GATHERINGS
Pitching practice
Entrepreneurs compete for a precious few minutes to sell their dream
By Chris McNamara
Special to the Tribune
March 4, 2007
The normally inspirational view of the Chicago River and adjacent skyscrapers was dampened Monday by a frozen drizzle. But inside a 6th-floor conference room at the University of Chicago's Gleacher Center, 450 N. Cityfront Plaza Drive, dreams were bouncing off the walls.
The inaugural Chicagoland Fast Pitch Competition welcomed local entrepreneurs to pit their business plans against one another to determine who had the best moneymaking idea. It was a wholly American contest, with the idol being success.
"This is a way to find people with ideas and promote them," said event producer Melissa Talarico, venture director with the Chicagoland Entrepreneurship Center, which provides business assistance to high-grossing companies. It was one of a long list of sponsors that also included the Illinois Business & Investors Forum, the Illinois Department of Commerce and Economic Opportunity and the Chicagoland Chamber of Commerce as well as several local universities.
Giving judges the business
Adorned with business suits and briefcases or blue jeans and facial piercings, 65 pitchers (as judges labeled them) included graduate students, business neophytes and successful professionals launching new ventures. And they were all eager to propel their dream business in the business world. Take Kathy Bridges, who is hoping to parlay experience as an accountant with Condo Association Billing, her business--launched in December--which manages the books for small buildings. "I'm here to market," she explained.
Or Ola Ayeni, 35, of Bolingbrook, who on this very day launched Text2Store Mobile, a business that facilitates the delivery of e-coupons to mobile phones. "I'm looking for funding," he explained. "Up to this point all funding has been from me."
Ayeni was not alone in cyberspace; Talarico estimated that a third of business plans were Web-based, including such unusual ideas as What's My Aura? an online spiritual reader conceptualized by Seth Deutsch. (The offbeat ideas weren't relegated to cyber-businesses, of course. Tim Probasco's inShield Wiper cleans the inside of the windshield.)
The business models were divided into five categories (Information Technology, Business Products and Services, Life Sciences, Retail and Consumer Products, Open Competition). Judges--a panel of experienced entrepreneurs, investors and industry experts--critiqued each pitch and each pitcher, looking for those who could clearly define their plan and show how it would make money.
"This is a unique demonstration of entrepreneurship in this city," said judge Dennis Serio, founder of the Illinois Business & Investors Forum. "Hopefully we can show these people that there is a yellow brick road that leads to Oz--and that is funding."
The Finalists
Each category's winner (as selected by the judges) was given three minutes to pitch his or her idea in front of the packed room of fellow pitchers, judges and a few venture capitalists.
Nicki Shuh's Heartfelt Charity Cards are marketing devices for businesses, the catch being that each represents a donation to charity. Shuh currently employs 16 workers.
Aashish Dalal's ParkWhiz computer model helps concertgoers and sports fans find the cheapest parking near a venue before they arrive. "This idea was born out of personal pain trying to find parking. I've been working on this business full time for eight months," said the 29-year-old Chicagoan after his smooth three-minute pitch. (He admitted he drove his wife crazy practicing.) "Right now my focus is the product. The next angle is finding funding."
Jed Abernethy's Halo.net enables businesses to track their products the moment they leave the plant. For example, Coca-Cola could monitor the status of every can in every vending machine in a chosen region.
Kristen Ware's Optimal Vision offers the visually impaired--particularly those suffering from the common presbyopia--a new correction option.
Karen Gruber's The Perfect Dinner enables busy moms to pick up (or have delivered) gourmet meals at the last minute. "I launched the business three years ago. Now I'm looking to expand," said the Oak Park resident, who in addition to running her business is a student in the University of Chicago's executive program. "I'm taking advantage of every opportunity presented to students."
Success!
After each had presented, the audience voted for their favorites on ballots while the judges graded them on score sheets. These scores were combined to select the winners--Shuh (third place--$2,000), Ware (second--$3,000) and Dalal (first--$5,000), who was characteristically cool after his name was announced. "It's nice to be acknowledged by your peers," he said, "but this is more about the experience."
Until ParkWhiz explodes, that prize money Dalal was awarded can feed a lot of meters.
A top manufacturer of pithy sayings
Contrary to logic, business lectures don't have to be boring. Take Howard A. Tullman's motivational speech--presented while the judges selected the Fast Pitch finalists--which included the Bikini Rule: Just because you can do something doesn't mean you should.
As chairman and CEO of local learning center Experiencia and president emeritus of Kendall College, Tullman inspired his audience of pitchers with these other tidbits:
"Expecting the world to treat you fairly because you're a good person is like expecting a lion not to eat you because you're a vegetarian."
"A good plan violently executed today beats a perfect plan next week."
"Make `cheap' mistakes; skinned knees are part of the game. Make 'em. Admit 'em. Correct 'em. Forget 'em."
"Change occurs in an instant. It's overcoming the resistance to change that takes all the time."
--C.M.
