BBVA Compass will be a major sponsor of the 27th annual Moot Corp Competition that draws student teams from around the world in Austin this May. Rob Adams, director of the Moot Corp Competition at the McCombs School of Business of The University of Texas at Austin, announced today.
"Moot Corp is an ideal complement to our global perspective on new business development," said Manolo Sánchez, president and CEO of BBVA Compass. "It is vitally important that entrepreneurial growth be fostered throughout the world, and this competition promotes skills that prepare young business innovators for success in the global marketplace."
Adams said Global Moot Corp, considered the pioneer of business plan competitions, will this year attract students from 12 countries, including Australia, Brazil, Canada, China, Colombia, France, Germany, Great Britain, Mexico, Norway and Thailand. Of the 40 teams, 13 are based on medical devices, nine are clean technology, seven are biotechnology, five are information technology and six are consumer products.
"The involvement of BBVA Compass not only provides essential resources for conducting a truly world-class event, but we also benefit from their expertise as one of the largest financial institutions in the world," said Adams. "Their understanding of global business and investing translates to added reality in the judging and mentoring process."
The public is invited to view the team presentations on Friday, May 7 and Saturday, May 8. More information and the schedule can be found at www.mootcorp.org/teams2010.asp.
In addition to a large number of cash awards that will be distributed at the awards ceremony, this year's overall winner will receive a package worth $135,000. The package includes 1) $25,000 in cash; 2) the Austin Technology Incubator Launch Package worth $25,000; 3) a full-page ad in Inc. magazine worth $60,000; and 4) consulting with the McCombs School of Business entrepreneurship faculty worth $25,000. The winning team will also be invited to join Adams in closing the NASDAQ Stock Market on June 11.
Started at The University of Texas at Austin by Master of Business Administration students in 1984, the Moot Corp Competition is the oldest new venture competition in the world. The competition provides graduate students with a chance to simulate the process of raising venture capital.