Fuentek’s Stangle-Castor Helps Give Startups a Chance

The competition
The competition, offered by The Institute for the Integration of Management and Engineering (TIIME), provides an arena where the business plans for potential startup companies are critically examined for likelihood of commercial success and worthiness of venture investment. The winner receives up to $50,000 in seed capital to aid in launching their new business venture.

Comprising nearly 100 business ideas each year, the rigorous judging process spans several months and is segmented into three steps. First, each judge reviews the executive summaries from 10-20 business plans. Second, 5-15 plans from each judge proceed to the next round where the full business plan is reviewed in detail. Finally, the competition culminates with an onsite event where the five finalists present their plans and entertain questions and comments from the judging panel. The judges then deliberate to select the winner and appropriate the award funds across first, second, and third finishers.

Fuentek’s consultants were invited to participate by Dr. Jeffrey T. Glass, former Director for TIIME at CWRU and now at Duke University as Director of the Masters of Engineering Management program. According to Dr. Stangle-Castor, the most enriching part of judging is reviewing innovative plans, providing feedback to help these budding entrepreneurs, and working with the outstanding judging panel. Each panel consists of experts including venture capitalists, patent/business attorneys, successful entrepreneurs, technology and commercialization experts, and other seasoned professionals from across the nation that create a rich environment for critical examination and creativity.

Rating the quality of the business idea versus the quality of the business plan document is one of the most challenging aspects of the competition. "You can have well-written plans for poor business ideas and vice versa," states Joseph Holmes, formerly with Fuentek and also a judge. "The key is to remember to judge the plan from the perspective of the venture capitalist—focusing on the quality of the business idea and the ability of the management team to generate significant growth by developing a solid, viable business. The business plan document is an important tool to help entrepreneurs crystallize and communicate their plans, but an entrepreneur should focus more on the business model and value proposition to investors than on plan form or glitz. Convince investors that you have a high-growth opportunity, a first-in-class management team, and a plan for addressing the challenges ahead—do this and you significantly increase your chance for success."

Dr. Stangle-Castor adds, "I was encouraged to see that in many cases the feedback I provided on executive summaries positively influenced the final business plan. In some cases, businesses that entered the competition for a second year were able to successfully incorporate some of the suggestions made to them, resulting in not only a better business plan, but a better overall business proposition. I encourage entrepreneurs not to forget the importance of intellectual property on the success of a new business venture. Whether your IP is licensed from a university or currently in development, investors must be confident that you will own all the rights necessary to provide a strong competitive advantage to your business— which will enhance the valuation of your business."

How the judges’ input makes a difference
Robert Harris, who serves as director and general manager for the competition, said "several contestants have made significant changes to their business focus as a direct result of the feedback they have received from Nannette."

During the three-year life of the Competition, a total of 16 finalists have "graduated." Fifteen of those ventures are still in business and thriving. Given the very early seed companies they are working with, Mr. Harris attributes this remarkable record primarily to the judging panel and their ability to select and give feedback to contestants.

Dr. Stangle-Castor’s experience
Dr. Stangle-Castor's biotech experience brings another facet to the mix. Mr. Harris states that, "…her contributions mirror Joseph's in that she also provides thoughtful comments. She is both critical and supportive, in an appropriate manner, when she evaluates contestants’ entries."

Dr. Stangle-Castor’s expertise in the biotech field includes strategic guidance, business plan development and evaluation, market research, and competitor analysis covering a wide range of areas including cancer therapeutics, pharmaceuticals, sexual health and diseases, medical devices, drug delivery, diagnostics, biochips, bioinformatics, animal health, and genomics and proteomics. Dr. Stangle-Castor has a BA in biology from Alfred University and a PhD in molecular pharmacology and cancer therapeutics from SUNY-Buffalo.

For Dr. Stangle-Castor, her role at Fuentek has enhanced her abilities to judge these competitions. Each Fuentek consultant is competent in determining if an idea fills a need in the marketplace as well as how it compares with the competition. These skills provide value beyond just intellectual property management and business plan judging and transcend the following market applications: venture capitalists deciding on venture investments, tech transfer professionals deciding whether or not to patent and market an invention, and new product development managers in corporate America that are trying to decide if new product platforms are of value to their organization and customers.