Failure rates for start-ups are notoriously high, and college-aged entrepreneurs face even higher hurdles. At the University of Washington, we’ve been running our Business Plan Competition for 14 years. While 891 teams have participated, many never launched their companies or did not survive for long. However, 37 companies do still exist. How are they doing?
In May 2011, UW Center for Innovation & Entrepreneurship conducted a survey of the BPC companies still in business, asking them to answer six questions about their growth since the event. 28 of 37 responded, including companies from as recent as the 2010 competition that are only a year old. We also asked each founder for an update of their company’s story.
Of the 28 companies that responded, there were 15 consumer product/retail, 5 technology, 4 life-science and 4 clean-tech companies.
Survey Highlights of Economic Impact:
- 640+ current employees (with 220 of those at an average salary greater than $75,000)
- 12 companies raised more than $500,000 (over $60 million in venture capital raised)
- $92.7 million estimated combined revenue for 2011
- 3 companies made the Inc 500 list of fastest growing private companies in the US for 2010
- 8 companies are boot-strapped by choice
Start-Up Founder Comments:
“We’re most excited to be living the start-up dream: building jobs, solving a pain point and taking our place in the local start-up ecosystem, all of which are crucial elements in building a thriving innovation environment and giving back to the community that helped us get our start.”
“We intend to double the number of FTE in 2011 and employ approximately 20 people in well-paying life science research and business operations jobs by 2014. None of this would have been possible without the start we received from CIE and their network of advisors.”
“We have gained a breadth of contacts that we would have been hard-pressed to meet had it not been for our experience in the Business Plan Competition. I cannot express my gratitude enough for all the support that we have received as former students.”
“None of this [success] would have been possible without CIE and the UW Business Plan Competition. Because of the competition we were able to make a lot of our mistakes before they counted and could derail our business.”
“If it weren’t for all we got from the Business Plan Competition, we would have never gotten off of the ground and I would probably be working for someone else’s start-up in Minneapolis or the Bay Area. Instead, I have people working for me here in Seattle.”
Learn more about some of the companies that have launched from the UW Business Plan Competition.