A new Sustainable Technology Award has been added to the 2007 McGinnis Venture Competition at Carnegie Mellon's Tepper School of Business, joining the Technology and Life Sciences awards at the prestigious international business-plan competition.
To win the Sustainable Technology award, contestants must have a business plan that can meet traditional profitability and return-on-investment standards while also demonstrating environmental benefits.
Sarosh Kumana, founder of Sustainable-Future.org and alumnus of the Tepper School, worked with the top-ranked business school to add the new award its annual competition. Kumana expects to see submissions from all over the world.
"Because these ideas are most needed in places like India and China, we have a Travel Award program to grant scholarships for eligible finalists," said Kumana. "This should take the edge off the high cost of flying half way around the world to present the business idea."
Prize money includes $15,000 and $10,000 in business services, plus opportunities to raise additional capital, intellectual property services and business mentoring.
Judges of the contest will include national experts in their respective fields, including venture capitalists, angel investors and successful entrepreneurs. Contestants will be subject to the same basic judging criteria established by Tepper's Donald H. Jones Center for Entrepreneurship, with regard to profitability and originality.
Each plan will also be evaluated for its sustainability benefits, including how the project will contribute to carbon neutrality, climate change mitigation, energy efficiency and water security.
The 2007 McGinnis Venture Competition, hosted by the Donald H. Jones Center for Entrepreneurship at the Tepper School of Business, will be held March 15-17 at Carnegie Mellon University.
Renowned venture capitalist Vinod Khosla, alumnus of Carnegie Mellon's College of Engineering and one of the most influential advocates of green technology, will be the keynote speaker.
The annual McGinnis Venture Competition is made possible by an endowment from Gerald E. McGinnis, a successful entrepreneur and founder of Respironics, Inc.