Nnamdi Ihuegbu of New Haven wins entrepreneurship competition at Washington University in St. Louis

ST. LOUIS, MO (02/16/2011)(readMedia)-- Nnamdi Ihuegbu, son of Appolus Ihuegbu and nephew of Professor Uche Nwachuku and Dr. Ijey Nwachuku of New Haven, Conn., won the Olin Cup business plan competition on Feb. 3. A student at Washington University's School of Medicine, Ihuegbhu and his partners Stanislav Samarin, a WUSTL executive MBA student, and community member Kunal Rehani received a $20,000 seed investment for PulmoCad. PulmoCad created computer-assisted diagnostic software to analyze conventional chest CT scans and help radiologists diagnose lung cancer earlier.

This year's 49 entrants for the 25th annual competition were a tough field, says Ken Harrington, managing director of WUSTL's Skandalaris Center for Entrepreneurial Studies. Harrington announced the winners during the annual award ceremony, which was held in Simon Hall. It was the culmination of a four-month competition among a record number of contestants.

"This was the strongest group of ventures we've ever had in the competition," Harrington says. "Regardless of funding they receive, these entrepreneurs are focused on what it will take for their ventures to succeed beyond this competition."

The Olin Cup judges in this year's contest selected two other winners. They are:

• A $50,000 seed investment went to NanoMed founders Nalin Katta, a WUSTL engineering student, and Matthew MacEwan, a student in both the engineering and medical schools. NanoMed created a synthetic surgical mesh (known as the DuraStar Dural Substitute) capable of repairing and replacing the tough protective membrane surrounding the brain/spinal cord.
• A $5,000 student prize was awarded to the Human Canvas team of Cong Li, a medical student; Nicholas Jenkins, an engineering student; Pei "Sabrina" Xu, a medical student; Keith Ziegelman, a December MBA graduate; and team member Sachin Dixit, an MBA student and medical school employee. Human Canvas is a tattoo-like product that is applied painlessly and fades within a few weeks to six months, according to the wearer's choosing. It can also be fluorescent, making it visible only at night.

Winners may receive in-kind services from one or more of the competition sponsors in addition to any cash investment.

Prior to the Olin Cup winners' announcement, a panel discussion was held that featured Announce Media, the leader in cross-vertical, performance-based social media. The company was founded in 2006 by Washington University alumni David Karandish and Chris Sims with the goal of better organizing the online retail experience.

Joining them were Tom Hillman, co-founder and managing partner of FTL Capital Partners LLC, a merchant bank and strategic management consulting firm. Hillman has invested in and helped build a variety of private business enterprises. Harrington moderated the discussion.

The Olin Cup is sponsored by the Olin Business School and the Skandalaris Center for Entrepreneurial Studies at Washington University; the RCGA; RubinBrown LLP; St. Louis Commerce Magazine; Polsinelli Shughart PC; and Lopata Flegel & Company LLP.

###