Business Week has a nice little article on life after winning (or doing well) in a business plan competition.
From the piece, which is titled Competitions: Winning is the Easy Part;
When Onne Ganel won the Rice University Business Plan Competition in 2003 he could “almost taste” his lucrative future. A recent Wharton School grad, Ganel, then 35, had just earned industry acclaim for his innovative MicroMRI technology, which helps doctors quantify bone strength and quicken diagnoses. More importantly, he had scored $15,000 to finance his vision.
But turning a profit is no easy task. Ganel, now chief executive officer of MicroMRI in Philadelphia, has already brokered licensing deals with Siemens (SIY) and General Electric (GE). Yet he’s a long way from his ultimate goal: selling the company. To appeal to big-name buyers, annual revenues must exceed $10 million; in 2006, MicroMRI pulled in just $500,000. “Running a real business is like riding a roller-coaster,” Ganel explains. “One day you’re up, one day you’re down—there’s no room for naiveté.”
Any of you experience this ride after a competition?
