FEBRUARY 2008

The Latest News

Cupid's Cup is quickly approaching - Cupid's Cup is an annual business competition showcasing young entrepreneurs from the University of Maryland. This competition is made possible by one of UMD's most successful entrepreneurs, Kevin Plank, CEO of Under Armour, whose generous donation of $22,500 is awarded each year to the top place winning companies. The event will take place on Friday, April 11 from 3:00-5:00 p.m. From 2:00-3:00 p.m., Dingman Center companies will be showcased during the BB&T Business Invitational. Both events will be held in Frank Auditorium and the First Floor Atrium of Van Munching Hall. The last day to enter to compete is February 29. Please visit the site for more details on how to enter!

Pitch Dingman Competition - Win up to $2,500 for your business  - Save the date for the next $2,500 Pitch Dingman Competition on February 29. Judges will select the best pitches and audience members will choose their favorite pitch for a $250 "People's Choice Award."

Over $3 million raised for Dingman Center Portfolio Companies - Check out how much Exponential Storage, Hook & Ladder Brewing Company, Wicult, XTS and Zaracom have raised in funds for their businesses in the "Portfolio Company Updates" section.
 

Also Inside This Issue...
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Pitch Dingman News

Save the Date:

$2,500 Pitch Dingman Competition on Friday, February 29 from 11:00 a.m. - 12:00 p.m. All are welcome to attend to watch students pitch business ideas to a panel of judges in hopes to win up to $2,500
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Portfolio Company Updates

Funding Success:

Blumpari

Blumpari is a hybrid business that strives to link companies with microfinanced producers, designers and educational institutions to support diversity and economic development in different countries. Blumpari currently works with women-owned businesses in Thailand and is supported by the Dingman Center for Entrepreneurship. We are looking for a talented, charismatic and outgoing sales person/marketing manager that understands or is interested in the socially conscious business sector.

Responsibilities include: 1. Identifying and strategizing distribution opportunities 2. Creating & maintaining customer relations, customer service and follow up 3. Tracking and projecting sales, accounting/financial reporting 4. Meeting sales and profit objectives 5. Identifying opportunities for business plan competitions and documentation preparation The student hired will have access to office space at the Dingman Center and will work closely with Blumpari Founder and CEO, Cherry Kwunyeun. The Dingman Center will pay the student so all MBAs can apply. Please contact Cherry Kwunyuen to apply.

Exponential Storage

Exponential Storage, a Dingman Center for Entrepreneurship portfolio company, surpassed its first investment round minimum at the end of 2007. Once the minimum was reached, the funds became available for use and the  company proceeded with the next phase in its evolution – proving that its technical innovation provides major benefits for customers with large collections of digital content, namely, massive scalability and high performance at half the cost of available products. 

 

Using some of the funds from its first investment round, Exponential Storage assembled five 12 Terabyte storage servers using its innovative design that leverages the latest low-cost commodity hardware and “free” open-source software. The Company will cluster them together to form a 60 Terabyte (60,000 Gigabyte) Operational Testbed at its Integration & Testing Facility in the Chesapeake Innovation Center. Tests conducted there will prove the performance and cost advantages of its products for customers.

 

Exponential Storage plans a ribbon-cutting ceremony on February 18, 2008 to unveil the Testbed. This event will mark the final closing of the investment round which occurs two weeks later. The Dingman Center was instrumental in structuring the investment round.

Goozex

Goozex, an Internet-based video game trading community, reached a new level of success by trading 50,000 video games. The company is also involved in the TAP incubator, a leading venture incubator that expedites the maturation of young firms by providing extensive hands-on business support from experienced and entrepreneurial staff.
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Social Venture Highlights

Social Venture Fall 2007 Project

Introduction: Aditya Betala '09 and Brian Gottlieb '09 were Social Venture consultants this past semester for Generations Community Development Corporation, based in Chicago, IL. To finalize their project, the pair visited their client with funds provided by Make Change! Trust and Michael Mann, founder of Grassroots.org.

