(This is a guest post by Joe Rotella, an MBA student in the entrepreneurship program at Univ. of Louisville)  

You would never guess the economy is in the tank from the energy that buzzed around the business students, advisors, judges, and hosts at the Cardinal Challenge University of Louisville Business Plan Competition held at the Convention Center, Hyatt, and Fourth Street Live this weekend.  In only its second year, the competition received three times more applications than last year, representing many of the best entrepreneurship programs in the United States, Canada, and Europe. The twelve chosen teams competed for prize money and an automatic bid to Moot Corp, the super bowl of business plan competitions.  They hawked ideas as varied as cures for cancer, emerging green technologies, medical devices, an interactive game for fans, and a new style of craft beer.

I sought out the master brewer during the opening reception and asked what was special about his beer.  A half-hour later I knew a lot more about world history, how nitrogenation affects a beer’s head and flavor, and what defines the southern taste in food and beverages. His own food untouched, he waxed eloquent on his dream to create a “500 year brand”.     

Later, a bunch of us squeezed into an elevator with a team whose technology detects signs of cancer in tears, a perfect opportunity for them to practice their 30-second elevator pitch.  They performed admirably, but the elevator ride took about 3 minutes, allowing my IMBA-15 classmate, a cancer researcher, to pepper them with questions about the science. I think they would have preferred defending their valuation to a venture capitalist. They looked relieved when they reached their floor.  A team from Manitoba won the overall competition with a business plan for a device that detects cavities early, when they can be treated without drilling and filling.  Their plan calls for dentists to purchase the machines for screening patients in their offices.  The main question was whether any dentist would be altruistic enough to shell out nearly $30,000 for a machine that helps patients avoid more costly procedures.

I was moved by how much everyone seemed to really care, the students about their presentations, the hosts about putting on a world class event, and the judges about making this a valuable learning experience. A tremendous amount of hard work went into the preparation at every level.  More impressive to me, though, was the willingness of people to put themselves out there, to fight for the projects they believe in, to endure tough questions and failures, to learn from the experience, and to become better.  Hope lives.  It is hard not to share in the unbounded optimism of the event when surrounded by people with such creativity, determination, and passion.  The program ended with a party at Howl at the Moon.  Alcohol and energy drinks flowed freely, but I felt no need.  I was already buzzed.

About the competition: The Cardinal Challenge represents a prestigious, global academic competition with real-world opportunities and consequences. As a regional qualifying event for the international “Super Bowl” of business plan events, Moot Corp. Global Business Plan Competition, the University of Louisville Cardinal Challenge showcases new business concepts developed by MBA students at 12 of the country’s leading university entrepreneurship programs, including UofL. The Challenge will bring approximately 80 exceptional MBA students and their coaches/mentors together for Business Plan and Elevator Pitch competitions. The teams will compete for more than $30,000 in prize moneyby presenting their concepts to a panel of judges comprised of venture capitalists, angel investors and successful entrepreneurs. The winning Business Plan Presentation team earns an automatic bid to the annual Moot Corp Global Business Plan Competition. All teams are guaranteed at least $750 for participating in the competition.