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Husk Power Systems, floated by students of Darden School of Business, University of Virginia has won the Draper Fisher Jurvetson and Cisco-sponsored Global Business Plan Competition. As a result, Husk will receive a $250,000 seed round. Their project relates to miniature power plants that cost-effectively convert rice husks into electricity, serving off-grid Indian villages.

“Our mission at DFJ is to help entrepreneurs change the world. With this competition, we certainly witnessed that entrepreneurship has no borders, and we look forward to expanding it to even more universities worldwide next year,” said Tim Draper, managing director, DFJ. “Deciding on just one winner was difficult, especially with this caliber of candidates. We are excited to have chosen Husk Power Systems, which is especially remarkable for its alternative power technology, and we can’t wait to see how this team becomes the next game changer.”

The presenting members of the Husk Power Systems team were University of Virginia, Darden School of Business 2009 graduates Chip Ransler and Manoj Sinha. The team started their company in India in 2007.

Finalists in the competition were selected and evaluated in the same way that venture capitalists evaluate start-ups. For each company, the judges considered the management teams, addressable market size, competitive positioning, barriers, capital efficiency, and financial projections. In addition to the financial investment awarded to the winner, both DFJ and Cisco will continue to work with the winner and other finalists in leading the next wave of disruptive technologies by providing mentorship and professional assessments regarding their submissions.

Source: Draper Fisher Jurvetson