2002 Pappajohn New Venture Business Plan Competition Winners

2002 Pappajohn New Venture Business Plan Competition, Statewide Winners (l to r): Joseph Dunham (Equity Dynamics), Glynis Worthington (UNI State Winner), Ben Long (Equity Dynamics), Joseph Slee Hyneh (ISU State Winner), Will Lack (UI State Winner), Steve Smetana (UI State Winner), John Pappajohn (Equity Dynamics)

Iowa Student Entrepreneurs Cash In!

Three student businesses were given a "stamp of approval" on Friday as Des Moines venture capitalist John Pappajohn and his staff announced the winners of the third annual Pappajohn New Venture Business Plan Competition. Each winning student team received a $5,000 cash award during a luncheon program following two hours of rigorous competition during which students "pitched" their plans to a team of investors from Equity Dynamics Inc. in Des Moines.

The formula for success, according to John Pappajohn, is simple. "Can you sell enough products and services at a good enough margin for positive cash flow?" Pappajohn told the students participating in the competition. Pappajohn reported that the business plans submitted this year were well thought out and that it was difficult for his team to select the top three winners.

Three businesses were selected for the cash awards. They were: Joe Hynek (CactusJo) from Iowa State University; Glynis Worthington (ToothFairyCentral.com) from the University of Northern Iowa; and Will Lack and Steve Smetana (Peace of Mind) from the University of Iowa. Hynek's business proposes an internet game show with characters from every day life. Worthington's website business offers memories and keepsakes from the Tooth Fairy. Lack and Smetana have designed and developed an affordable infant monitoring system.

2002 Pappajohn New Venture Business Plan Competition, Iowa State University Regional Winners (l to r): Judi Eyles (ISU Pappajohn Center), Ben Long (Equity Dynamics), Vipin Ragharan (ISU Regional Winner), Joseph Dunham (Equity Dynamics), Lynn Lundy Evans (ISU Regional Winner), Steve Carter (ISU Pappajohn Center), Liliana Lay Lisung (ISU Regional Winner), Joseph Slee Hyneh (ISU Regional and Statewide Winner), John Pappajohn (Equity Dynamics)