UNH Celebrates 25th Year of Holloway Prize Competition May 8
UNH Celebrates 25th Year of Holloway Prize Competition May 8
UNH will celebrate the 25th year of the Paul J. Holloway Prize Innovation-to-Market competition – the oldest business plan competition in the state and one of the first in the nation – Wednesday, May 8, 2013, as students compete in the championship round of the competition.
This year the stakes are the highest they have ever been, with six teams vying for cash and other prizes valued at more than $75,000, including the grand prize of $25,000, which is more than double the prize amount of previous first-place winners.
“For 25 years, the Holloway Prize Competition has allowed our students to test their ingenuity and business acumen in the real-world situation of developing and presenting a business plan,” said Daniel Innis, dean of the Peter T. Paul College of Business and Economics. “As the Granite State’s first business plan competition, the Holloway Prize Competition has a long track record of supporting the next generation of entrepreneurs. We welcome members of the community to join us in honoring the many successes of the program and all those who have contributed to this achievement.”
Hosted by the Peter T. Paul College of Business and Economics, the Paul J. Holloway Championship Round will be held from 1 to 4:30 p.m. in the Squamscott Room of Holloway Commons on the Durham campus. A reception and awards ceremony will follow. The championship round is free and open to the public. Reserve your seat at http://paulcollege.unh.edu/2013-holloway-prize-competition-guest-registration.
The competition is designed to stimulate entrepreneurship. Open to all university system graduate and undergraduate students who have a proposal for bringing an innovative product or service to market, the competition helps students gain first-hand experience in commercializing new products and services, and provides access to faculty advisors and industry experts.
“Entrepreneurship is vital to a healthy economy,” said Michael Merenda, Holloway chair and professor of entrepreneurship “Entrepreneurs are continuous learners and leaders whose innovations fuel jobs and improve the quality and standard of living for all of us. The prize money is exciting, but the learning that takes place through the competitions pays dividends throughout Holloway participants’ careers.”
The competition has spawned a number of entrepreneurial ventures over the years.
In 2012, graduating MBA students Andrew Jaccoma of Dover and Olha Johnson of Manchester won first place for their Sensible Spreader System, a plan to use GPS technology to allow transportation officials to specify the best type of de-icer to use on a particular roadway. They have since launched their company and are seeking funding from venture capitalists.
Research from UNH’s Chemistry Department has resulted in an exclusive license agreement for an anti-fatigue hydrogel between the university and Wakup, Inc., UNH’s sixth startup company. The licensed technology was originally developed at UNH by Shaojun “Shaw” Yao for his Ph.D. dissertation. Yao began to consider the possibilities of starting a company around his research after participating in the 2012 Holloway Competition.
And perhaps one of the best known participants is Joe Faro ‘91, who founded the highly successful Joseph’s Gourmet Pasta and Sauces after coming in second in the Holloway Competition. He sold the company in 2006 to Nestle Prepared Foods and in 2010, opened the Tuscan Kitchen and Tuscan Market in Salem.
Holloway contestants compete for more than $75,000 in prize money and consulting services provided by the Paul College and the event sponsors: Paul and Anna Grace Holloway, the Paul J. Holloway Prize Fund, the Albin Entrepreneurship Fund, the Nelson Fund for Business Innovation, PixelMEDIA, the New Hampshire Innovation Commercialization Center and Devine Millimet Attorneys at Law.
Six teams will compete in this year’s Holloway championship round. They are:
Conscious Clean: An eco-friendly, customizable laundry detergent system. Jillian Galli, Iryna McCauley, Megan Murphy, and Natasha Robinson from Paul College; faculty advisor Marc Sedam, Office of Research Partnerships and Commercialization
CranioVation: An aneurysm clip that could significantly reduce the cost of treating brain aneurysms and save lives. Craig Litherland, UNH School of Law; faculty advisor Robert Gough, Jr., Paul College
Dry Technology: A technological process that, when applied to any fabric, makes it highly water resistant, odor resistant, and stain resistant without changing the breathability and feel of the fabric. Erin Jackson, Paul College; faculty advisor Robert Gough, Jr., Paul College
iDorm: An online dormitory service that allows undergraduates to buy dormitory necessities, rent dormitory appliances, and enable students to design their room online with their roommates. Ashley Clifford, Paul College; faculty advisor Robert Gough, Jr., Paul College
SmartParkU: A parking monitoring service delivered via a mobile phone application that helps motorists easily access parking on crowded campuses. Ethan Ash, Paul College; Jeremy Kennelly ’12 graduate; Matthew Simon, College of Engineering and Physical Sciences; faculty advisor Marc Sedam, Office of Research Partnerships and Commercialization
SunDensation: Modified Solar Distillation Unit: A product that converts brackish ground water to potable water using a nonelectric solar system. Edward Donovan, College of Life Sciences and Agriculture; Edward LaVilla, College of Engineering and Physical Sciences; Marie-Elaine Lepine, Paul College; Marlee O'Neil, Paul College; faculty advisor Jeffrey Sohl, Paul College
Established in 1988 by Paul J. Holloway's family, the business plan competition honors the business leader's entrepreneurial spirit by stimulating and recognizing outstanding business strategies. Holloway began his career in the automotive industry and, starting in 1967, shaped a multi-franchise dealership emphasizing customer service and satisfaction. Holloway then extended his business skills to the development and management of eldercare facilities.
The 2013 Holloway Prize Competition judges are Matt Pierson, managing director, Dunn & Partners; Joe Faro ‘91, owner of The Tuscan Kitchen in Salem; Denise Coll, former president of North America at Starwood Hotels & Resorts Worldwide; Patricia Bannan, managing director, Atlantic Trust; and Rouzbeh Yassini, CEO of YAS Capital Partners LLC.
More information on the 25th Paul J. Holloway Prize Competition is available at http://paulcollege.unh.edu/holloway-prize-innovation-market-competition.