(PRWEB) February 18, 2006 -- Nate Fishler from Champaign, Illinois, and Alex Daw of Honolulu impressed more than 50 entrepreneurs who acted as judges in the competition and awarded them the grand prize of $5,000. The competition culminated the BYU-Hawaii School of Business' eighth annual entrepreneurship conference.
“ We had 341 in the last panel. ”
Fishler and Daw won the prize, donated by the Lindorf Foundation, in the "developed economies" category with their plan to establish interMEDIAry, which they described as a business-to-business service that will allow professional photographers to focus on their shooting rather than spending huge amounts of time and investing in computerized resources to upload and sell their images.
"The whole industry has a serious problem right now," said Fishler, who has been creating online galleries for a professional surf photographer. He explained that most high-resolution digital image files are too large for standard web storage and email transmission, that photographers need a simple way to transfer the files, and editors and other customers usually need to see a range of images before purchasing their selections.
Pro north shore surf photographer Jim Russi, said in a videotaped interview that was part of the interMEDIAry proposal, such a standardized program "would be a dream come true."
"We expect the network effect to be pretty significant," said Daw, who estimates he and his partner can charge monthly fees up to $3,000 for basic services, plus extra for additional storage capacity, and that total revenues could soon climb into the millions.
Several students primarily from Papua New Guinea claimed the $4,000 first-place prize in the competition's "developing economies" category for their Kumul Vanilla Company plan to raise bourbon vanilla back home.
Lufai Wari, a senior political science major from Papua New Guinea, explained the company has already planted the valuable beans in the Highlands town of Koningi when he was there last summer on an internship. The other members of the venture include Andy Pagere, a senior information systems major from Papua New Guinea; Yan Hunter, a senior IS major from New Caledonia; and Gena Moiga, Lufai's cousin and an experienced agronomist from Koningi.
Wari explained the vanilla is actually an edible orchid that is so valuable it has been dubbed "green gold. About 10% of the world's vanilla currently comes from Papua New Guinea," he said, "and it is rated as one of the best in the world."
First place in the developed economies category and a $4,000 prize went to The Rock Factory proposal by junior art major John Kung, and 2005 accounting graduate Michael Kong — both from Hong Kong — who proposed converting a warehouse back home into a place where rock musicians could practice and put on concerts.
Iidachi.com claimed second-place among the developed economies entries, and earned a $2,000 prize, for their proposal to establish a free online social networking service in Japan that would be supported by advertising. The team consisted of Kekoa and Glenn Chung, Kazumi Yasutani, Ei Nohara and Gary Wong. Iidachi, in Japanese, means "good friend."
Husband and wife team Stephen and Kamaile Blake won second place and $2,000 in the developing economies category for their Fiji Youth Soccer Academy proposal to establish a program similar to AYSO™ in Suva, Fiji. Blake, a senior in Exercise and Sports Science from Lautoka, is a former professional soccer player.
Mongolian international business management majors Tsogtbilegt Enkhbold, a senior, and his brother, Erdenebileg "Billy" Enkhbold, a sophomore, claimed third place and a $1,000 prize in the developing economies category for their plan to set up Khaansub, a Subway™-like sandwich business in Ulaanbaatar. "There are not many affordable restaurants in Mongolia that serve healthy food. In many cases, salads cost more than main dishes," Tsogtbilegt said.
The BYU Provo Center for Economic Self Reliance donated the awards for the developing economies category, and the BYU Center for Entrepreneurship in Provo donated the first and second-place prizes in the developed economies category.
"What an excellent competition," said Gregory V. Gibson, Director of the BYUH Willes Center for International Entrepreneurship.
"We appreciate all of the students who have participated," said School of Business Dean Brent Wilson, who noted more students participated in the conference this year than ever before. "We had 341 in the last panel."
He also thanked the entrepreneurs who came. "We appreciate your time here," Dr. Wilson said.