Written by Brian Gottlieb

On January 22nd and 23rd, Aditya Betala and I (Brian Gottlieb), braved two freezing days in the windy city in order to fulfill the duties of our Fall 2007 Social Ventures project. Up until this point our project contact, Deborah Young, was only a kindly voice  on the phone and we were anxious to meet her in person. Deborah is the director of the Generations Community Development Corporation, a non-profit that helps deliver job-training and other services to unemployed and underemployed Chicago residents. Our project goal was to design and program a database to track the progress of program participants and then implement the database over Generations' office network.

The trip was a great success. Deborah and her board were pleased with the database design and felt that it would be an invaluable tool in running the Generations' program. Unfortunately for Aditya and my free time, while demonstrating the database Deborah and her team became so excited that they thought up a handful of new features that they hoped to be added to (a never before discussed) "version two" of the database. So now Aditya and I are hard at work creating an upgrade to the database.

In addition to being persuaded to do more work, Aditya and I managed to have a lot of fun. Deborah and her team were all very friendly and welcoming. Aditya and I also had a good time out the one night we had in town. We explored Michigan street, the Navy Pier and the Sears Tower and ate about a dozen slices of Chicago-style pizza between us. Great fun all around.

Engineers Without Borders - Social Venture in Burkina Faso

Written by Christen Hartnett

The social venture in Burkina Faso was an exciting winter trip and invaluable learning experience. The solar panel installation was a huge success with many of the communities showing their appreciation with gifts of live chickens to our group. The project was successful in creating a sustainable lighting solution for local schools while the market research we conducted will provide the necessary data for possible project extensions.

Through surveys of the local population we were able to collect the data necessary to accurately predict the local demand and possible price determinates. The most challenging aspect of the research was the language barrier. Only about half of the local population spoke the official language, French, while the other half only spoke the local language, Dagara. Even with these challenges the project was very success and will have a lasting social impact for years.

 

Social Venturing Program Sponsor:
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CAN Companies

By the Numbers...

In the fall of 2007, 30 companies submitted applications to the program resulting in 10 presentations to investors. Of the 10 companies, one company has received funding and two companies are in process of receiving funds. The Capital Access Network now includes more than 75 qualified angel investors and venture capitalists.

First CAN Breakfast of 2008 Re-Cap

The first CAN Breakfast of 2008 was held on January 30. The following are teams who presented to CAN investors:

Dynawave - Dynawave has a patented plasma technology that generates extremely powerful shock waves that are used to clean wastewater in municipal and industrial applications.

SETECS - SETECS develops Smart Card based products for identity and access management. Products include an identity management system, applications for logical and physical access control and Smart Cards with advanced features.

Widearea Systems - Widearea Systems develops Voice over Internet Protocol (VoIP) software and hardware products for the Customer Relationship Management (CRM) market. Their flagship product utilizes voice and data technologies to increase call center productivity while improving customer satisfaction.

Maryland Venture Fund Invests in IntelliGov

Maryland-based IntelliGov, who presented to CAN investors in December, has won approval for a $50,000 investment from the Maryland Venture Fund. The company is seeking matching investors for its web-based software suite that automates many of a city or county's citizens services.

Inspire in the Washington Post

Cathy Henderson, networker by personality and profession, is a Maryland resident who recently learned that she had Type I diabetes. In order to help cope with her her hard-to-manage medical condition, she created an online support group for adults who share her medical condition.

The National Organization for Rare Disorders (NORD) strives to make it easier for people with rare diseases to connect with one another. Until 18 months ago, NORD did so chiefly by providing telephone numbers of patients willing to talk. Now, NORD hosts an online community. In order to offer this Internet-based service, NORD partnered with Inspire, a two-year-old company based in the Washington area. Click here to read the complete story.

