Prabhdeep Singh, a doctoral candidate in computer science and engineering at Arizona State University (ASU), took home the $20,000 grand prize from the ASU Technology Entrepreneurship Challenge business plan competition on Oct. 22. This marks the second year for the Intel-sponsored event, which is designed to foster new talent and innovation in technology.

“This competition is an eye-opener for the Fulton School’s aspiring technology entrepreneurs as to what the market needs,” Singh said. “Good business ideas backed by solid research don’t necessarily have to come only from schools like MIT and Stanford. ASU will be able to take pride in high-tech spin-offs due to contests like this.”

Aspiring entrepreneurs were encouraged to enter plans related to a variety of technological areas including mobile and wireless technologies, retail and consumer software, energy and power generation, and nanotechnology. The cash prizes, ranging from $5,000 to $20,000, provide seed capital for students to pursue their business ventures.

The seven competing teams, comprised of students from the Ira A. Fulton School of Engineering and the W. P. Carey School of Business, presented their high tech business plans to a panel of five judges. The panel was well-represented with individuals from intellectual property management and law, technology transfer, and venture capital, including a representative from Intel Capital. Business plans were judged on six criteria, with the most consideration given to achievability of the business concept, profitability and return on invested capital, and the presentation and articulation of the concept.

Dr. Thomas Duening, director of the Entrepreneurial Programs Office for the Fulton School, explained that the competition encourages the commercialization of innovative ideas, opening up additional career opportunities to students.

“If we want the U.S. economy to thrive, we need to ensure that we are technological leaders,” Duening said. “Opportunities such as this competition ensure that ASU contribute to future competitiveness. “

Singh’s winning business plan outlines a buyer-oriented, online marketplace called USuggest. The site allows shoppers to rapidly find the best deals on products, while deal “suggesters” can earn commissions each time their suggestion leads to a sale.

“To USuggest, this competition means a lot. The first prize is a validation of the efforts that have gone into the project, that the idea is indeed fundable,” Singh said. “Any capital infusion acts like an octane boost to speed up our final release and make a greater impact.”

The second place award of $10,000 went to Flowchips. The three-person team utilizes ground breaking technology to reduce the cost and time necessary to conduct biological RNA research trials.

USuggest, along with Flowchips, will go on to compete in the Intel-Berkeley Technology Entrepreneurship Challenge business plan competition to be held Nov. 18 at the University of California-Berkeley. The two ASU teams will go up against winners from the UC Berkeley Business Plan Competition; the National University of Singapore's Start-Up@Singapore Enterprise Launcher; Tec de Monterrey's Premio Intel Competition, Mexico; and the Business Innovation Technology Competition, a collaboration of six Russian universities. The competition provides worldwide exposure for the participants’ business concepts, along with the opportunity to take home the $25,000 grand prize.

“Only five schools from around the world have been invited to the competition in Berkeley,” said Duening. “This is an extraordinary opportunity to bring ASU to the forefront of technological entrepreneurship.”

Shop, share, earn

USuggest.com is a buyer-oriented, online marketplace, which helps consumers to find the best product prices without the time and frustration of typical online shopping. Through the site, shoppers can rapidly find the best deals on products using suggestions posted by other online shoppers without crawling countless sites. Suggestions for the best deals on an endless list of products are displayed and ranked according to the quantities purchased. This ranking system demonstrates the buying trend of other online shoppers, helping to validate a consumer’s decision to buy a product.

Products and pricing displayed on the site are the result of suggestions from online shoppers. These “suggesters” can earn money by simply sharing the best deals they find on the Internet. Each time their deal suggestion results in a sale, the “suggester” receives a commission, part of USuggest’s “shop, share, earn” philosophy.”

The company has been testing the patent-pending technology through prototype websites, which draw more than 10,000 visitors per day. The official launch of the USuggest one-of-a-kind shopping experience is set for the 2005 holiday shopping season.