MBA Team Bests Nation's Top Biz Schools in Elevator Competition

Newswise — A University of Mississippi master's of business administration team has won what industry leaders call the "Super Bowl" of all business-plan competitions.

UM took top honors at the fifth annual Babcock Elevator Competition Friday and Saturday (March 26-27), besting 22 teams from the nation's premiere business schools, including Carnegie Mellon University, Yale School of Management, University of North Carolina, Columbia Business School, and Wharton School of the University of Pennsylvania.

Second-year MBA student Matt Hedges of Corinth and 2003 MBA graduate Andrew Jones of Jackson made what turned out to be the perfect "elevator pitch" of their business plan to venture capitalists in two minutes - the duration of two 28-floor elevator rides together at the Wachovia Center in Winston-Salem, N.C. The competition actually takes place in the elevator during the ride.

"These outstanding Ole Miss MBA students were prepared to go toe-to-toe with teams from the very best business schools in the nation and win," said Brian Reithel, interim dean of the UM business school. "We all look forward to the impact that these bright minds will have on the business climate in Mississippi after graduation - they will propel our economy toward greatness for decades to come."

The UM team's planned company, Vino del Sol, which will import wines from Argentina and market them under its own label, was named Best Company in the contest. This is the first time a UM team has entered the event, believed to be the only business-plan competition of its kind in the country.

"I'm still in shock - I'm just thrilled," said Hedges. "I'm really happy because these guys are really successful businessmen who validated our business and can help us find some investors."

Serving as judges were venture capitalists from three firms representing more than $500 million in early stage venture capital. Vino del Sol would require an estimated $800,000 in startup capital to begin importing wine, and given the success at the competition, venture capitalists said it is likely to be forthcoming.

Hedges, who is fluent in Spanish, began crafting his business plan three years ago while studying in Argentina as an undergraduate at Vanderbilt University. Since then he has built relationships with potential clients, as well as with staffs of numerous Argentine wineries and with contacts at the ports of Buenos Aires and Mobile, Ala. His plan includes logistical solutions regarding warehouse space and trucking.

Hedges projects that Vino del Sol will be valued at an estimated $12.1 million at the end of its fifth year in operation.

"He's done an amazing amount of work," said Del Hawley, senior associate dean of the business school who has taught Hedges in his graduate business planning and entrepreneurship class. "Matt's a very practical person. I knew he would be successful if it was something he wanted to do which was important to him and something he could see himself doing for a long time."

The Babcock Elevator Competition is staged by the Angell Center for Entrepreneurship at Wake Forest University's Babcock Graduate School of Management. According to contest rules, at least one of the two team members must be a current student in an accredited MBA program.

"Our edge was that we have a business ready to go and that set us apart," said Hedges, who graduates from Ole Miss in May. "We've thought it through. We were a lot less risky."

Interested accredited investors can contact Hedges at [email protected] or 662-284-5377.