George Washington University students with a passion for entrepreneurship tend to get a little antsy during this time of the year. The GW Business Plan Competition finals, presented by the GW School of Business, inspire these trailblazers to perfect their startup pitches in anticipation of – fingers crossed – taking home the first-place prize in the annual celebration of innovation. A record 113 teams from all 10 schools on campus competed for a chance at the more than $130,000 in prizes this year, but only one crew of brilliant students won over the judges with an impressive business plan.
Presenting a safe, zero-calorie supplement designed to help cancer patients increase their taste recognition after going through chemotherapy and radiation therapy, it was Sensamir that claimed the $35,000 first-place prize in seed money.
“Winning this competition means everything to us,” Rehan Quadri, CEO and director of operations for Sensamir, said in a statement. “The prize money will be reinvested, allowing us to take our business to the next level, purchasing the patent application, paying labs and reaching our goal of taking Sensamir to trails – this is truly remarkable.”
While Sensamir managed a first=place win over the nine other finalists, there were three other businesses that also secured some cash.
BitGrid came in second, winning $15,000 for its big idea to provide software solutions that would create smarter power grids and manage them more efficiently. Yapper came in third, taking home $8,000 for its plan to facilitate real-time, relevant conversations based on geolocation, effectively changing the way people interact by way of an app. And lastly, there was Small Spacecraft Micropropulsion, which won the $5,000 fourth place prize for its interesting proposal to offer low-power and low-mass electric-propulsion solutions for small satellites.
New to the 6th annual business plan competition were two prizes for social entrepreneurship: Best Non-Profit and Best For-Profit Social Venture. Common Sense Action, a grassroots organizations with plans to put Millennials at the forefront of the policy decision-making process, won $7,500 for Best Non-Profit. Pedal Forward, which plans to create sustainable solutions to poverty and transportation issues through the use and sale of its bamboo bicycles, won the same amount for Best For-Profit Social Venture.
All in all, the day was a huge success. As one of the largest contests of its kind in the country, the GW Business Plan Competition proved to be deserving of such a title during the final round on Friday, April 11. The judges were top-notch, ranging from distinguished entrepreneurs to investors, venture capitalists and even GW alums, and the startup pitches were undeniably amazing as well. They were well practiced, unique spiels shared with the crowd with a sense of both pride and enthusiasm.
Image via GW Business Plan Competition
