'YourWay Cereals' wins entrepreneurial competition

The winning plan, "YourWay Cereals," earned a first prize of $4,000 for Edward Maurer, a master's student in the Krannert Graduate School of Management from Latrobe, Pa. His plan used a bulk food stand containing cereal flakes, fruit and nuts. Consumers select their own preferred combination of flakes, fruit and nuts to design their own cereals.

The winning entry was selected by a panel of judges after 25-minute oral presentations from 10 finalists. The contest was open to all Purdue students.

The yearly competition is sponsored by Purdue alumnus Burton D. Morgan, founder of six corporations and president of Basic Service Co., an idea-development company. The competition is designed to develop student appreciation of the free market system and the role of the entrepreneur in a market economy.

Morgan said this was the best competition he had seen since it began in 1987. Several times during the competition, Morgan joined the discussions with explicit advice to contestants on their plans.

Students must develop plans that include everything necessary to start and maintain a small business. Marketing plans and strategies, manufacturing designs and processes, industry analysis, and financial considerations are just a few of the areas judges focus on.

Second prize of $2,000 went to "Unified Technologies," submitted by four students: Roy Fulayter, a graduate student in mechanical engineering from Virginia Beach, Va.; Siow Litingtung, a graduate student in mechanical engineering from Kirkland, Wash; Sajeev Menon, a master's student in management from Dubai, United Arab Emirates; and Jonathan Verhoff, a mechanical engineering graduate student from Ottawa, Ohio. Their invention, "The BookSaver," is designed to keep hardback books from sagging in the middle. They are seeking patent protection.

Third prize of $1,000 was awarded to "4 to 12 Laundry," designed by Gabriel Iordache, a master's management student from Pitesti, Romania. University residence halls in Romania do not have laundry facilities. He proposed installing Laundromats at Romania universities.

The $500 fourth-place award went to "Custom Lasers," submitted by Todd Fromme, a mechanical engineering technology student from Jasper. He hopes to program lasers for larger manufacturers who outsource the precision work.

Fifth-place prize of $250 was awarded to "Vivid Advertising Technology," created by Ryan Dobson, a computer technology student from Elk Grove, Ill. He plans to create a Web site where car buyers can search for used cars from many dealerships without leaving the house.

Cash prizes of $100 each were awarded to the sixth through 10th place contestants. They were, in random order:

• "The Feiner Corp.," submitted by Andrew Feiner, a building construction management student from Lafayette.
  
• "Adventure Seekers Inc.," submitted by David Castor, a School of Management student from Mosiro, Ala., and Eric Vermillion, a management student from Knox.
  
• "Virtual Hawaiian Tours," submitted by Jason Robinson, a doctoral student in clinical psychology from Lowell, and Eric Tescher, a liberal arts graduate student from West Lafayette.
  
• "SuccessNet," submitted by John Schell, a chemical engineering student from Dallas, Texas.
  
• "City Airlines," submitted by Cristoph Weismayer, a master's student in management from Columbus, Ind.
  Judges for the competition were Theodore A. Jacob Jr., president, Thermal Transfer, Romeo, Mich.; Paul D. Jacobson, president and founder, SOFSOURCE, Las Cruces, N.M.; and Peter Kissinger, president, Bioanalytical Systems, West Lafayette.
  Master of ceremonies for the competition was Donald L. Buchman, president, DLB Associates, West Lafayette. Morgan and Dennis Weidenaar, dean of the School of Management and Krannert Graduate School of Management, presented the awards to the winners at a March 1 banquet.

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