DFJ’s First Annual Venture Challenge Features Batteries Charged by Human Movement, Robotic Mops and Globally Sourced Fair Trade Gifts
Jun 8, 2005

PRNewswire

Draper Fisher Jurvetson (DFJ), the leading early stage venture capital firm, held its first ever DFJ Venture Challenge last week in Mountain View, California. The inaugural event was a great success, drawing more than one hundred students from all over California who presented their business plans, competing for $250,000 in venture capital financing.

Top students in business and science from Stanford, the California Institute of Technology, the University of California at Berkeley and Los Angeles, among others, presented business plans for innovative ideas ranging from microscopic cell phone data chips to robots that mop floors and clean the bathroom shower. Seasoned entrepreneur and former CEO and founder of Ariba, Keith Krach, opened the event with an inspiring and informative discussion of important aspects to consider when starting a company.

Of the fifteen teams who presented their plans in the first round, six were chosen as finalists. DFJ’s panel of judges consisted of partners from DFJ and its affiliates, DFJ Frontier and Zone Ventures, and were impressed with the competitors. The funding for the winner was contributed by DFJ and its affiliate fund DFJ Frontier. World of Good from UC Berkeley, a retail line that brings globally sourced, fair trade gifts and accessories into the mainstream retail market, was the winner.

“World of Good supplies customers in the mainstream retail market with unique high quality gift items, and simultaneously generates sustainable economic development for hundreds of artisans because our goods are handmade by artisan cooperatives and non-profits around the world,” said Priya Haji of World of Good, which has already partnered with Whole Foods. “The funding from DFJ provides an incredible boost to our growth allowing us to scale out more quickly in retail stores and on the Internet.”

“DFJ has always been committed to fostering new ideas in non-traditional ways, and we thought this competition would be a great way to seek out some brilliant ideas,” said Tim Draper, managing director, Draper Fisher Jurvetson. “It was a lot of fun to see all the competitors and to get a glimpse at several companies that have the potential to change the world. We’re looking forward to working with our winner, and to making the Venture Challenge a fixture in California for years to come.”

About Draper Fisher Jurvetson
Draper Fisher Jurvetson is the leader in seed and early stage venture capital, typically serving as a startup's first outside source of financing. Founded in 1985, Draper Fisher Jurvetson has created a global network of affiliated venture funds with approximately $3.5 billion in capital commitments and offices in the major technology centers around the world. Headquartered in Silicon Valley, the firm has proven expertise in identifying and helping extraordinary entrepreneurs who want to change the world.


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