Friday, April 26, 2013
The Tepper Venture Challenge Winners Announced
The Tepper Venture Challenge, sponsored by Meyer, Unkovic & Scott and The Pittsburgh Venture Capital Fair, hosted by Carnegie Mellon University's Undergraduate Entrepreneurship Association took place on April 13. This annual business plan competition was very competitive, receiving over a dozen entries from as far away as Egypt, India, and Spain, making it difficult for the judges, David Oberdick from Meyer, Unkovic and Scott and Dave Mawhinney of the Center for Innovation and Entrepreneurship.
The winners of this years Tepper Venture Challenge took home a combined amount of $7,500 in prize money and legal services. First place went to Midnight Madness Distilling from Carnegie Mellon University and second place went to Samambu from the Illinois Institute of Technology.
- Midnight Madness Distilling LLC (Carnegie Mellon University) Midnight Madness Distilling produces Synth, a product marketed as an absinthe liqueur. It is a sweeter, smoother, and more widely palatable cousin to traditional absinthes. It evokes the historical mystique of absinthe, yet offers even more to the modern drink while costing half as much as its competitors.
- Samambu LLC (Illinois Institute of Technology) Samambu produces, markets, and distributes abhadi™, a thin, flexible nonwoven bamboo fiber mat that drastically reduces the amount of plastic in everyday products. Bamboo fibers are stronger than steel, enabling abhadi™ to consumer 50% less plastic and reduces the world's carbon print faster than trees controls erosion, and fosters economic growth in developing nations.
Next year's Tepper Venture Challenge will take place in April and applications will open in September. For more information regarding this year's Tepper Venture Challenge, visit cmuuea.com.