Special Follow-Up With Wendy Mullins (Bradley Arant Boult Cummings LLP): Grading The Mississippi Entrepreneurs.

(Interview conducted by GJB Publisher, Jack Criss, seen in photo with Wendy Mullins).

GJB: Wendy, when we conducted our video interview with you recently (see last week’s GJB Weekly), you were just about to begin judging the competition. What stood out among those participating in your mind?

Mullins: This was my first year to serve as a judge and I must admit I found it to be far more challenging than I had expected – due in large part to the fact that this year’s participants were so well prepared.  I judged in the student category and the participants did a great job delivering their planned presentations but also in responding to the questions posed during the Q&A session. Mississippi Technology Alliance does an excellent job of pairing participants with mentors from across the state who offer guidance on everything from putting the pitch together, making sure all of the important criteria is covered, but also help in delivery of the pitch, and what is often the hardest part – responding in a calm & prepared manner to questions asked during the Q&A session.  All of the participants that I watched, either as judge or spectator, were very poised and prepared when responding to questions.

GJB: Can you please tell us about some of the winners? And is it fair to ask if YOUR particular favorites made the cut?

Mullins: The event is divided into three categories and the participants compete against one another in each of the divisions – student, pre-revenue and commercial or post-revenue.  Three winners are then selected from each division (so this year nine of the 37 participants took home a trophy). I was personally familiar with one winner in each of pre-revenue & revenue categories, and two from the student category and of course we are very proud of them.  I must say however, all of the participants in this year’s competition were very well prepared and did a great job with their presentations. I’m hesitant to throw out numbers, but I recall Tasha Bibb with MTA saying during the awards ceremony that the scores were extremely close among all of the participants in each category – and that often the difference between the winner and the number 4 spot was less than a point.

GJB: What is your favorite part acting as a judge? And what does it mean to Bradley Arant Boult Cummings LLP to be involved?

Mullins: Bradley Arant Boult Cummings (BABC) has had a presence in Mississippi for over 10 years, historically as a litigation firm.  Two years ago the decision was made to expand the offering in Mississippi to include a corporate and securities practice that would rival its offices in Birmingham and Nashville. As part of this decision, efforts have been made to become actively involved in and to support events like the New Venture Challenge, which help to foster an environment that is ripe for entrepreneurial growth.

I believe that in order to move forward we have got to be willing to take calculated risks with entrepreneurs who stand the greatest chance of bringing new jobs and industries to our State. Certainly people have to be able to support themselves and their families, but the days of getting a degree and then going straight to work for a company where you eventually retire is just not a reality any longer.  Events like this one start to create a culture that is more accepting of people who have an idea that they want to pursue, try to improve upon and hopefully turn into a thriving business of their own. As that business grows, there are more opportunities for new and similar talent, but the by-product of this can be tremendous — this young entrepreneur wants better housing, better jobs for their spouse, better schools for their children, better arts and entertainment avenues, better sports and recreational outlets – over time, the entire community is lifted to a higher level.

One of the recurring complaints that I hear from local businesses is they have a very difficult time trying to retain or attract the right talent to Mississippi.  As we begin to support our local entrepreneurs (who already know all of the great things Mississippi has to offer), the communities around them are improved; the overall standard of living increases and, suddenly, one barrier to retaining and attracting talent is removed.

GJB: Backtracking a bit: are there particular criteria those competing must first meets to even be able to participate?

Mullins: There is an application & screening process conducted by MTA – I’m not involved with that process, so I’m hesitant to make a comment. The competition is open to innovation-based companies; that includes companies with innovative products, processes, materials or business models. The selection process is based on selecting companies that fit the innovative criteria along with ones that are interesting and have a new venture opportunity.

GJB: If potential competitors want to get involved in next year’s competition, can you tell us what they need to do?

Mullins: Contact MTA to learn about many of the wonderful (often free) seminars, courses and support they offer.