Dingman Center Awards $2,500 for Best Business Ideas

The Dingman Center for Entrepreneurship has increased fivefold the potential prize money awarded at its monthly Pitch Dingman competitions now up for grabs, $2,500 in start-up funding to the best new business ideas.

Pitch Dingman is open to all University of Maryland students, faculty and staff. Anyone with a business idea can participate in weekly informal working sessions, held Fridays from 11 a.m. to 1 p.m., to get feedback from the centers experienced entrepreneurs in residence and up to $500 in seed money. The programs monthly competitions are more formal, with participants presenting their business ideas to a panel of judges and an audience.

Friday, Nov. 30 marked the first competition round with the new prize amount. Six budding entrepreneurs participated, presenting their five-minute business pitches to a crowd of students, faculty and staff in Frank Auditorium in Van Munching Hall. The presenters were a mix of undergraduates and graduate students from Smith and other university programs. Judges for this months competition were University of Maryland alumni Chad M. Gillenwater, CEO of SPL Integrated Solutions; Mitchell E. Gorochow, a managing director with RSM McGladrey Inc.; and Brian Taff, a Dingman Center board member.

Presenters were judged on the viability of their business idea and the strength of their pitch. Audience members had a chance to participate, too, voting for the Peoples Choice winner with paper Dingman Dollars cast for their top pick. In the end, undergraduate Stephen Steinberg and his sports equipment cleaning-spray company, Vapor Fresh, won $250 as the top audience vote-getter and took home another $1,000 in seed funding awarded by the judges. The judges also awarded $1,000 to Henry Zhou to help launch Magnetic Cipher Locks, a new type of lock for home security, and $500 to Sam Balto for TerpShots, a Web-hosted company that posts photos of Terps fans at Maryland sporting events.

Stephen Steinberg's product, Vapor Fresh, is an all-natural sanitizing and deodorizing spray for sports equipment. Steinberg will use the competition proceeds and peoples choice award to test market demand for Vapor Fresh. Beginning first quarter 2008, Steinberg will place his product at select stores. Steinberg is an undeclared sophomore.

Henry Zhou's product, Magnetic Cipher Locks, will introduce a new type of lock to home security systems. The lock includes a magnet that only opens with a corresponding magnetic key that cannot be duplicated.

Sam Ballots business, TerpShots, is a student photography company that captures photos of fans during University of Maryland sporting events. TerpShots marketed its work at two games this fall and will use the award to expand and further develop the business. Balto is a senior communications major.

The next Pitch Dingman competition is scheduled for Dec. 14. To participate, e-mail pitchdingman@rhsmith.umd.edu, and submit an eight-sentence description of your business idea or an executive summary. The Dingman Center recommends competitors attend at least one informal weekly session before registering for a competition. 

▓ Carrie Handwerker & M. Beth Hess