Anderson students present innovative business plans in Knapp Venture Competition for prizes, industry insight

Applause echoed throughout the UCLA Anderson School of Management as a large check for $15,000 was handed to the winners of the 31st annual Knapp Venture Competition on Thursday.

The company Greenbotics, whose management team includes Anderson students, had put forth a solar panel cleaning system that uses robotic vehicles with brushes and squeegees to clean the panels ­”“ and it captured the judges’ attention.

The student-run Anderson competition, which started in 1982, allows students to develop and market their own company, and then to present it to judges who offer constructive criticism and question the company as if they were investors. Contestants who reach the finals also earn an investment in their company in the form of the monetary award.

Essio, a company that develops a shower aromatherapy treatment, won the $10,000 second-place award. The $1,000 People’s Choice Award was given to the fourth-place company, Nesher Technologies Inc., which develops diagnostic detection technology.

The other finalists included business plans for early season pomegranate orchards and a treatment for a genetic disorder.

Alfred Osborne, an Anderson associate dean and the welcoming speaker, said the quality of the competition over the years has grown dramatically.

“The presentation and material presented by all teams was first-class, but there were one or two teams that did an extraordinary job of telling their story and making it come to life for the judges,” Osborne said. “And the winners, Greenbotics fell into that category.”

Kyle Cobb, a graduate student at Anderson and a member of Greenbotics, said the company will use the money they won to expand their business venture as they achieve new clientele. Cobb also said that their next step is to enjoy their momentum but that they have to stay laser-focused on executing their business.

“We have met quite a few really helpful mentors and advisers, including great contacts today from the industry ““ a couple who can very well turn into customers,” Cobb said. “So beyond the money, there is a lot of in-town services that we won, and a lot of free advice.”

The competition began in April when 61 teams, each containing at least one Anderson graduate student, submitted their business plans to be reviewed by Anderson student judges who ranked and selected the top-25 teams to continue on to the semifinals.

Later that same month, the remaining groups were judged by a panel of business entrepreneurs who selected the five finalists.

Clad in business attire, presenters took to the stage at Anderson’s Korn Convocation Hall Thursday to present their company for the last time to a new panel of judges that included Bud and Betsy Knapp, two of the founders of the competition.

Each group discussed their proposal, the market they were entering and the potential competitors they would face. Following their presentation, the judges began to ask them questions about potential risks, exit strategies and the viability of some of their ideas.

They questioned the design of Greenbotics robot design and whether or not a similar machine can be made by a competitor. The judges also asked about the development of technology that prevents solar panels from dirtying, which is in the works but not yet commercialized, as members of Greenbotics acknowledged.

Cobb said that with a busy schedule of classes, many Anderson students are not aware of the good ideas being generated by their peers. Through the Knapp Competition, students can see what fellow students are up to in the business world, Cobb said.

Aubrey Kelly, a three-time Knapp competitor, a graduate student and a Nesher Technologies Inc. member, said that although she did not win, she is glad the company made it to the finals.

“It’s through these types of competitions that you are able to trust yourself to know that you are going to be OK (outside of school),” Kelly said.