Two student groups share Olin Cup 12.5.05
by Troy Rumans, WU Student Life
Somark Innovations, a bio-technology company started by Washington University alumni Mark Pydynowski and Ramos Mays, took first place in the Olin Cup Competition’s all-around category, winning a prize of $50,000. IMobile Access Technologies, led by Stephen Foster, placed second for a prize of $20,000.
In the student category, introduced in this year’s competition, Suzanne Shenkman Designs, led by MBA graduate Suzanne Shenkman, and homeWUrk, headed up by junior Teddy Purnomo, split the $5,000 prize. The Olin Cup Competition also saw the marking of Dec. 1 as Robert J. Skandalaris Day in St. Louis. Skandalaris delivered the keynote address at the Olin Cup ceremony on Thursday.
Pydynowski and Mays met at the University during their undergraduate careers. After graduating in 2004 they went their separate ways, but shortly thereafter re-convened to form Somark Innovations, an enterprise that seeks to revolutionize the method by which livestock are tracked in the United States.
The two agree that the greatest benefit from winning the Olin Cup comes not from the prize money, but from the visibility their venture has received.
“[The Olin Cup] is the connection to the resources. The visibility that was created for Somark by the Olin Cup…the prestige, the press, the contacts…was incredible,” said Pydynowski.
Somark Innovations is currently seeking approval in its first round of financing, a total sum of approximately $3.5 million, as well as finalizing international patent protection and the formation of a partnership with a Missouri university to help with FDA/USDA approval studies.
A key difference this year compared to previous years was the student category, a new addition to the Olin Cup Competition.
“Just the fact they created that category is amazing,” said Pydnowski. “It’s very hard for them to compete at this level - they still have full time jobs as students.”
Pydynowski and Mays had experience starting companies during their University careers. Pydynoswki competed in the Olin Cup in 2004, but did not proceed past the first round.
“I started four companies while in college,” said Mays. “The amount of time spent was ridiculous. I don’t see how I could compete at the Olin Cup [as a student],” said Mays.
Purnomo’s team at homeWUrk understands. His group consists of himself, junior Steve Xu, sophomore Alan Perlman, junior Ellen Lo and sophomore Aaron Budilov.
“We were the only undergrads. It felt strange,” said Purnomo.
Despite that fact, Purnomo’s team felt very strongly about how they performed in the Olin Cup, as well as the overall process.
“If you look at where our business was when we first started - our operations are so much different now. We grew a lot,” said Perlman. “The Olin cup was like a support system.”
HomeWUrk revolves around the idea of supporting students in moving into a new room. The company offers online decoration of a dorm room, assistance in purchasing furniture and setting up the purchased items in the dorm room all for the student. It plans to begin offering its services this spring semester.
“If you think back to your freshman year - you have no idea what your room or your roommate will be like,” said Pydynoswki, speaking about the company’s services. “There’s a significant convenience value that they’re providing.”
The Olin Cup has expanded significantly over the last few years, coinciding with the University’s overarching push towards promoting entrepreneurship across all disciplines.
“The overall caliber of participation has increased a lot. The level is a lot more intense,” said Xu. “They really want to get other schools’ involvement.”
Purnomo noted that the tenants of entrepreneurship apply across all schools, rather than just a thing in which the business students dabble.
“The motto of the Olin Cup is innovate, collaborate, compete. Those three concepts are fully applicable to other schools. As long as you get people together, form a team with an idea, the school doesn’t matter.”
The Cup has been seeking to address the notion that the competition is for the business school and business people, rather than the entire campus. Though progress has been made, many students still feel ostracized or simply do not know it exists.
“Somebody pointed out to me once that [the Olin Cup] is supposed to be cross-campus, but where do these events take place? In the business school,” said Pydynowski. “We need to get these kinds of events all over campus - in Crow, in January, everywhere.”
HomeWUrk, in particular, seeks to bring students across disciplines together. It is actually part of a larger student business, iWUrk, which houses enterprises across other disciplines.
All of the advertising for homeWUrk was done by artWUrk, a subsidiary of of iWUrk, many of which are students from the Art school, or have backgrounds in art.
The Olin Cup implemented the student award in order to entice undergraduates and graduates to compete alongside business professionals. Even so, some say prejudices still exist towards certain student groups.
“I feel we’re not taken as seriously just due to our ages,” said Budilov.
Pydynowski saw it as well. “[Some professionals] think [students] are competing not for their company, but for the money. Somebody actually asked me if I was just going to go spend to prize on having a good time instead of using it towards my business.”
The two student groups, Suzanne Shenkman Designs and homeWUrk, will be implementing their business plans.
Most importantly, noted Pydynowski and Mays, is the importance of entrepreneurship in the world today, whether it be among students or business professionals.
“Entrepreneurship is oxygen for capitalism,” said Pydynowski. “The world has become flat for competition. If you fail to innovate, you’ll cease to exist.”
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