IIT Chemistry undergraduate Ryan Witthans and Chemical Engineering Ph.D. candidate ShababAmiruddin took home the Microsoft Technology Pioneer Award at the University of San Francisco's International Business Plan Competition, where graduate student entrepreneurs from top schools around the world pitched their innovative new venture business plans to leading Silicon Valley venture capitalists, venture attorneys, and entrepreneurial executives. Their company, medLight, and its product, a fiber-optic blood sensor that monitors patients' conditions in real time and eliminates the need for time-consuming and expensive repeated blood tests, wowed judges and attracted the attention of venture capitalists.

The competition was formidable - many of the teams have been building their businesses for years. Ryan and Shabab met in Prof. J. Liao's Entrepreneurship in Science and Technology class where they originated their concept.  In February, they came to the Jules F. Knapp Entrepreneurship Center to start their business.  Gaining support from leading nanotechnology and sensors researchers at IIT, medical device designers and successful entrepreneurs, and with confidence in their preliminary lab results, they delivered a convincing pitch to the judges, and the promise of their idea secured them the award.

The students got additional support and advice at an alumni event the night before the competition, attended by nearly 30 alumni, including trustee Dr. Carl Spetzler, as well as Associate Director of Alumni Relations Marian Quirk and Vice President of External Affairs David Baker. "I had the opportunity to see what competition the team was up against; other teams had worked for years on their projects, but Ryan and Shabab only put this together in February of 2008," said Quirk. "It just shows that IIT students are the phenomenal, scrappy students from a less-recognized school who can hold their own against anyone in the world."

With a pioneering idea, a successful business plan and pitch, and a great deal of enthusiasm, Witthans and Amiruddin are well on their way to joining so many Chicago-area entrepreneurs before them who have created practical innovations and the businesses to spread them around the world.

Successfully making the transition from start-up to early maturity is not an easy or quick trip for most small businesses and leaders. Indeed, it is fraught with danger and pitfalls along the way that can derail the most promising start-up.

Those organizations that do make the trip safely remain strong, profitable and well positioned for continued sustainable success.

The problem is that all too many small business leaders of start-up organizations don't know how to read the signs that fundamental change is occurring in their young business and what to do about it. Danger to the business increases. Opportunities are delayed or lost. Occasionally the business fails altogether.

In this fast-moving, 2-hour session, David Bruno, expert small business management coach, principal of Third Nature, and a specialist in guiding small businesses successfully through major transitional periods, will take you on a practical journey to learn how to recognize and manage this most important transition - start-up to early stage maturity.  He will answer these and other fundamental questions about successfully navigating this most important and challenging passage in the life of your business:

• Why should I care about evolutionary change periods in my business?

• What triggers the change from start-up stage to early maturity?

• What are the observable characteristics of start-up and early maturity stages?

• What are the dangers and opportunities in making this transition?

• How can I recognize when this transition is occurring or about to occur in my business?

• What are my options to effectively manage these transitional periods?

Dave brings over 30 years of professional business management experience to Third Nature's small business clients. He began his career with Xerox Corporation and later moved to mid-sized organizations in positions of senior marketing, sales and general management. He has been in the arena of business management consulting and coaching since 1987 and founded Third Nature in 1998.

Refreshments will be served. There is absolutely no charge for this event, but RSVPs are required and should be made to keplinger@iit.edu.

Please join the Jules F. Knapp Entrepreneurship Center and the University Technology Park at IIT for our monthly networking event on Thursday, May 29th!

Are you an entrepreneur with a product concept that just needs some recognition to take off? 

If you have a brilliant idea that is missing some public recognition, plan to join us at the MIT Enterprise Forum's 2008 Whiteboard Challenge on June 17th. Presenters will be competing for a $5000 cash prize purse this year!