TU Team Places 2nd in Statewide Business Plan Competition
Monday, April 18, 2011
TU MBA students placed 2nd in the Donald W. Reynolds Governor's Cup statewide business plan competition.
The University of Tulsa MBA students, Stephen Fain, team leader; along with Nate Garrett and Ryan Eslicker and with the guidance of faculty advisor Michelle Witt, placed 2nd in the Donald W. Reynolds Governor's Cup statewide business plan competition. This competition is designed to encourage students Oklahoma to act upon their ideas and talents in order to produce tomorrow's businesses.
Approximately 40 teams from colleges across the state competed this year. The six graduate teams and six undergraduate teams that made it to the final round of the competition presented their business plans to a panel of judges in Oklahoma City on April 9th. On Thursday, April 14th, the 1st, 2nd and 3rd place winners were announced at the Annual Awards Dinner attended by about 500 people at the Coca-Cola Bricktown Events Center in OKC.
The TU team, IASO, presented their plan that showcased “SPI Gel,” an environmentally friendly, silica-based enhanced oil recovery system that seals off inefficient reservoir zones, allowing more trapped oil to be recovered. Well operators that use SPI Gel can expect up to a 50 percent increase in daily oil recovery and decreased expenses. IASO’s mission is to provide oil recovery systems that allow operators to conveniently “get more oil” while being safe for personnel and the environment.
The University of Tulsa was awarded a beautiful trophy and the team received $10,000 and will now move on to compete in the Tri-State Competition. The top two winners in both the undergraduate and graduate divisions from Arkansas, Nevada, and Oklahoma will compete on May 25th in Las Vegas for additional prize money. The first place winners from each division will receive $25,000 in cash award and second place winners will receive a $15,000 cash award.
This competition simulates the real-world process of entrepreneurs creating a business plan to solicit start-up funds from potential investors. Students involved in this competition gain access to networks of successful entrepreneurs, lenders and investors, team building opportunities, business planning skills, and media exposure.