Purdue entrepreneurs win grand prize in international business plan competition
Published: May 24, 2012
WEST LAFAYETTE, Ind. - Purdue University entrepreneurs who founded a life-sciences company based in the Purdue Research Park won the $10,000 grand prize in an international business plan competition.
Medtric LLC placed first among 35 teams from around the globe to win the LES Foundation Graduate Student Business Plan Competition. The LES Foundation was established by the Licensing Executives Society (U.S.A. and Canada) Inc. to increase awareness and understanding of licensing and intellectual property rights and to communicate the role licensing plays in bringing creativity and innovation to the commercial marketplace.
Medtric was founded by Sean Connell, who currently is pursuing his doctorate at Purdue's Weldon School of Biomedical Engineering, and Jianming Li, who earned his doctorate in biomedical engineering at Purdue. Connell is president and chief operating officer, and Li is the chief scientific officer. William Schryver, an MBA student at Purdue's Krannert School of Management, serves as the group's chief financial officer. Medtric aims to commercialize a nanotechnology-based therapeutic for treating infected wounds.
Connell said the LES Foundation Graduate Student Business Plan Competition placed special emphasis on the competitors' intellectual property assets.
"The majority of the competition was demonstrating how your company would leverage these assets for commercial success either through licensing opportunities or excluding competition through patent protection," he said. "Participating in the program was a great experience, partly because of the awarded capital, but also because of the world-class professional mentorship and networking opportunities."
Connell explained how Medtric would benefit from winning the grand prize and networking during the competition.
"Medtric will use the grand prize winnings to manufacture the first round of our product, which we hope to have available for sale in the near future," he said. "We will use the new contacts to explore potential international licensing opportunities to reach the global marketplace."
A video produced by LES USA Canada showing Connell presenting Medtric's elevator pitch during the competition can be viewed at https://www.youtube.com/watch?v=aJ-WRh3OI1M&hd=1
About Medtric LLC
Medtric aims to provide the measurable difference by delivering clinically robust and economically sensible wound-care solutions.
About Purdue Research Park
The Purdue Research Park, with four locations across Indiana, has the largest university-affiliated business incubation complex in the country. The parks are home to about 200 companies that employ 4,000 people and are located in West Lafayette, Indianapolis, Merrillville and New Albany.
Purdue Research Park contact: Steve Martin, 765-588-3342, firstname.lastname@example.org