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January 28, 2005|Volume 33, Number 16



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Yale Entrepreneurial Society adds new biotechnology category to annual contest

In keeping with New Haven's increasing emphasis on life science research and development, the Yale Entrepreneurial Society (YES) introduced a new "biotechnology" category in its Y50K competition this year.

In this new division -- the only one of its kind nationwide, according to YES members -- teams can enter plans involving any product or service related to medicine or the life sciences. The society has joined with the Yale Biotechnology Student Interest Group, the Yale Office of Cooperative Research and Connecticut United for Research Excellence, Inc. (CURE) to promote the new initiative.

The Y50K contest, now in its sixth year, begins officially on Friday, Feb. 11. The competition aims to help university students, faculty and employees launch companies based on their research and ideas. YES awards $50,000 in cash to the winning proposals in each of three divisions: for-profit, social entrepreneurship and, now, biotechnology. In addition to cash, contestants also vie for additional prizes, such as free office and lab space at Yale's Science Park.

Nicholas Shalek '05, president of YES, says the biotechnology division of the Y50K competition was designed to both take advantage of and further catalyze Yale and New Haven's preeminence in the life sciences. He says he hopes this step will give Yale scientists an outlet for their creative energies.

"We think of the Y50K as a great opportunity for students and faculty to take their research a step further and gain exposure to industry experts and potential sources of venture funding," Shalek says. "The response we've received from the scientific community thus far has been overwhelmingly positive."

YES hosted a number of events this year aimed at engaging Yale's life science community and generating interest in the new competition. In November, the society held a panel on "Perspectives on Venture Capital and Biotech in New Haven" and a talk on creating a successful biotechnology business model in today's environment.

YES has worked with CURE -- an organization representing academic research institutions, biotechnology, pharmaceutical companies and other groups across the state of Connecticut -- to get the word out about biotechnology to the Yale community. CURE has helped YES organize events and invite speakers focusing on biotechnology entrepreneurship. The group has also offered to assist YES with finding individuals from the Connecticut life science community to serve as mentors for teams in the competition.

The society's efforts are also being aided by the Yale Biotechnology Student Interest Group, which brings together over 750 graduate students and postdoctoral fellows in the biomedical sciences, business, medicine, public health and law for educational and career-related opportunities in the biotechnology and pharmaceutical industries. Yale's Office of Cooperative Research has offered its help to work with researchers to identify biotechnology inventions that could ultimately become commercial products or services useful to the public

Members of YES say they hope that this year's competition will be particularly successful, pointing to the accomplishments of one of last year's winners, Mercado Global, a venture that promotes fair trade by organizing cooperatives in Latin America and marketing the goods in the United States, which also received a $90,000 grant from the Echoing Green competition.

"We feel that promoting biotechnology entrepreneurship is crucial to forging an ever stronger connection between the University and new business development in New Haven," says YES member Sonia Weymuller.

Founded in 1999 by two undergraduates looking for an outlet to express their entrepreneurial energy, YES has grown into an organization with thousands of members, including Yale undergraduate, graduate and professional students, as well as faculty and several hundred Yale alumni around the world. The non-profit organization is dedicated to promoting economic growth through individual initiative, entrepreneurship and social responsibility in the greater Yale community. YES hosts several speaker events both on and off-campus while also providing networking events and educational sessions for students and faculty alike.

For more information on YES or the Y50K competition, visit www.yes.yale.edu.


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