Event summaries: Spring 2007

Video Recaps

Dingman Day Lunch and Open House - February 2

The Dingman Center hosted its first open house of the year September 22, 2006, welcoming those interested to learn more about the center and the resources it has to offer. Students, staff, Dingman Scholars and members of the Maryland Undergraduate Society of Entrepreneurs mingled over refreshments and discussed business ideas as well as upcoming events at the center.

Entrepreneurs in residence were also on hand to help further introduce students to the center and assist with development of business ideas as well as Asher Epstein, Managing Director, who addressed the crowd and emphasized that, at the Dingman Center, “students get access to a great amount of knowledge with a group of people who want to share it.”

Wharton Technology Conference 2007 for Entrepreneurs - February 26

By Michael Weiss

The Wharton Tech Conference starred chief executives from Adobe Systems, FedEx, Computer Associates, Alcatel-Lucent, and IBM. The most important message from these leaders was the trend of increasing social connectivity. In fact, FedEx funded a Stanford study featuring an index which measures by country how well socially connected citizens are to one another. Hong Kong ranks #1; the U.S. ranks #12.

What does this rising connectivity mean for entrepreneurs? Despite the success of well-known social networking sites such as YouTube, MySpace, and facebook.com, numerous companies are successfully launching in this arena, able to satisfy the unfilled market demand for new channels for social connectivity in various industries. These companies were well represented at the conference.

The panels of successful entrepreneurs included the executives from CURRENT Communications Group, Plentyoffish.com, Haystack.com, and Angelsoft. The company Plentyoffish.com, founded in 2003 by Markus Frind, is run by only one man with no other employees, but it is the number five dating site on the internet in terms of traffic. It receives over 1 million logins per day. The advertising for this dating site was purely word-of-mouth, with no supplemental traditional advertising. Haystack.com is a social networking site to connect music lovers and artists. Angelsoft offers an infrastructure-based collaborative platform for organized angel groups. CURRENT is a broadband internet provider which leverages power lines, bringing a new form of internet connectivity to households on an infrastructure level.

The key driver behind these new and successful start-up companies is the rising importance of connectivity. As an entrepreneur, do not underestimate its importance for creating new value. Be sure to consider the rising importance of consumer social connectivity as part of your business plan.
 
Michael Weiss is a class of 2007 MBA Candidate at the Robert H. Smith School of Business. For a more information on the Wharton Technology Conference 2007, visit www.whartontechconference.com. 

Entrepreneurship Start-Up Night and Networking Reception - February 27

By Lisa Rassenti

The Dingman Center hosted the Entrepreneurship Start-Up Night Networking Reception for Smith MBA students on Tuesday, February 27, bringing together Smith MBA students, local venture capitalist firms and entrepreneurial-minded CEOS in an effort to provide an alternative to traditional campus recruiting. It was designed to provide Smith students with a better understanding of job descriptions and career possibilities at early stage companies and to offer a unique opportunity to network with high-growth ventures in the area.

The reception featured a panel of two venture capitalists— Mark Levine from Core Capital Partners and Michael Avon from Columbia Capital— and two start-up company leaders— Shervin Pishevar of Freewebs and Daniel S. Simpkins of Hillcrest Laboratories. The panelists provided rare insight into their line of work, ideal characteristics of new-hires and the types of positions available at their portfolio companies through a Q&A session. Here is some of their expert advice:
On Getting Hired:
“Don’t look too far for a job. There are plenty of opportunities in the area, you just have to get out there.” –Mark Levine

“We are always looking for people who are passionate and are willing to roll up their sleeves and work hard.” –Michael Avon

“Here’s a checklist: be passionate, network, do research, know what excites you, do what you love, be persistent and look to what the company will do for your long term career.” –Daniel Simpkins

On Entrepreneurship:
“To be in this business you have to have an appetite for risk because you have to go through pain to get profit.” –Shervin Pishevar

“You have to have a bond with people in a start-up that’s similar to a family. There has to be inspiration and caring for each other.” –Shervin Pishevar

