June 02, 2005
"AdVenture in Entrepreneurship"
Auditude, a technology service for tracking broadcast advertising wins the 2005 Knapp Venture Competition
LOS ANGELES — The Harold Price Center for Entrepreneurial Studies at UCLA Anderson School of Management announced the winners of the 24th annual Knapp Venture Competition, held Thursday, May 26, 2005. Team Auditude, a media tracking technology company, won the competition and received a grand prize of $10,000. Team Mujisan, an advanced drug delivery company, came in second place and received a $4,000 prize. The competition consisted of five finalist teams who presented their business plans to a judging panel of distinguished entrepreneurs and investors.
Auditude, the winning UCLA Anderson team, is composed of Nicholas Seet ('05), Johanna Wright ('05), and Erik Haus ('05). This team also came in first place recently at Rice University Business Plan Competition open to entrants from around the country. “The Knapp Competition was phenomenal, the level of entrants and judges was world class,” said Nicholas Seet, a Fully Employed Anderson MBA student.
Auditude’s proprietary technology allows tracking of advertisements on television and radio to ensure that ads are executed correctly. Currently up to 10% of ads are incorrectly executed, costing the broadcast industry $6 billion per year. Auditude’s technology detects ad errors allowing broadcasters to replay ads instead of issuing refunds and allowing advertisers to validate their ad purchases. In 2004, Auditude licensed its technology to Premiere Radio Networks, the syndication division of Clear Channel Communications, Inc., and is engaged in discussions with other national broadcasters.
“Even before I came to UCLA Anderson, I wanted to be in this competition,“ said Johanna Wright. “I am really thankful to have been able to participate this year, and winning was unbelievable.”
Team Mujisan, who received second place honors, includes team members Peter Catalino (‘05), Bassel Rifai, Karoon Monfared, David Wang and Jane Lee. Mujisan is an advanced drug delivery company based on groundbreaking proprietary drug polymer technology, PolyRx. PolyRx represents a novel sustained-release (SR) formulation that forms polymers using individual drug molecules as the building blocks. The company’s first reduction of the PolyRx technology, PolyOxy, is an abuse-resistant, SR opioid that targets the $3B US market for Oxycontin.
Teams receiving honorable mention, A-List Magazine, AsiaCard and Ocelot each received $2,000 in prize money. (See team descriptions below). Additionally, A-List Magazine won the Epson America, Inc. People’s Choice Award and received a $1,000 prize.
The Knapp Venture Competition is designed to provide UCLA Anderson students with an intensive learning experience involving the entrepreneurial process. The competition prepares students to excel in their own ventures by simulating the process of starting and evaluating a business.
More than 200 students, potential students, faculty, staff and special guests attended the final round of the 2005 Knapp Venture Competition. In the Knapp Venture Competition, at least one member of each team is a current UCLA Anderson student. The students have discovered the incredible resources that are available to them at UCLA and throughout the greater Los Angeles community. Fellow UCLA Anderson classmates and alumni, as well as graduate students in the other technical and professional schools, are all potential partners and sources of ideas.
The honorable mention teams of the 2005 Knapp Venture Competition are as follows:
A-List Magazine — A-List Magazine is a general-interest, monthly publication that takes the ranking, such a dominant and lucrative editorial device across the newsstand, and exploits it as a cover-to-cover format. In other words, a magazine of lists. Team: Ronnie Gul, UCLA Anderson MBA '06; Andrew Lenchewski
AsiaCard — AsiaCard is the first national consumer loyalty program targeting the 900,000 Asian merchants and 13 million Asian-American consumers who represent $363 billion in annual purchasing power. Through its electronic payment-based loyalty program, AsiaCard will help both local and national businesses acquire, retain and understand the Asian consumer segment. Team: Jason Lee, Lynn Wang, Nikao Yang, Eleanor Hsu and Amy Chiou, all of whom are members of the UCLA Anderson MBA Class of 2006.
Ocelot — Ocelot enables consumer electronics leasing by connecting existing value chain participants and providing the single missing capability: predicting future device resale values. Initially, Ocelot enables retailers to offer consumers flexible leases on notebook computers, digital music players and digital cameras. Team: Jade Van Doren, Jeremy Milo, Marc Lebovitz and Courtney Cochran, all of whom are members of the UCLA Anderson MBA Class of 2005.
The Knapp Venture Competition is named for Bud and Betsy Knapp, whose $2 million gift to UCLA Anderson supports the annual event and several other entrepreneurial initiatives. The couple serves on UCLA Anderson’s Board of Visitors.
Below is the list of judges who evaluated the business plans and presentations of the five finalist teams:
- Betsy Wood Knapp, founder and CEO, BigPicture Investors, LLC
- Cleon T. "Bud" Knapp, trustee, The Knapp Foundation
- Abbott Brown, vice president, Ridgestone Corp.
- Lee Bailey, partner, Rustic Canyon
- Christine A. Bubser, consultant
- Josh Empson, vice president, corporate development, United Online, Inc.
- Robert Goldberg, executive VP and managing director, venture operations, Idealab
About the Harold Price Center for Entrepreneurial Studies
The Harold Price Center for Entrepreneurial Studies, a recognized leader in entrepreneurial education, oversees all teaching, research, extracurricular and community activities related to entrepreneurship at UCLA Anderson School of Management. The Price Center strives to provide academic and extracurricular experiences that advance both the theory and practice of entrepreneurship.
About UCLA Anderson School of Management
UCLA Anderson School of Management is perennially ranked among the top-tier business schools in the world. Award-winning faculty renowned for their research and teaching, highly selective admissions, successful alumni and world-class facilities combine to provide an extraordinary learning environment. Established in 1935, UCLA Anderson provides management education to more than 1,400 students enrolled in full-time, part-time and executive MBA programs and doctoral programs.
UCLA Anderson’s faculty includes outstanding educators and researchers who share their scholarship and expertise in such fundamental areas as finance, marketing, accounting, business economics, decision sciences, operations and technology management, human resources and organizational behavior, information systems, strategy and policy.
Recognizing that the school offers unparalleled expertise in management education, the world's business community turns to UCLA Anderson School of Management as a center of influence for the ideas, innovations, strategies and talent that will shape the future.Contact Information
Hilary Rehder, (310) 206-7707, email@example.com