Technology Team from SDSU Wins $100,000 Prize at University of Texas Business Plan Competition

Contact: Randy Carmical, Director of Communications
SDSU College of Business Administration
(619) 594-0206 Randy.Carmical@sdsu.edu

OR

Rob Adams, Moot Corp Director
University of Texas at Austin
512-471-5289 (office)
rob.adams@mccombs.utexas.edu           

SAN DIEGO, Monday, May 07, 2007 - A patented cutting edge optical displacement sensing technique for use in accelerometers, gyroscopes, pressure sensors, temperature sensors and magnetometers claimed the grand prize at the 24th annual Global Moot Corp Competition held at the University of Texas at Austin on Saturday, May 5. Omega Sensors from San Diego State University beat out 34 teams from the UCLA-Berkeley, John Hopkins, Carnegie Mellon and top MBA programs around the world to claim the Global Champion prize.

Omega Sensors is an OEM supplier of market disruptive accelerometer technology. Applications include seismic imaging, navigation, industrial monitoring and more. Team members are Brad Chisum and Nick Rhea. Alex DeNoble is the faculty adviser.

Omega Sensors began as a government spin-out from SPAWAR Systems Center. Chisum, a former SPAWAR engineer, enrolled in DeNoble’s course at SDSU to explore the technology’s commercial applications.  He identified several promising avenues, so he decided to license the technology from SPAWAR and left to start the new company.  Omega Sensors subsequently received prototype financing from the San Diego-based Center for Commercialization of Advanced Technologies (CCAT).

“SDSU and the EMC create the perfect environment for any entrepreneur to develop their business” said Chisum. “I have been allowed to use Omega Sensors as my project for nearly every applicable class I have taken – essentially allowing me to 'practice' having the business and develop a solid strategy before making it into a reality.  The feedback from the professors combined with the resources of the EMC gave our team the foundation we needed to succeed at Moot Corp and launch the business.”

The SDSU team will receive a prize package worth $100,000: 1) $25,000 in cash; 2) the Austin Technology Incubator Launch Package worth $25,000 featuring a one year membership which includes strategic business consulting services and mentoring from a team of industry experts, office space, and access to discounted legal, accounting, and businesses services from top tier providers; 3) prosecution of the first American patent by Ropes & Gray worth $25,000; and 4) consulting with the McCombs School of Business entrepreneurship faculty worth $25,000. The winning team will also open the NASDAQ Stock Market on August 10 and their name will appear in an ad in the June 6 edition of Red Herring.

“SDSU has an impressive team of faculty and students who have amazed me with their passion and entrepreneurial spirit,” said Entrepreneur-in-Residence Leonard Lavin who is founder and chairman emeritus of the Alberto-Culver Company. “I congratulate the team for winning this prestigious competition and wish them luck as they start this new venture.”

This year, 35 teams gathered in Austin to compete. The ideas they pitched are as wide ranging as the geographical distances of their hometowns. Teams from Australia, Brazil, Canada, China, Colombia, France, Great Britain,  Norway, Thailand and all corners of the U.S. participated.

Omega Sensors was awarded the top prize after a two-day competition that featured 13 international graduate teams and 22 teams from colleges from the leading MBA programs around the U.S. The Finals judges were William Glasgow, Prime Investments; Betty Otter-Nickerson, Lance Armstrong Foundation; Gary Pankonien, Emergent Technologies, Phil Speros, Halsa Pharmaceuticals; and Tracy Taylor, Kansas Technology Enterprise Corp.

The Omega Sensors team was one of the eight division winners in the Opening Round held on Friday, May 4. The 35 teams were narrowed down to ten semifinals that competed Saturday morning in two divisions. The top two teams of each division competed in the Finals Saturday afternoon; less than three hours after learning they had won their Semifinal round.

About the Moot Corp Competition
Begun at the University of Texas at Austin by MBA students in 1984, the Moot Corp Competition is the oldest new venture competition in the world, and it provides MBA student teams with a chance to simulate the real world process of raising venture capital.

About the College of Business Administration - Leadership for the Global Marketplace.
With over 6,000 students, the SDSU College of Business is one of the largest business schools in the U.S. Its programs in international business and graduate entrepreneurship are ranked among the top programs in the country by U.S. News and World Report. For more information, visit www.sdsu.edu/business.

About SDSU
San Diego State University is the oldest and largest higher education institution in the San Diego region. Since it was founded in 1897, the university has grown to offer bachelors degrees in 81 areas, master’s degrees in 73 areas and doctorates in 16 areas. SDSU’s more than 34,000 students participate in an academic curriculum distinguished by direct contact with faculty and an increasing international emphasis that prepares them for a global future. For more information, visit www.sdsu.edu.