CAN Program Sponsors:

            

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Upcoming Dingman Center Events

Start-Up Night and Networking Reception for all Smith MBA Students

  • Date: Tuesday, March 4
  • Time: 6:00 - 8:00 p.m.
  • Location: TBD

The Dingman Center for Entrepreneurship and the Office of Career Management are partnering with leading venture capital firms and early stage companies in the D.C. Metro region for Smith MBA students to experience Start-Up Night, an alternative to traditional campus recruiting. At Start-Up Night on March 4, a panel of venture capitalist partners and CEOs will provide rare insight into the types of positions available at their portfolio companies.
Start-Up Night is designed to provide entrepreneurial-minded Smith students with a better understanding of job descriptions and career possibilities at early stage companies. In addition, Start-Up Night provides a unique opportunity to network with high growth ventures in the area.

Students should register for the event by submitting statements of interest and resumes via HireSmith for a Resume Book by February 28th. Part-time and Executive MBA students can register by contacting LaVern Chapman. This Resume Book will be sent to Start-Up Night firms, as well as companies that contact the Dingman Center with an interest in hiring students. Refreshments will be served.

Dingman Center's Dan Goodman to present at ECE Colloquium

Dan Goodman of Biodiesel University will be presenting on "Biodiesel University: Engineering an Extreme Renewable Energy Education Experience" at the A. James Clark School of Engineering's Electrical and Computer Engineering (ECE) Colloquium. Please click here for more information.

  • Date: Monday, February 11

  • Time: 3:00 p.m.

  • Location: Jeong H. Kim Engineering Building, Room 1111/1107

The Dingman Center and Hudson Institute Center for Employment Policy cordially invite you to a luncheon seminar entitled "Incentives for Entrepreneurial Innovation"

  • Date: Thursday, February 14

  • Time: 11:45 a.m. to 2:00 p.m.

  • Location: Betsy and Walter Stern Conference Center, Hudson Institute, 1015 15th St., NW, 6th Floor, Washington, D.C. 20005

Gustavo Manso, professor of finance at the MIT Sloan School of Management, will present a paper, in which he contends that innovators are more prone to failure through experimentation than others. Policymakers wishing to support innovation, therefore, must create incentives for entrepreneurial experimentation, even with the possibility that those experiments could fail. More debtor-friendly bankruptcy laws, for example, allow failed entrepreneurs the ability to try again with few penalties.

George Lichtblau, founder and president of Rocketline, LLC; and Robert Baum, associate professor of entrepreneurship at the University of Maryland’s Robert H. Smith School of Business, will comment. Diana Furchtgott-Roth, senior fellow at the Hudson Institute, will moderate the discussion.

This event is free and open to the public. Lunch will be served.

Schedule:

  • 11:45 a.m. : Registration and buffet lunch

  • 12:00 p.m. : Presenter: Gustavo Manso, Sloan School of Management, MIT; Discussants: George Lichtblau, Rocketline, LLC and Robert Baum, Robert H. Smith School of Business, University of Maryland; Moderator: Diana Furchtgott-Roth, Hudson Institute

  • 2:00 p.m. : Adjournment

To RSVP (acceptances only) or to request information, please contact the Hudson Institute at 202.974.6451 or e-mail Andrew Brown at abrown@hudson.org

Hudson's Center for Employment Policy is grateful to the Ewing Marion Kauffman Foundation for the support of this program.

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Last Month at Dingman

Companies In the News...

Biodiesel University: Dan Goodman and Biodiesel University were featured in the WashingtonPost.com's small business blog. Click here to read about how Biodiesel University is fueling the future one student at a time.

Dingman Center: Listen to Asher Epstein discuss when it benefits a small firm to bring in the "suit" in a WashingtonPost.com video. Also, Tien Wong, a Dingman Center Entrepreneur in Residence, talked about the Center in his interview with The China Business Network during an interview on doing business in China.

Goozex: Read about Goozex and how GamesRadar.com ranked the company as the #1 video game trading site. The company's involvement with the University of Maryland's TAP incubator was also featured on SmallBiz.com.

North Star Games: Dominic Crapuchettes, founder of North Star Games, shared his inspiration to create Wits & Wagers in a WashingtonPost.com article.

