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November 15, 2005
The Louisiana Economic Outlook Report for 2006-2007 will be released and
the winner of the 2nd annual "New Venture Business Plan Competition" will
be announced on Wednesday, Nov. 16, at 11:45 a.m. during the annual Louisiana
Business and Technology Expo's Top 100 Private Companies Luncheon at the
Baton Rouge River Center. The report and the competition are presented by
the E. J. Ourso College of Business and the Greater Baton Rouge Business
Report.
Each year, the E. J. Ourso College's Division of Economic Development conducts
the forecasted study of the state's economy. The study is prepared by Loren
Scott, professor emeritus in economics, and James Richardson, professor of
economics, both of the E. J. Ourso College. The economic outlook provides
projections for Louisiana's job market and personal income levels over the
next year. Projections are broken down for eight individual metropolitan
statistical areas, including Alexandria, Baton Rouge, Lafayette and New Orleans,
for forecasting the performance of specific industries and growth patterns
in those areas.
" 'The New Venture Business Plan' was created in 2004 to encourage
entrepreneurs to follow through with their dreams of creating businesses
and to provide them with the expertise and services they need to be successful," said
Robert Sumichrast, dean of the E. J. Ourso College.
The three teams in the run-off are: D.I.R.T Solutions, Hurricane Chemical
and the The OMEGA Group. D.I.R.T Solutions L.L.C, which stands for Digital
Input Real Time Solutions is a geotechnology company that plans to develop
a state-of-the-art, soil boring imaging and information system that will
create real-time, industry-standard digital soil boring logs. The product
will allow subsurface investigators to more accurately analyze soil samples
from an off-site location. Hurricane Chemical's goal is to market to the
sugarcane industry its patented process of applying a biocide chemical agent
directly to billeted sugarcane as it is cut. This process cuts the spoilage
rate within the billets in half, therefore allowing more sugar to be yielded
from a crop. The OMEGA Group plans to develop an aquaculture feed ingredient
that enhances the amount of the nutritionally beneficial omega-3 fatty acids
in land-farmed catfish. The increased amount of omega-3 translates into a
more nutritious catfish filet for the public. Research shows that OMEGA-3
fatty acids help to lower cholesterol in the body, helping to prevent degenerative
diseases such as heart disease, cancer and Alzheimers.
One of these three finalist teams will win office space in the E. J. Ourso
College's Louisiana Business and Technology Center, furniture and equipment,
legal services, accounting services, human resource services, marketing assistance,
advertising, business cards and letterhead and a company logo. In addition,
they will receive a cash award from the Louisiana Business & Technology
Expo and its sponsors. The expected benefits are $20,000. All of these prizes
are being covered by local businesses. Business sponsors include Baton Rouge
Business Report, SSA Consulting, HR Solutions LLC, Jones Walker law firm.,
Taylor, Porter, Brooks & Phillips L.L.P, Lee Michaels Jewelry, Object
9 and The Greater Baton Rouge Chamber of Commerce.
The winner will also be featured in the Tuesday, Nov. 22, issue of the Baton
Rouge Business Report.
In May, the E. J. Ourso College and the Business Report opened the contest
up to aspiring entrepreneurs at least 18 years of age and who lived in the
10-parish capital region. Participants in the competition pre-registered
their teams and submitted a 250-word business concept by June 1. Sixty teams
registered to participate and launch the business plan competition. Of these
60 teams, 31 teams submitted expanded business plan summaries in phase I
of the competition. During phase II of the competition, eight teams were
invited to submit a complete business plan by Aug. 17. All eight teams submitted
plans. Judges whittled down the teams from eight to the three aforementioned
finalists to participate in phase III of the competition – oral presentations.
On Nov. 9, the three teams were allowed a strict 15-minute time period to
present their business venture concept, immediately followed by a 10-minute
question-and-answer session by a panel of judges.
For more information about the LEO report contact the E. J. Ourso Department
of Economics at 225-578-3777. For information about the "New Venture
Business Plan" competition contact the LBTC at 225-578-7555.
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