UMass EI & HGCF Awards Thousands in Seed Funding to Aspiring Entrepreneurs.
March 31st 2005, Amherst, MA – This week the UMass Amherst Entrepreneurship Initiative, also known as Entreclub, completed its Spring 2005 Business Competitions, awarding thousands of dollars in seed capital to aspiring UMass Entrepreneurs.
In their Concept Pitch Competition, Entreclub helped students learn to communicate their core business concept quickly and effectively. The Initiative's Executive Summary Competition helped students a bit further along in the process learn the basics of writing down their ideas and understanding the first steps of developing their concept into a reality.
The 1st place winner of the Executive Summary Competition was Textics. As described by co-founder Kerry Pierce (UMass MBA student), "Textics seeks to publish and deliver online multimedia e-textbooks to the collegiate marketplace. As an Internet company that couples technology with a modern business model, Textics is able to easily enter and disrupt the traditional Textbook industry as a low-cost entrant."
The 2nd place winner of the Executive Summary Competition was College Mattress Pros. According to cofounders Neal Van Patten and Seamus Gahan (both UMass MBA students), "Collegiate Mattress Pros is a franchise selling overstock mattresses and relying on low overheads to offer a quality low priced product. College students will own and operate the franchises, allowing them to earn a substantial income while developing their businesses skills and gaining responsibility."
The 1st place winner of the business pitch competition was Drop4Cash, a company proposed by UMass Student Alan Hilaire. His business concept is to help people who have a lot of goods they would like to sell on eBay, but lack the experience or time to do so.
The 2005 business competitions represent a re-awakening of Entreclub, which had struggled in the years after the dot-com crash. This re-awakening was made possible thanks to the support of the Harold Grinspoon Charitable Foundation, the donations of time and support from Entreclub Alumni, and especially the support of leaders at the University.
About The UMass Amherst Entrepreneurship Initiative:
Founded in 1999, the Initiative is a joint effort by leaders throughout the university, as well as local business leaders and alumni to help students:
- Pursue the dream of turning their ideas into real-world businesses and organizations
- Enhance their job options upon graduation
- Accelerate development of academic-laboratory technologies