Student Team Wins National Business Plan Competition

Westmont's student business venture team took first prize in the Sixth Annual Midwest Enterprise Creation Competition at Ball State University in Muncie, Ind., over the weekend.

Westmont's entry – Solum Monitoring Systems, Inc. – received a check for $7,500 in seed capital for the business and introductions to several venture capital sources to pursue potential funding of the enterprise. The national competition is co-hosted by Ball State, Syracuse University and Ernst & Young, LLP.

Westmont's entry was one of nine national semi-finalists selected during preliminary screening by Ernst & Young in early February. The other semi-finalists were the University of Arizona, Southwest Texas State, University of Oregon, University of Nebraska, University of Colorado at Boulder, Eckerd College and the University of Utah.

Students Brent Boekestein, Andrew Spaulding, Sam Melvin and Peter Roller conceived their venture under the direction of David Newton, professor of entrepreneurial finance, during their fall 2002 class Entrepreneurship and New Venture Development.

Solum Monitoring Systems introduces AquaChek – the world's first wireless remote MEMS-based water-testing instrument for use in commercial water treatment and wastewater treatment facilities.

The plan was selected from among seven new ventures to compete in the 13th Annual Westmont Collegiate Entrepreneurship Business Plan Competition in December 2002, where it finished second. The students, Newton and area business advisers honed the plan in January and February prior to submitting it to Ernst & Young for the national competition.

Solum's plan was presented in the national semi-finals Friday at Ball State's campus to a judging panel of venture capitalists and entrepreneurs. Westmont, the University of Arizona and Southwest Texas State moved to the final round Saturday, and Westmont was announced as the winner at the close of the Saturday awards luncheon.

The team will work with Newton and others to get the plan presented to angel investors and venture capital firms with the goal of raising sufficient funding to build a working prototype of the AquaChek, do market field-tests, and launch Solum by the fourth quarter of 2003.

For more information, call Newton at (805) 6193 or e-mail newton@westmont.edu.