for dealers. AutoEval, which was awarded $10,000 cash and $45,000 seed money, plans to open its first site in New Jersey and franchise later. The team has entered Fortune Small Business magazine's first annual MBA Showdown, which itself is open to all first-place winners of college entrepreneurship competitions.

Yummy Pockets, the second-place team, will produce healthful hand-held stuffed pockets containing a wide variety of wholesome fillings for light meals and snacks. These quick-but-nutritious edibles will be delivered fresh to company-owned outlets, where they will be baked as ordered. Yummy Pockets won a $5,000 cash award and $5,000 seed money (the team has actually raised quite a bit of capital on its own).

The third-place winner, Kognito Solutions, LLC, has developed high-end software that allows teachers to create complete online training, learning, and assessment solutions. The company, which has already obtained a contract from one institution, was awarded $2,500 cash.

Honorable mentions went to Acameta, developer of software products for academic and business research; Baroque Bridal, a full-service specialty salon that provides customized wedding gowns and accessories for plus-size women; and RentBid.com, an online auction system for New York City apartment rentals. Each team received $1,000.

According to Dumas, "The teams are really gung ho; at least four or five of them are proceeding with their businesses."

One reason for the success of this year's competition was the additional support built into the program. Last fall, strategic planning consultant Vincent Grimaldi, a mentor in the first two competitions, held a 10-session workshop for BCEC participants. Additionally, a workshop on "the two-minute pitch" was held by Ellen Cahill, an expert in business presentations.

Another new factor this year, says Dumas, was the active participation of Baruch's Field Center for Entrepreneurship and Small Business; several members of its faculty became involved and provided guidance along the way. Dumas looks forward to next year's contest, which will be housed in the Field Center, and to the active participation of many of Baruch's Executives on Campus members.

Arthur Ainsberg ('68, MBA '72), former COO of Bessent Capital LLP, and Larry Zicklin ('57, LHD [Hon.] '99), chairman of the board of the investment firm Neuberger Berman, forces behind the inaugural competition, have provided the funding and prize money for the first three years of the competition. For more information about the Baruch College Entrepreneurship Competition, visit www.baruch.cuny.edu/bcec. —MZ

Photo, above: The turnout for the kickoff
of the 2002-2003 Entrepreneurship
Competition was impressive.