SOURCE: Indiana Venture Conference

June 17, 2005 08:00 ET

Deadline Approaching for New Indiana Venture Idol Competition

Held in Conjunction With Indiana Venture Conference 2005 Activities, New Event Will Showcase Indiana's Strongest Innovation-Based Ventures

INDIANAPOLIS, IN -- (MARKET WIRE) -- June 17, 2005 --The Indiana Venture Conference 2005 has announced that applications for the first-ever Indiana Venture Idol competition are being accepted through July 15, 2005. This new, interactive event is designed to showcase, support and reward the best and brightest innovative and emerging companies in Indiana.

The Indiana Venture Idol competition will be held on September 27, 2005, in the auditorium of the Indiana Historical Society. The competition will kick-off the two-day Indiana Venture Conference 2005 in downtown Indianapolis. The second day of the conference will be held at the Indianapolis Convention Center.

"The Indiana Venture Conference is encouraging companies in all different types of industries in all parts of the state to submit an application," said Indiana Venture Conference 2005 chairman Jeff Kirk. "This event will put a new and innovative twist on traditional business plan competitions. This event reinforces the Indiana Venture Conference's position as one of the premier conferences in the Midwest, both for companies who seek funding and venture capitalists who are looking to fund companies."

Companies who would like to submit applications can do so at the Indiana Venture Conference 2005 website, Thirty companies will be chosen from these entries to participate in the first round of the competition, where they must give a 60 second "elevator" pitch on their innovative product or company to a panel of nationally recognized judges and an audience of investors and entrepreneurs that is expected to reach 300.

This event is open to any entrepreneur or innovator from Indiana who has a potentially "market-changing" idea or product. This one-of-a-kind competition is designed for those who have started a new business, developed a business plan or who are just embarking on the feasibility of a great new idea.

Based upon the judges panel and audience feedback via electronic voting machines, the thirty companies will be whittled down to 10 finalists. These 10 companies will participate in the a finalists round, where the contestants will have five minutes, along with five slides, to present their business plan to the audience and judging panel.

These top 10 companies will be eligible to win prizes for the "Coolest" Idea, the Biggest Market Opportunity and the Best Chance of Success, which will be determined by the judging panel. In addition, the audience will vote for the People's Choice Award.

The overall winner will receive a total of $5,000 in cash and services. Winners in each of the remaining categories will win up to $1,000.

By July 15, 2005, the top 30 teams will be notified that they have been selected to participate in the Indiana Venture Idol competition.

Indiana's focus on expanding its entrepreneurial capacity has been demonstrated with the success of events like the Indiana Venture Conference. Indiana has also focused on growing new ventures in target industry clusters like the life sciences. BioCrossroads, Indiana's life sciences initiative, has focused on expanding capital access through efforts like the recently-announced $4 million Indiana Seed Fund and the Indiana Future Fund, a $73 million fund-of-funds. In addition, the privately funded Indiana Venture Center is working with dozens of emerging companies and has created the AngelNet network of Angel investors.

More information on the 2005 Indiana Venture Conference is available at

Contact Information

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