“People who have the most emotional equity ultimately get the most out of a company.” –Daniel Simpkins
 
On Venture Capitalist Partnerships:
“A VC has the potential to really accelerate a business but it also means that the outside investor or board can rubber stamp everything you do. The stakes are raised immediately and the objectives become much broader but ultimately they bring a wealth of relationships and know-how to the company.” –Daniel Simpkins

“With a start-up company and relatively new investors, there’s no where to hide if you aren’t working hard. You have to work hard.” –Shervin Pishevar
The discussion was followed by a networking session where students were encouraged to introduce themselves and their ideas to the panelists and other venture capitalist firms and start-up company representatives in attendance.

Dingman Day Lunch featuring
Allen Andersson of PaperBoy Ventures — March 2

By Lisa Rassenti

Watch the full presentation!

At the Dingman Day Lunch March 2, the lively and inspirational Allen Andersson, 62, founder of PaperBoy Ventures, spoke about how he caught the entrepreneurial bug, strategies for success and his passion for giving back.
According to Andersson, he got a true understanding of entrepreneurship from his father who was a carpenter. Although he grew up relatively poor, Andersson learned early on what it meant to be self-employed and, at just 5 years old, he began knitting potholders and selling them for 25 cents each. His next job was as a paperboy¬- something he took great pride in that would later become the name of is company. When it came time for Andersson to go to college, he chose to enroll in MIT because it didn’t require a high school diploma. While in college, Andersson went to Mexico to avoid the draft and then later joined the Peace Corps and worked in Honduras. He later returned to MIT where he graduated with a BA in Math.
After working for a short time as a computer programmer, Andersson felt the need to work more independently and became a project manager, but still felt that he wasn’t allowed enough creative freedom. “I became an entrepreneur out of self defense. It was the only thing I couldn’t get fired from,” Andersson said.
His first entrepreneurial experience came with the development of a software program. The quick success drove Andersson to get involved with about a dozen different ventures over the next 12 years, none of which proved to be as profitable as the first. His big break came when he found a company that made a type of diabetes medicine that his daughter needed. The company was going under and Andersson decided to buy it- turning it in to a huge success. The experience led him to his current role at PaperBoy Ventures.
“PaperBoy Ventures works with companies that are far away from profitability. They are high risk companies with valuable science products, much like the diabetes medicine. One fabulous project we are working on is The Rieken Foundation which builds libraries in dozens of remote communities in Honduras and Guatemala. We help companies like this figure out how to make a profit and then exit the company when we prove to the world that the company has value,” Andersson said.
The company is made up of 12 people working on finding great ideas and businesses, six people spending money in South America to bring about prosperity and democracy and another 40 dealing with research. In fact, it looks much like a Venture Capital firm.
Andersson is proud of the way his company gives back and advised that “everyone has the possibility to change the lives of millions. Think about what could be done and the opportunity will come when you least expect it.” 

Technology Visionary Series -
Understanding Video Data in a Digital World — March 7

By Lisa Rassenti

On March 7, The Dingman Center hosted The Technology Visionary Series: Understanding Video Data in a Digital World. The event was centered on a panel discussion that brought together researchers and thought leaders from the University of Maryland to provide insight to the venture capital community. Together, they discussed how to understand technological developments surrounding video data and digital technology and what market opportunities will be ripe for investment over the coming years. Panelists included Min Wu, Ph. D., Associate Professor of Electrical and Computer Engineering and Institute for Advanced Computer Studies, Yang Tao, Ph.D., P.E., Professor and Graduate Director of the Bio-imaging and Machine Vision Laboratory and Paul Brewer, a 1999 MBA alum and Co-Founder and Vice President of New Technology. Here is some of their input in to emerging technologies:

Min Wu - Topic: Component Forensics and Intrinsic Fingerprints within Digital Images