Dingman Entrepreneurship Research Luncheon

Approximately 30 people attended an entrepreneurship luncheon focused on introducing the Dingman Center and External Relations resources to entrepreneurship researchers in pursuit of Dean Howard Frank’s goals for increased entrepreneurship research. During the luncheon, the idea to increase the volume and quality of entrepreneurship research and to increase its visibility beyond the Robert H. Smith School of Business was heavily stressed.

During this luncheon, roundtable discussions of entrepreneurship research intentions, work in progress and needs took place as 12 individuals shared their current entrepreneurship research endeavors. The presenters’ ideas and research were just the tip of the iceberg in terms of the entrepreneurship efforts in the Robert H. Smith School of Business.
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Partner Events

Maryland Bioscience in the 21st Century?

Join some of Maryland's top bioscience, business and venture capital experts to discuss the future of the bioscience industry in the Old Line State. Please click here to register.

  • Date: Tuesday, February 19

  • Time: 1:30 p.m. - 5:30 p.m.

  • Location: The Westin Annapolis, 100 Westgate Circle, Annapolis, MD 21401

  • Speakers: Andrew C. von Eschenbach, M.D., commissioner, U.S. Food & Drug Administration (FDA), Jim Greenwood, president and CEO, Biotechnology Industry Organization (BIO), and David Edgerley, secretary, Maryland Department of Business and Economic Development (DBED)

University of Maryland Business Plan Competition Sponsored by MTECH

Now in its eighth year, the University of Maryland Business Plan Competition has historically awarded $335,000 in prizes to faculty, students and alumni to launch innovative new ventures. Companies active in the Competition have generated millions in revenues, grants and awards.

The Maryland Technology Enterprise Institute (MTECH), a unit of the A. James Clark School of Engineering, supports a culture of entrepreneurship at the University of Maryland through a rich set of initiatives. A highlight of the academic year is the University of Maryland $50K Business Plan Competition, held each Spring Semester. We encourage University of Maryland’s entrepreneurial thinkers to consider their best ideas and create teams to build those ideas into a company over the course of the academic year.

Executive summaries are due by Saturday, February 23. The finals will be held on Friday, May 9. Please click here to learn more about the competition.

The 2008 Mid-Atlantic Business Plan Competition

Any student, in any major, from any year, currently attending a degree granting institution in Delaware, the District of Columbia, Maryland, Virginia or West Virginia Or having earned a degree from one of those schools in the past twelve months) may enter or form teams. This event is hosted by the MIT Enterprise Forum of Washington-Baltimore. Undergraduate and Graduate students are both eligible. Register today!
 

Deadlines:

  • Sunday, March 9, 2008 (Executive Team Registration & Executive Summary Submission)

  • Monday, March 24, 2008 (Semi-Finalist Notification)

  • Saturday, April 26, 2008 (Semi-Formal & Final Rounds at Georgetown University, Washington, D.C.)

Greater Baltimore Technology Council Openings

Three of the GBTC's Roundtables currently have openings:

  • Emerging Companies Roundtable is looking for 3 new participants. All CEOs, Presidents, Founders of new and emerging businesses are welcomed to apply.

  • Marketing Executives Roundtable has one spot for a Senior Marketing Executive.

  • Leadership Development Roundtable is looking for 5 new participants.  Ideal new members would have management responsibility and are “up and comers”.  If you are interested in applying, please contact Melanie Kelleher at melaniek@gbtechcouncil.org

Click here for complete descriptions of the roundtables listed above and for more information. If you would like to be considered for membership in one of these Roundtables, please submit your application (except for Leadership Development) at: http://gbtechcouncil.org/membership/applications/exec_roundtable.asp by Friday, February 15, 2008. If you have any questions, please contact Melanie Kelleher at 410-327-9148 ext.1
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Spring 2008 Calendar

CAN Breakfast (invitation only)

The CAN Breakfasts are by invitation only to angel investors who are qualified investors in the CAN network. Investors will have an opportunity to hear a 10 minute presentation from approximately four start-up entrepreneurs who are seeking funding for their business. For more information on the CAN Program and to participate, contact Melissa Carrier.

