New Venture Center Start-Up Takes Top Prize
A technology company sponsored by the New Venture Center in the School of Business and Management (SOBAM) recently won “best of show” and a $10,000 prize from the Seattle TechViews Investor Competition.
Lab Galaxy, which joined the Venture Center as a seed-level start-up in September, was one of 15 companies chosen from several hundred early-stage firms to participate in the event. To express its appreciation for Venture Center support, the company pledged a 1 percent equity stake in the firm to the School of Business and Management.
“With the assistance of the professors of the New Venture Center team, Lab Galaxy has been able to make leaps and bounds in progress in a few short months,” said company CEO Narriman Nasser.
Lab Galaxy has created a Web-based tool that will streamline FDA filing processes for foreign drug manufacturers and enhance biomedical research for scientists. The company was founded in February 2000 by Nasser, a former molecular biologist.
In addition to capturing the $10,000 first prize at the competition, Lab Galaxy garnered interest from additional investors. There were 500 investors present to view the demonstrations of the 15 pre-selected companies.
Mark Cannice, one of several School of Business faculty who comprise the New Venture Center, said the group continues to seek unique collaborations with local start-ups. The center aims to focus efforts and resources of the business school on bringing more entrepreneurial opportunities to students and alumni through access to expertise, resources, and links to funding.
“In addition to hosting bi-annual business plan competitions, the USF New Venture Center advises and supports local start-up companies,” Cannice said. For more information, call the School of Business and Management at (415) 422-6771.
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