Forty teams of MBAs are coming to Austin next week. They are coming from all populated continents. Sixteen teams are coming from outside the USA. They are coming as a result of winning one of the 15 qualifying competitions and by invitation. They are coming to compete in "the World Cup of MBA new venture competition." Six universities have two teams competing. A university gets two entrants by either winning two of the qualifying competitions or by being invited and winning one of the qualifying competitions. This year, two teams from the University of Oregon won three of the qualifying competitions.

The 40 teams will be competing for nearly $300,000 in prizes. Microsoft Corporation has made a generous contribution to our treasure chest of awards this year that includes cash, software and training. Thank you, Microsoft!

It is always fascinating to learn in what business sectors the brightest MBA entrepreneurs on the planet see opportunity. Starting last year, we had a surge of new ventures based on medical devices; again this year, 25% of our teams are introducing medically related products. Historically, we have always had a good representation from the IT sector and this year 25% of the ventures are technology related. New this year is a large interest in food related ventures, also representing 25%. The final 25% is a very diverse group.