Tuesday, May 8, 2007
Two University students are trying to show that an abacus isn’t just a way to solve simple mathematical equations. Christina Spires, Wichita graduate student, and Bob Thon, Fallston, Md., senior, helped create Abacus, a business plan named after the ancient calculation tool in an advanced entrepreneurship course. They won second place at the 2007 Shocker Business Plan Competition at Wichita State last April and plan to start the business with the University professor who invented Financial Reporting and Auditing Agent Net Knowledge (FRAANK) software, Rajendra Srivastava.
Abacus uses FRAANK, which analyzes financial data automatically instead of leaving it prone to human error and has a patent pending.
Spires and Thon plan to generate investor interest in the software this summer and follow through with their business creation. They will be looking for about one million dollars in investments from various parties.
nutgraf
The students won $3,000 from the competition, which Spires said would be used in going forward with the business.
Spires, who is chief executive officer of Abacus, said the company was projecting to make millions from the developed software.
“We definitely want to be involved,” she said. “There’s no benefit for us to sell the company.”
The students won $3,000 from the competition, which Spires said would be used in going forward with the business.
After Abacus approaches investors such as venture capitalists and gains financial support, the next step is getting property, computers, servers and programmers to build new financial fields for the program, Spires said.
FRAANK, which Spires said was in production for about 10 years, could benefit any publicly traded company and would be used for audits and sold to Fortune 500 businesses.
“Everybody’s going to have a need whether they use our product or our competitor’s product,” she said.
Thon said the program takes Microsoft Word and Excel documents with financial data, recognizes the financial terms and encodes them to a financial recording language. He said that during the competition, Abacus received several business cards from interested businessmen.
Wally Meyer, director of entrepreneurship programs, said Abacus would be the first student company to be created from the New Venture Creation course at the University.
“The plan is terrific. They’ve got all the components,” he said. “They did a great job in presenting and defending the plan.”
The plan was initially presented to about 70 investors at the business plan competition last month. Students were given about five to seven minutes to convince investors why they should be interested, Meyer said. At the final round of the competition, they presented their plan to judges, one of whom was Pizza Hut’s founder.
Meyer said the students received extensive education in creating the business plans, something they could use to create bigger business plans in the future.
“I don’t think anybody goes into entrepreneurship for job security,” Meyer said. “But does it give them an idea of what to do after graduation? Absolutely.”
Kansan staff writer Brian Lewis-Jones can be contacted at bljones@kansan.com.
— Edited by Joe Caponio
Students devise business outlines
Three student teams created business plans based on local innovations. They include ...
New award program funds future entrepreneurs
Winners can use prize money for any business-related needs.
The art of making money
Even with the economy in turmoil, KU students prove there’s still a ...
School of Business holds competition
Finalists will present powerpoint presentations over their business ideas in the hopes ...
Students start business venture
The Silver-Gerald Show Chair, or May Chair, won two students $7,200. Now ...
University interested in fostering entrepreneurship
Julie Goonewardene will join the University on Jan. 17 after being named ...
School of Business issued grant
A government grant jump-starts two major programs in School of Business.
Amidst smartphone popularity, regular phones will incorporate ...
Cell phone users without data plans still have the opportunity to use ...
Bioscience program brings businesses
The addition of a third branch of the Bioscience Technology and Business ...
Twin sisters to open dueling pianos bar
Two Kansas seniors will start their own entrepreneur business before graduating this ...
Institute announces research projects
Professors and fellows will work towards commercializing medical technology and engineering projects.
Professors turn research into profit
Beyond tending to responsibilities of teaching at the University, some professors stay ...
City still looking into curbside recycling
Private companies offer curbside service while the city and University are looking ...
Battle of the brands
After the expiration of the University’s 10-year contract with the Coca-Cola Co. ...
Shakespearean theater to open spring 2009
New theater will give students the opportunity to get involved on stage ...
Time is on their sides
A few young college grads put their age and their tech-savviness to ...
Mars lander prototype ready for takeoff
Despite skepticism from professors, a class of 16 optimistic engineering students are ...
Alumnus discusses genes
Many students have shown their interest in using their education at the ...
Candidate for Business dean to participate in ...
The first candidate for dean of the School of Business will participate ...
Bike rental plan being considered
Of of the nine groups from Entrepreneurship 450 is working with Student ...
Students use Craigslist to find housing
KU students are using Craigslist to find apartments, houses and roommates
Restaurants spring up over summer
New restaurants for incoming freshmen, absent summer students poped up over summer ...
KU Grad starts online business
The food service Web site, foodpatio.com, services restaurants and food delivery orders ...
How to save the earth – and ...
Washing clothes in cold water, buying biodegradable dishwasher detergent and using compact ...
Kaun a pro on and off the ...
Teammates call senior center Sasha Kaun a computer wiz. Kaun is set ...
Speaker gives presentation on business in Israel
Dan Senor discussed the state of the economy in Israel provides a ...
Overworked students' dangerous race against time
Is too much work and too little time putting students' health at ...
Second career fair may be ‘just in ...
Employers at fair have open positions, so it’s not too late to ...
Two new buildings expand West Campus
More space allows for more enrollment and easier workflow.
Birth control prices get knocked up
After ending contracts with its pharmaceutical manufacturers, student health centers nationwide will ...
Class designs fishing tools to lure anglers
Cinematic achievement
Recording your own movie may sound intimidating but using resources such as ...
KU works on improving cell phone signals
The potential plan with phone carriers could help eliminate dead zones and ...
Evaluating presidential platforms
Obama and McCain differ on three major points during campaign.
Campus elections 2009: United Students
Extending the textbook refund deadline, lowering the All-Sports combo price are some ...
Westar Energy case competition gives MBA students ...
School of Business graduate students participate in a competition to assist a ...
New program to teach students money management
The Financial Literacy Program begins aims to provide information students need to ...
Campus biofuel lab promotes efficiency
New platforms and funding to lab make fuel production more efficient for ...
Glitch prevents students from paying tuition
Students who tried to pay their tuition at the last minute Tuesday ...
Alumnus wins Tony Award
Randy Adams won the award for his work as a producer for ...
Kansas Jayhawk fans hold aloft a reproduction of ...
2 comments
Erin Saupe, a Ph.D. student from St. Cloud, ...
1 comment
0 comments
Armed robbers continue to threaten.
3 comments
Lecture from Greg Mortenson, co-author of New York ...
0 comments
KUnited presidential candidate Libby Johnson and vice presidential ...
1 comment
Comments
Use the comment form below to begin a discussion about this content.
Sign in to comment
Or login with:
OpenID