Wednesday, March 12

9:30 a.m. - 11:30 a.m.

Room TBD

 

Wednesday, April 30

9:30 a.m. - 11:30 a.m.

Room TBD

 

Wednesday, June 11

9:30 a.m. - 11:30 a.m.

2505 VMH

CAN Review Day

Students and faculty are invited to hear start-up companies present to our Entrepreneurs-in-Residence and Dingman staff as they prepare for Capital Access Network angel investor presentations. Listen to feedback by our experts, give some advice of your own, and learn about some of the new businesses being started today. It's a great experience for everyone!

Wednesday, February 13

9:00 a.m. - 1:00 p.m.

2511 VMH

 

Wednesday, April 9

9:00 a.m. - 1:00 p.m.

2517 VMH

 

Wednesday, May 14

9:00 a.m. - 1:00 p.m.

2505 VMH

Cupid's Cup Business Competition

Cupid's Cup is an annual business competition showcasing young entrepreneurs from the University of Maryland. This competition is made possible by one of UMD's most successful entrepreneurs, Kevin Plank, CEO of Under Armour, whose generous donation of $22,500 is awarded each year to the 1st and 2nd place winning companies. Winners of the 1st Annual Cupid's Cup were North Star Games founded by two former Smith MBA students and past Dingman Scholars. Last day to enter to compete is Friday, February 29!

Friday, April 11
2:00 p.m. - 5:00 p.m.

Frank Auditorium and the Atrium

Dingman Day Lunch

These catered luncheons are open to all University of Maryland students. Successful entrepreneurs will talk about their experiences and answer questions from the audience.

Friday, February 8 featuring C-Mart
12:00 p.m. - 2:00 p.m.

1335 VMH

Register

 

Friday, April 25 (immediately following the Pitch Dingman Competition)

12:00 p.m. - 2:00 p.m.

1335 VMH

Mentor Day

The Mentor Program is an innovative consulting service for entrepreneurs and small-medium businesses that assists companies in identifying solutions to business problems with the support of experienced, senior management professionals.

Every Tuesday
8:00 a.m. - 11:00 a.m.
3570 VMH

Pitch Dingman

Students are invited to pitch their ideas to the Dingman Center every Friday between 11:00 a.m. and 1:00 p.m. Each student will have 5-10 minutes to give an overview of their business idea and Dingman Center staff/EIRs will provide immediate feedback. Business ideas found viable will find further support in the Dingman Center.

First Three Fridays of Every Month
11:00 a.m. - 1:00 p.m.
3570 VMH

Pitch Dingman Competition

Similar to the Pitch Dingman reviews. Business ideas found viable will find further support in the Dingman Center and will also be awarded with a prize of up to $2,500.

Friday, February 29
11:00 a.m. - 12:00 p.m.
1335 VMH

 

Friday, March 28

11:00 a.m. - 12:00 p.m.

Room TBD

 

Friday, April 25

11:00 a.m. - 12:00 p.m.

Room TBD

 

Friday, May 16 (last competition for the school year)

11:00 a.m. - 12:00 p.m.

Room TBD

Social Venture Program

Advancing the social welfare of our community is a critical component of being a successful business leader and students seek this experience during their educational years. The Social Venturing Program's focus is on the nexus between businesses and non-profit organizations. Through this program, the Dingman Center is offering an array of programs that benefit the public and private sectors, students and the broader community.

Technology Visionary Series (invitation only)

See what's on the horizon in the world of technologies. These panel discussions will look at some of the cutting edge trends and innovations to come to market. Learn how these technologies are going to affect healthcare, entertainment, financial services, defense, media, and the entire range of human interaction.

