2011 Burton D. Morgan Business Plan Competition Video

[ Silence] [ Music ]>>Winning the Burton Morgan
Competition was extremely beneficial to, to Glytrix.>>The Burton Morgan Competition
was a great opportunity for us to get our business
jump started.>>Glytrix is a, a biotech start up company that’s working
on two applications. One to prevent scars from
forming in your skin, and the other for cardiovascular
and peripheral artery disease.>>The research had a lot
of commercial potential, and so we did some
few, a few experiments to determine some
applications and from that we formed the company.>>We’re good scientists,
and that’s what we knew. Going into the Burton
Morgan gave us a lot of business experience
that we weren’t prior to that familiar with.>>And the process
was very beneficial in that it did jump start
our company by forcing us to, to get our documents in order.>>The first step would be to
write your executive summary. That’s probably the most
critical document that you have. That’s your company’s resume. After that, you write your
full-on business plan ->>Which details all of the
aspects of your business from your markets to your
customer to your financials, and following that we were
able to present our technology to a panel of investors
and lawyers ->>In the room during
the competition, there are angel investors, BC’s. A lot of people with
really good connections to get you to the next step.>>Winning the Burton Morgan
Competition was really advantageous for Glytrix. It provided us with a lot of
feedback for our business plan. Gave us a lot of contacts.>>The winnings from the Burton
Morgan Competition have allowed us to travel across
the country to meet with an industry
partner, and they realized that this is the company that
won the, the Competition. They look at you with a
little bit more excitement.>>I would recommend that
other people participate in the Burton Morgan
Competition if they have a, an idea that they think
would be commercialized. It would, it helps them really
think through every aspect of their idea and, and their
potential business by having to come up with the
documents necessary.>>Oh, the Burton Morgan really
helped us jump start the, the company.>>As you can see, the Burton D.
Morgan Business Plan Competition has led to several
successful ventures. In fact, the Burton D. Morgan
Business Plan Competition is one of the oldest and richest
business plan competitions in the nation. This year, the contest will be
held February 22nd, and $100,000 in prize money will be offered. This contest is available to all
West Lafayette, Purdue students. There’s an undergraduate
division where $20,000 in first place money
will be offered, and there’s a graduate division where the winners can receive
$30,000 in prize money. So this is a great opportunity
to vet your ideas with some of the really outstanding
venture capitalists in the state and nation. So check the website
where you can find out how to jump start your
business idea and turn it into an economic reality. [ Music ]

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