By Brian E. Clark
WisBusiness.com
MADISON – Trevor Twose credits winning the grand prize in the Governor’s Business Plan Contest two years ago with giving his start-up, Mithridion, much needed capital and a place to set up shop.
But equally important, said the Mithridion CEO, was the credibility the honor gave the fledgling Alzheimer’s drug discovery firm.
The contest is now seeking applicants for this year’s competition. Entrants must send in a 250-word idea abstract online at www.govsbizplancontest.com by 5 p.m. on Jan. 31. Contestants who advance to subsequent contest rounds will have the opportunity to expand their plan or idea.
More than 40 judges drawn from the finance, sales, marketing, research and specific technology sectors will score the entries and provide feedback. The contest is managed by the Wisconsin Technology Council. Its Grand Prize is worth more than $50,000. In addition, there are also four individual category winners: life science, advanced manufacturing, IT and business services.
Twose (pronounced Toos) won a year’s free rent for office and lab space at the University Research Park – worth an estimated $80,000 – plus another $20,000 in start-up funding that his company used to pay initial legal costs.
“It was an incredible shot in the arm for Mithridion,” he said. “But even had we not won, going through the process was very good for our company.”
For starters, Twose said the discipline of writing a business plan made him think what investors might want, as well as about potential markets, customers and technology.
“We gained a lot from that. It was a good exercise,” he said. “I would certainly encourage others to do this. You are competing with some of the best minds it the state and you also meet a lot of interesting people.
“There are some 40 odd judges – lawyers, accountants, architects – who might be looking at your plan. They might have an idea that could really help you.”
Once Mithridion won, it immediately gained a leg up in the financing world – and not just from the prize money.
“We gained a certain ‘cachet’ from the award,” Twose said. “It gave us credibility. It was a great endorsement. And it gave us a hook in helping positioning ourselves.
“I guess you could say it gave us a little bit of ‘sizzle’ with investors,” he said.
Since then, Mithridion has raised another $980,000, most of which has come from Rosetta Partners and Wisconsin Investment Partners. It also has received nearly $300,000 from the National Institute of Health to develop new tests to evaluate its drug candidates.
Tom Still, president of the Wisconsin Technology Council, said this year’s contest will have a “best new idea” award.
“It’s kind of a ‘rookie of the year’ honor,” he said. “We’ve seen over time that there are some great that don’t win but are in the hunt. This will honor them.”
Still agreed with Twose that entrants who don’t win still gain from entering the competition. Last year, 200 firms entered the contest.
“A lot of them have been able to attract private equity financing,” he said. “Over the past three years, the 70 finalists have raised $8 million. This is helping fill the deal-flow pipeline here in Wisconsin.”
For more information on the contest, go to www.govsbizplancontest.com.
