FORTUNE Magazine Joins Forces with the Rice Business Plan Competition
FORTUNE to build on “world’s richest and largest” competition.HOUSTON – Feb. 16, 2010
– FORTUNE is joining forces with the Rice Business Plan Competition (RBPC) as national media sponsor.
FORTUNE, one of the leading magazines in the world focused on businesses and their growth, announced they are teaming up with the RBPC in 2010 to enhance the already prestigious $800,000 international competition hosted by the Rice Alliance for Technology and Entrepreneurship (Rice Alliance) and the Jesse H. Jones Graduate School of Business at Rice University in Houston. The 2010 Competition will be held on April 15-17, 2010.
"We're thrilled to be joining forces with the Rice Business Plan Competition," says Hank Gilman, Fortune magazine's deputy editor. "There's nothing more exciting in the business world than showcasing promising young entrepreneurs and their ideas."
The RBPC is the largest and richest, intercollegiate, MBA/graduate-level business plan competition in the world. Prize money has grown to over $800,000 and the number of teams applying to enter the competition last year increased 45% to 340 teams vying for the 42 slots. Teams compete in areas such as clean energy, life sciences & biotech, information technology, nanotechnology, sustainability, and consumer products.
The 340 teams from around the world were pared down to 42 and invited to compete in the three-day, 2009 competition held at Rice University in Houston. Teams competed for cash and prizes in the elevator pitch and business plan competition that simulates the real-world process of entrepreneurs soliciting start-up funds from early stage investors and venture capital firms. More than 200 judges consisting of successful entrepreneurs, investors and business leaders provide valuable feedback to the presenters.
“FORTUNE is one of the best known national publications for business and it is a perfect match for the Rice Business Plan Competition, which in only nine years, has grown to become the largest and richest competition in the world. Eighty-four past competitors at Rice have gone on to launch their new ventures, having raised more than $150 million in funding, which is perfectly aligned with the mission of FORTUNE,” said Brad Burke, managing director of the Rice Alliance for Technology and Entrepreneurship. "This partnership with FORTUNE will allow its readers to get early insights into the most promising companies of tomorrow."
As a national media sponsor, FORTUNE will support the competition with print and web editorial as well as advertising the competition to potential competitors. About the Rice University Business Plan Competition
The Rice University Business Plan Competition is the world’s largest and richest graduate-level business plan competition. It is hosted and organized by the Rice Alliance for Technology and Entrepreneurship which is Rice University's flagship initiative devoted to the support of entrepreneurship.
This is the 10th year for the competition. In that time, it has grown from nine teams competing for $10,000 in prize money in 2001, to 42 teams from around the world competing for more than $800,000 in cash and prizes in front of over 200 judges.
More than 85 past competitors have gone on to successfully launch their business, including 30 of the 36 teams from the 2008 competition. In total, past competitors have raised more than $150 million in funding.
In 2009, intents to compete increased nearly 45% from the previous year with more than 340 intents submitted from around the world. More than 120 corporate and private sponsors support the business plan competition. Two hundred plus venture capitalists and other investors from around the country volunteer their time to judge the competition, with more than half of the judges coming from the investment sector.
The Rice Alliance for Technology and Entrepreneurship (Rice Alliance) is Rice University’s nationally-recognized initiative devoted to the support of technology commercialization, entrepreneurship education, and the launch of technology companies. It was formed as a strategic alliance of three schools: the George R. Brown School of Engineering, the Wiess School of Natural Sciences and the Jesse H. Jones Graduate School of Business.
Since inception, the Rice Alliance has assisted in the launch of more than 250 start-ups which have raised more than half-a-billion dollars in early-stage capital. More than 750 companies have presented at the 115+ programs hosted by the Rice Alliance. www.alliance.rice.edu. About FORTUNE:
FORTUNE is a global leader in business journalism with a worldwide circulation of more than 1 million and a readership of nearly 5 million, with major franchises including the FORTUNE 500 and the FORTUNE 100 Best Companies to Work For. FORTUNE Live Media extends the brand's mission into live settings, hosting a wide range of annual conferences, including the FORTUNE Global Forum. FORTUNE magazine’s online home is CNNMoney.com, the most visited and utilized business destination website.
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