BCVC Helps Students Make Their Own Way

Team WakeSmart, the 2009 competition winners

The Boston College Venture Competition motivates groups by rewarding the three best teams with ten thousand, three thousand, and two thousand dollars of seed money, respectively. This is the fifth year that the competition has been held.

It is hoped that this year’s field will exceed forty teams, compared to the thirty-six teams from last year. Over 100 people attended the kickoff meeting, proving increased interest in the competition.

Teams vying for this money will be judged by a group of veteran entrepreneurs. In past years, the group of judges has consisted of some of the most successful graduates from BC. Most of the past judges have at least one successful start-up under their belts. Some are partners at successful venture capital firms, who are paid to evaluate ideas similar to their own. One notable past judge, Professor Mike Naughton, is both the Chairman of the Department of Physics and co-founder of Solasta, a venture established by several Boston College physics professors to market a discovery of the department’s research lab.

The depth of knowledge associated with the competition extends beyond just the judges to successful BC alumni who serve as mentors to the competing teams. The mentors are available to teams to aid in preparing a full business plan.

BCVC opens students’ eyes to a world of opportunities outside of the normal scope of business careers. CSOM senior Brett Witrick, the Chair of the competition’s Executive Committee, believes that the competition would have a “significant impact on the career path of participants in two ways. One, teams may go on to pursue the growth of their business and two, people may alter their career path and try and get into the venture capital and private equity industries because of what they learn at some of our events.”

Past BCVC winners have attained success beyond the competition; web-based businesses Eagle Nites and College Mogul both continue to grow post-competition.

College Mogul’s product is a web site aimed at helping other college students launch their own businesses. They provide a public forum for evaluation of fledgling businesses, giving new firms both publicity and feedback.

During the competition, organizers bring in speakers to teach teams the fundamentals of entrepreneurialism. Past years have seen insiders such as Larry Begley, a former CSOM Professor who co-founded the venture capital firm .406 Ventures. He shared tips and tricks about being a successful entrepreneur with the aspiring competitors. This year BCVC will host Shawn Broderick, manager of TechStars Boston, a seed-stage investment fund. He will lead a seminar on “How to Write a Business Plan.”

Other groups associated with BCVC include WePay and WakeSmart. WePay, an innovative financial services firm founded to help groups pool money, was created by one of the founders of BCVC and is currently seeking additional funds from the west.

Last year’s winner, WakeSmart, developed a method for determining the optimal time to wake a person up based on their sleep cycle. Their mentor worked for Sequoia Capital, the same company that funded Google, Apple and YouTube. WakeSmart consisted of a partnership between a Yale and BC student, an expansion of students’ networks encouraged by the competition.

For more information, see the BCVC Facebook page. Participants are required to declare interest by October 9th.

Every company begins with
a few people who have a good
idea. However, having a good
idea is pointless without capital
to transform the idea into reality.
The Boston College Venture
Competition encourages
students to develop their ideas
while teaching them how to obtain
the capital they need to turn
their ideas into reality.
The Boston College Venture
Competition motivates
groups by rewarding the three
best teams with ten thousand,
three thousand, and two thousand
dollars of seed money, respectively.
This is the fifth year
that the competition has been
held.
It is hoped that this year’s
field will exceed forty teams,
compared to the thirty-six teams
from last year. Over 100 people
attended the kickoff meeting,
proving increased interest in the
competition.
Teams vying for this money
will be judged by a group of
veteran entrepreneurs. In past
years, the group of judges has
consisted of some of the most
successful graduates from BC.
Most of the past judges have
at least one successful start-up
under their belts. Some are partners
at successful venture capital
firms, who are paid to evaluate
ideas similar to their own.
One notable past judge, Professor
Mike Naughton, is both the
Chairman of the Department of
Physics and co-founder of Solasta,
a venture established by
several Boston College physics
professors to market a discovery
of the department’s research
lab.
The depth of knowledge associated
with the competition
extends beyond just the judges
to successful BC alumni who
serve as mentors to the competing
teams. The mentors are
available to teams to aid in preparing
a full business plan.
BCVC opens students’
eyes to a world of opportunities
outside of the normal scope of
business careers. CSOM senior
Brett Witrick, the Chair of the
competition’s Executive Committee,
believes that the competition
would have a “significant
impact on the career path
of participants in two ways.
One, teams may go on to pursue
the growth of their business
and two, people may alter their
career path and try and get into
the venture capital and private
equity industries because of
what they learn at some of our
events.”
Past BCVC winners have
attained success beyond the
competition; web-based businesses
Eagle Nites and College
Mogul both continue to grow
post-competition.
College Mogul’s product is
a web site aimed at helping other
college students launch their
own businesses. They provide
a public forum for evaluation
of fledgling businesses, giving
new firms both publicity and
feedback.
During the competition,
organizers bring in speakers to
teach teams the fundamentals of
entrepreneurialism. Past years
have seen insiders such as Larry
Begley, a former CSOM Professor
who co-founded the venture
capital firm .406 Ventures. He
shared tips and tricks about being
a successful entrepreneur
with the aspiring competitors.
This year BCVC will host
Shawn Broderick, manager of
TechStars Boston, a seed-stage
investment fund. He will lead
a seminar on “How to Write a
Business Plan.”
Other groups associated
with BCVC include WePay and
WakeSmart. WePay, an innovative
financial services firm
founded to help groups pool
money, was created by one of
the founders of BCVC and is
currently seeking additional
funds from the west.
Last year’s winner,
WakeSmart, developed a method
for determining the optimal
time to wake a person up based
on their sleep cycle. Their mentor
worked for Sequoia Capital,
the same company that funded
Google, Apple and YouTube.
WakeSmart consisted of a partnership
between a Yale and BC
student, an expansion of students’
networks encouraged by
the competition.
For more information, see
the BCVC facebook page. Participants
are required to declare
interest by October 9th.

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