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We did it! We won the 2006 University of Michigan Business Challenge - a schoolwide business plan competition. This was the 23rd year of the competition, and this year it was structured differently than years previous. This year started with 40 student teams that enrolled in November. Outfoxed was one of these entrants. On December 9, these 40 teams competed head-to-head in a three-minute elevator pitch before a panel of judges. The teams were then narrowed to 16 and on January 13 we presented and defended the market size, the market need, and the underlying financial assumptions that drive the business. 8 teams were selected to move forward, this time required to produce full business plans accompanied by 15-minute pitch presentations. In the morning all teams presented, and the afternoon 4 of us were asked back. The four finalists pitched one last time in front of a panel of VC judges and winners were announced shortly thereafter.
Another Giant Check
Me and Jason holding the Grand Prize check for the Pryor-Hale Best Business award. This check will help Outfoxed with incidental fees - but the real payoff came in all of the learning we garnered along the way as well as the VC feedback regarding Outfoxed.
The victory also gets us an automatic berth into the MOOT Corp competition at UT - the "Super Bowl of Business Plan Competitions" this May.
''I need to thank Stan James for his vision and hard work bringing the paradigm shifting Outfoxed concept to the masses. I also need to thank the rest of the crew for their invaluable contributions to the project including Ulas and Fabian.''
Okay, okay... this isn't the Oscars, but the Outfoxed team victory is a huge validation of the software and business model. A lot of hard work has gone into this, and we hope this will be the first of many victories.
(Oh yeah, I almost forgot. We also won a Dare To Dream grant during the awards ceremony. More funds for legal fees!)
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