  • Digital imaging devices have brought about a number of forensic and provenance questions, including how an image was generated; from where an image was from; what has been done on the image since its creation, by whom, when and how.
  • There is a need for multimedia forensics
  • This includes digital fingerprints which are imbedded to each multimedia piece of info. Fingerprints are specific codes that cannot be detected by the human eye
  • If/when the multimedia info is leaked, the pixel fingerprint can be detected to identify which user leaked the information (this can be very useful in political situations)
  • Intensive competition in imaging technologies has been accompanied by an increasing number of patent infringement lawsuits with high stake
  • Imaging companies can analyze competitors technology to better develop their own

Yang Tao - Topic: Machine Vision

  • Automated machine vision and imaging can convert labor intensive work into cost-effective production through machine intelligence.
  • Information on high-potential advanced technologies in food and medical areas will be given.
  • A few patent pending technologies will be illustrated including automated food processing in-line detections, low-dose CT cancer screening, and multi-spectral monochromatic radiological imaging in future diagnostic business
  • Industrial Implications: LasXer (an x-ray product used to inspect poultry for the poultry industry)
  • Medical Implications: Multi-energy x-ray filter (monochromatic x-ray filter that makes x-rays drastically clearer)
  • This improves the read for many diseases and aids in mammograms
  • Security Implications: Multi-energy x-rays can be used in airports
  • X-rays can detect various levels of energies, including liquids, gels, powders, etc.

Paul Brewer - Topic: Intelligent Video Surveillance

  • Surveillance limitations increase risk in security situations
  • After only 20 minutes human attention span wanes
  • Object Video software can help by adding security rules, watching surveillance 24 hours a day, alerting authorities when a rule is broken
  • Object Video creates an easy user interface for the common user
  • Looking into border patrol applications
  • Also working on an advanced feature to include zoom control for assistance in crime footage.

Cupid's Cup Business Competition - May 4

Cupid's Cup got its name from one of Kevin Plank's early entrepreneurial ventures, a rose sale business called Cupid's Valentine that sold roses to University of Maryland students on Valentine's Day. This small business earned him over $20,000 during his four years at UM and helped fund his ultimate entrepreneurial venture, Under Armour. The annual Cupid’s Cup competition is held at the Robert H. Smith School of Business in College Park, MD. The Dingman Center for Entrepreneurship hosts the business competition for student- and alumni-run startups and Under Armour Chief Executive Kevin Plank, a 1996 Smith graduate, put up $22,500 in prize money to help grow their businesses. The competition looked to help spark up-and-coming entrepreneurs to reach their dreams.

The winner was Goozex, Inc., an innovative web-based video-game trading company who took first place and a $15,000 check to further grow their business. Goozex designed and developed an innovative online system that connects members and builds a user community across North America, allowing them to trade games with each other. Goozex operates on a point-based system that allows its users to retain the real market value of their used video games when trading for other games. The company is run by Smith MBA 2006 graduate Valerio Zanini and features a team of recent Smith MBA and undergraduate students. The second place award went to another exciting new venture called Sunscreen Mist, founded by 2006 MBA graduate Jordan Lichman. Sunscreen Mist offers convenient suncare access to potential users. It virtually eliminates the risk of inadequate application (through its spray-technology). The Formulas used in the booth are FDA approved, tears free, and are perfect for use by children and adults. The $7,500 prize money will be used to continue building the business. After the business plan presentations, Plank spoke about entrepreneurship and his business endeavors, then presented an over-sized checks and trophy cup to Goozex and Sunscreen Mist. "Spend wisely with that money,” Plank joked before announcing the winners. “I’m telling you, it’s a lot of money – what I would have given for it when I was in your situation.” Plank turned down a well-paying job in the financial services industry when he graduated from the Smith School in 1996 to follow his dream of starting Under Armour. He founded his athletic apparel company in his grandmother’s basement and has grown it into a successful publicly traded company.

Dingman Day Dinner Idea Workshop - April 10

The Dingman Center staff and the Maryland Undergraduate Society of Entrepreneurs learned how to come up with the next great entrepreneurial idea. Managing Director Asher Epstein talked about how to see an opening in the market and build an entire business around that catalyst. This interactive workshop helped entrepreneurs think outside of the box to come up with a sustainable business idea.