  • Date: Wednesday, March 5

  • Panel: Computer Sensing: Future Applications for Vision, Hearing and Touch

  • Speakers: Rama Chellappa, Minta Martin Professor of Engineering; Timothy K. Horiuchi, Associate Professor of Electrical and Computer Engineering; Jaydev P. Desai, Associate Professor of Mechanical Engineering; and David S. Doermann, Co-Director of the Laboratory for Language and Media Processing, Co-Founder and President of Applied Media Analysis, Inc.

  • Register for this event

Next Panel: Wednesday, April 23

 

Technology Visionary Series Sponsors:

 

                         

 
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Dingman Center Programs

Pitch Dingman

Got a business idea? Want free advice from seasoned entrepreneurs? Join us every Friday from 11:00-1:00 p.m. to pitch your business in five minutes, no appointment necessary. Your next opportunity to win up to $2,500 at the Pitch Dingman Competition is on February 29 at 11:00 a.m. Please note that registration is required for the Pitch Dingman Competition dates. For more information, e-mail PitchDingman@rhsmith.umd.edu.

Capital Access Network

In partnership with tech councils, incubators, and state-funded institutions, the Capital Access Network (CAN) enables entrepreneurs of start-up companies in Maryland, Washington DC, Virginia, and Delaware to connect with active, accredited angel investors. The purpose of (CAN) is to provide open and efficient access to early-stage capital for entrepreneurs in the DC Metro area. This year's sponsors are: Morrison & Foerster LLP, Deloitte, Silicon Valley Bank, and Emerging Technology Centers. To apply for potential exposure to capital and investor coaching, email Melissa Carrier. If you are interested in attending presentations by entrepreneurs and hearing feedback from Dingman's Entrepreneurs-in-Residence, attend the next CAN Review Day(student audience only please).

Mentor Program

The Mentor Program at the Dingman Center is an innovative consulting service for entrepreneurs and small-medium businesses that assists companies in identifying solutions to business problems with the support of experienced, senior management professionals. Office hours are every Tuesday from 8:00 a.m. - 11:00 a.m. Contact Melissa Carrier for an appointment, to set up a session, or for more details. Additionally, consultative services will be available for select companies looking for longer-term support from mentors at $250/hour payable to the Dingman Center.
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Buy Your Smith-Branded Merchandise at the Smith Store

Your VIP visitors and departmental guest speakers should leave Smith with an elegant Smith-branded gift as a thank you for their visit, and The Smith Store is THE place to go for these items. The Smith Store has been working hard to develop a selection of high-quality merchandise that will be appreciated, displayed and used back in your visitor's home or office. With two weeks notice, the "sky is the limit" in terms of item selection. If you are short on time the Smith Store has in stock.

There are a few great products in stock now, ranging in price. The Smith Store has newly designed T-shirts, sweatshirts, hats, coffee mugs, coffee thermoses, wine openers and many more items to come. Always available from The Smith Store is the Smith polo shirt, available for $25.00, or brown leather money clip wallets for $15.00.

Questions? Contact Tarak Dave at tarakd@umd.edu. The Smith Store is located in 3570-U, in the Dingman Center for Entrepreneurship. The hours of the Smith Store vary and appointments are always available to meet your needs.
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The Dingman Center for Entrepreneurship

Founded by Rudy Lamone in 1986, the Dingman Center was one of the first of its kind in the country and has emerged as a top-ranked entrepreneurship center. Thanks to initial funding with a generous grant from Michael D. Dingman, founder of the Signal Corporation (now part of Honeywell International), the Dingman Center continues to grow as a regional and national catalyst in the field of entrepreneurship. The Center is now aggressively evolving, and in some areas, is expanding its services to further its role as a leader in the student, regional, and academic entrepreneurial communities.

The Dingman Center is currently led by:

Asher Epstein, Managing Director
Melissa Carrier, Director of Venture Investments and Social Entrepreneurship and Acting Director,   Office of Career Management
Mr. John LaPides, Chairman of the Board and Entrepreneur-In-Residence

Please visit our Web site at http://www.rhsmith.umd.edu/dingman.

Past Newsletters:
 

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