Internal VCIC Competition
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On January 31st, the Georgetown Entrepreneur's Network (GEN) hosted MSB's final internal round of the Venture Capital Investment Competition. Over the course of mods 2 and 3, five teams learned the basics of making venture capital investments and practiced evaluating business plans and developing term sheets. The winning team (Jason Sain, Steve Schuler, Sharon Greenberg, Sundeep Patel, and Jessica Garvey) will travel to Wharton to compete in the Mid-Atlantic competition on February 20th. From there, the winner will advance to the international finals hosted by UNC in April. For the final round, GEN was pleased to have several local entrepreneurs and venture capitalists participate and judge the competition. Amber Wason from RideBliss and Chris Hopkinson from DubMeNow presented their business plans and held a round of due diligence questioning with each team. Based on the evaluation of each business's future prospects, each team selected an entrepreneur to invest in and created a term sheet for the investment. Finally, the teams met individually with the entrepreneur they chose and Oak Strawbridge and Dan Mindus from The Grosvenor Funds and New Vantage Group, respectively, to negotiate the deal. After the negotiations, the teams received feedback from the venture capitalists on their approach to the investment and specific terms they considered. Across the board, participants had a great time and thought the competition was a very valuable experience. We wish the winning team the best of luck at Wharton and look forward to another great round of competition next year.
[1/31/2009]
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