Internet Dominates Competition

November 19, 1999 - Austin, TX — On November 18, 10 teams from the Texas Business School at The University of Texas at Austin competed in the opening rounds of the annual Texas Moot Corp^® Business Plan Competition. The four teams selected as winners will now compete in the finals on December 2, 1999 for a slot in the international Competition.

“Reflecting the tenor of the times, eight of the 10 teams were either dot com ventures or had a strong Internet component. Clearly, we are seeing the future in the Internet ventures proposed by our MBAs,” said, Dr. Gary Cadenhead, Director of the Moot Corp^® Program.

Ten teams competed in two divisions with the top two teams from each division selected to compete in the finals. Several of the competing team presented actual operating companies with real revenues. Many are close to turning their entrepreneurial dreams into reality.

The BackTrack team headed by President Jason Sears demonstrated their web-based method for managing the receipt, handling and resale of returned merchandise for e-commerce retailers. The Interactive Funds, Inc. team pitched an innovative new investment product for the online investment community. CEO Gary Blizzard’s real-world experience showed as MPowered Solutions showcased their value-added software, analysis and consulting service for industrial electricity customers.CEO and son of the inventor, Bill Pentak, presented samples of Prism Technologies’ patented etching technology process for both tombstones and printed circuit boards.

A panel of local venture capitalists and business leaders assumed the role of interested investors and questioned the entrepreneurs as if their own investment capital were at risk. The judges function as an investment group seeking to reach consensus on the business venture they would most likely fund.

One team will be selected in the finals to receive a free year in the Austin Technology Incubator, a spot in the prestigious International Moot Corp^® Competition and $2,000 in prize money plus a wealth of industry and venture capital contacts. The public is invited to view the finals on Thursday, December 2, 1999 in the Graduate School of Business, GSB 3.138 beginning at 4 PM.

The Texas Moot Corp^® Competition is hosted by The Texas Business School of The University of Texas at Austin. The Texas Business School at UT Austin has one of the most highly ranked entrepreneurship programs in the country.