Start Up Competition in Silicon Valley
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You might call it the “American Idol” competition of the entrepreneur set, as young inventors from all over the world are competing at Cisco in Santa Clara.
It’s called the Global Business Plan Competition, and it’s co-sponsored by Draper Fisher Jurvetson. Sixteen teams of university students from throughout the world are competing for $250,000 in investment money for their inventions and creations.
For example, Stanford student Peter Frickman, who runs the start up Drip Tech, which is an inexpensive drip irrigation system for small farmers around the world.
One of the judges, venture capitalist Tim Draper points out that many successful companies are started in recessions.
”If you are a true entrepreneur this is the time to start a business,” said Draper. “You have to get creative because there isn’t always going to be money available.”
Other business plans include a more efficient way for companies to manage e-mail, and a way to convert rice husks into energy.
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