LOS ANGELES, April 20 /PRNewswire/ -- A team of three UCLA Anderson School
of Management students took first place in the Rice University Business Plan
Competition, the largest intercollegiate business plan competition in the
world. After all rounds of judging were complete, the UCLA Anderson team came
away not only with a grand prize valued at $135,450, but also valuable input
from an array of 130 judges, including venture capitalists, patent lawyers,
entrepreneurs and bankers.
The winning UCLA Anderson team, named Auditude, was composed of Johanna
Wright ('05) and Nicholas Seet ('05), who participated in the actual
competition, and Erik Haus ('05), who provided significant input in developing
and writing the winning business plan. Wright and Seet were honored at a
banquet held at the conclusion of the competition, which took place
April 7-9, 2005, at Rice University in Houston, Texas.
The three-day competition is aimed at simulating the real-world process of
entrepreneurs soliciting start-up funds from early-stage investors and venture
capital firms. The competition was hosted by the Rice Alliance for Technology
and Entrepreneurship and Jesse H. Jones Graduate School of Management at Rice
The UCLA Anderson team competed against the 35 top-selected business plans
from among 130 plans entered for the competition. From the start of the
event, the UCLA Anderson team faced fierce competition from a number of peer
business schools, including Harvard, Stanford and MIT, as well as from
international teams from Colombia, India, England and Canada. Upon reaching
the finals, Auditude went up against six solid teams from London Business
School, Northwestern, University of Chicago, University of Louisville,
University of Michigan and University of Pennsylvania.
Auditude's business plan outlines the development of a suite of technology
services for automatic tracking of broadcast advertisements based on its
proprietary technology. The digital media startup's mission is to "deliver
accountability to the broadcast advertising industry" by ensuring that
advertisements are played correctly on television and radio. Auditude
technology can detect and display which radio and television ads were
played -- literally minutes after they air. In 2004, Auditude licensed its
technology to Premiere Radio Networks, the syndication division of Clear
Channel Communications Inc., and is currently engaged in active discussions
for with several other national broadcasters.
As the first place winning team, Auditude received a grand prize of
$135,450, consisting of a $100,000 investment from GOOSE (Grand Order of
Successful Entrepreneurs), $20,000 in cash, roundtrip tickets on Continental
Airlines, one year office space and services from Houston Technology Center,
and qualification to advance to the international finals of the MOOT CORP(R)
business plan competition.
"We went to this competition essentially to get feedback on our plan so
that we could improve our chances to win the Knapp Venture Competition, UCLA
Anderson's Business Plan Competition," said Johanna Wright. "So it was really
unexpected when we actually won at Rice."
"The Rice Business Plan Competition was incredible. It is a rare event to
present your plan to more than one investor at once, let alone 130," noted
team leader Nicholas Seet. "Not only were the judges extremely supportive,
but their feedback was honest and thorough."
In developing their plan, Seet, Wright and Haus brought their diverse
professional experience and also applied the knowledge they've gained from
their UCLA Anderson management education, in particular, Professor Bob
Foster's business plan development course. Prof. Foster served as the team's
"Prof. Foster's business plan development class was instrumental in our
writing the Auditude plan," said Seet. "The critique delivered by the class
and the opportunity to present the plan in front of real VCs helped us prepare
for the Rice event."
Below are bio briefs on the UCLA Anderson School of Management team
Nicholas Seet serves as the chief technology officer for Auditude. He has
a bachelor of science in engineering and a bachelor of arts in economics, and
is completing his MBA at UCLA Anderson, with an emphasis in entrepreneurship
and finance. He has worked for Deloitte Consulting's Orange County practice
focusing on middleware. Subsequent to that in 1999, he founded SIVI, a Los
Angeles Internet incubator, and acquired TigerIT, a software development firm
in Dhaka, Bangladesh.
Johanna Wright is concentrating on marketing and entrepreneurial studies
at UCLA Anderson. She has a background in product development for technology
startup companies. She spent this past summer working at Yahoo!, focusing on
search advertising. Prior to returning to business school, she helped to
start the online product department for the Entertainment Coupon Book (a
division of InterActiveCorp). Prior to that, she led the product team at
Droplets, a venture funded Internet startup. Wright started her career as a
software engineer a financial services software company. She graduated magna
cum laude with a bachelor's degree in mathematics.
Erik Haus is currently an MBA/MS in computer science dual degree candidate
at UCLA Anderson. His work experience includes aerospace engineering,
software (startup) and IT consulting. He previously earned a master of
science degree in materials engineering.
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. UCLA Anderson constituents are part of a culture that values
individual vision, intellectual discipline and a sense of teamwork and
Established in 1935, UCLA Anderson School of Management provides
management education to more than 1,400 students enrolled in MBA and doctoral
programs, and some 2,000 executives and managers enrolled annually in
executive education programs. 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.
SOURCE UCLA Anderson School of Management