Purdue extends deadline for life sciences business plan competitors

Teams must submit an e-mail entry form and executive summary by June 26 to enter the fourth annual Purdue University Life Sciences Business Plan Competition, conducted by the Burton D. Morgan Center for Entrepreneurship and sponsored by Lilly Endowment Inc. Online registration is available at the competition Web site.

From the entries, 20 semifinalists will be selected by July 10 to submit full business plans.

Eight finalists will be chosen from the written business plan phase of the competition. Those teams will make 45-minute presentations to a panel of judges Sept. 13 at the entrepreneurship center in Discovery Park on Purdue's West Lafayette campus. Presentations start at 8:30 a.m. and wrap up at 4:15 p.m.

The judging panel includes venture capitalists, scientists, attorneys, accountants and academics. Winners will be announced at a banquet in the evening, following the competition.

Teams based at universities and colleges, research and teaching hospitals, and other academic institutions engaged in bioresearch are eligible to enter. While there is no restriction on the number of members on teams, teams should have at least one team member with business experience. Teams will have the opportunity to display their technologies and marketing materials on Sept. 12-13.

Teams may be fledgling enterprises seeking seed capital or those further along in the commercialization process, including firms that have received grants, venture capital or equity investments, but entrants can have no third-party intellectual property agreements.

First prize in the competition is $50,000, plus $10,000 in legal and business services; second prize is $20,000, plus $8,000 in legal and business services; third prize is $12,000, plus $6,000 in legal and business services; fourth prize is $7,000; fifth prize is $5,000; and sixth prize is $3,000.

BioCrossroads, an organization dedicated to the growth of the life sciences industry in Indiana, is offering a $10,000 prize for the best plan and presentation by an Indiana-based team.

Associate sponsor Baker & Daniels is contributing $12,000 in legal and consulting services to the top three finishers. Associate sponsor Ernst & Young also is contributing $12,000 in financial advisory services.

"This competition is top drawer — world-class technology, polished presentations and challenging judges," said Don Blewett, associate director of the entrepreneurship center. "This has become a high-profile annual event that attracts national and international competitors and spotlights Indiana's public-private commitment to the life sciences.

"While the prize money isn't enough to start a business, it's enough to build a prototype, fund some extra research or attend a trade fair or two. And being a winner of the competition with Purdue's and Lilly Endowment's names on it speaks well for the competitors as they seek venture financing of their enterprises."

The Burton D. Morgan Center for Entrepreneurship at Purdue's interdisciplinary research hub, Discovery Park, brings together existing entrepreneurial efforts on campus, including technology transfer activities, an undergraduate entrepreneurship certificate program and other entrepreneurial competitions, speakers and events. The center also serves as a resource for Purdue researchers to commercialize their discoveries and as the intellectual center of education on, and discussion of, entrepreneurial philosophy and issues.

Inquiries about the competition should be directed to Blewett at (765) 494-4485, blewett@purdue.edu.

Writer: Mike Lillich, (765) 494-2077, mlillich@purdue.edu

Source: Don Blewett, (765) 494-4485, blewett@purdue.edu

Purdue News Service: (765) 494-2096; purduenews@purdue.edu

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