Leo Goodrich, a recent MBA graduate of Quinnipiac University in Hamden, CT and a PhD in biology, defines being an entrepreneur this way: a bit of an adventurer, a risk taker and a dreamer all combined with a solid business plan in mind.

This graduate student from North Haven proved his definition was the right stuff as he was named the winner of the 2004 “You Belong in Connecticut” College Business Plan Competition, sponsored by the state Department of Economic and Community Development (DECD) and held at the Omni Hotel in New Haven. For his business plan for Eagle Biotech LLC, a biotech company proposed to develop an automated system to create proteins for research, Goodrich won $5,000 underwritten by the Academy Group, a management firm based in Fairfield.

The college business plan competition drew a record 67 business plans from undergraduate and graduate students enrolled in Connecticut universities. Holly Dennehey, executive director DECD. “I applaud the quality of the applicants and congratulate Leo Goodrich for his winning plan. The intent of the “You Belong in Connecticut” College Business Plan Competition is to  help young entrepreneurs launch their start-up businesses in the state to stimulate economic growth,” Dennehey said. 

Mike Roer, executive director of the Academy Group, called this group of applicants the best in the seven-year history of the competition. As he sees it, the business plan competition helps promote entrepreneurship education in Connecticut universities that will eventually stimulate economic growth in the state.

“Our goal is to teach Connecticut college students that there’s an alternative to working for someone. You can work for yourself,” Roer said. “We hope to encourage entrepreneurial education to teach students how to be the CEO of a company rather than going to work for one. That’s real economic growth when entrepreneurs launch start up companies that creates jobs and expands the tax base, which is what we need in Connecticut.”

In his opinion, Goodrich sees winning the college business plan competition as validating his idea for his biotech company, which is still in the planning stages. Goodrich used his winnings to cover his legal fees and capital start-up costs.

Goodrich, 40, thinks his eight years as a molecular biologist as a definite advantage in winning the business plan competition. He returned to earn an MBA degree to reach the next step in his career – growing his biotech company.

“I feel the timing is right for my type of company,” Goodrich said. “Man-made proteins are necessary for pharmaceutical research. I’m offering a support service for pharmaceutical companies. They tell me what kind of proteins they need for studies and I can custom manufacture them.”

Goodrich is  looking for $500,000 to $1 million to launch his biotech business. For winning the college business plan competition, he presented at the Crossroads Venture Fair, one of the largest venture fairs on the East Cost, in the spring before hundreds of venture capitalists and private investors. Goodrich said his funding search has taught him a great deal about the practical details of starting a business that he never learned in business graduate school.

He is now working with his former professor at Quinnipiac, who has a great deal of consulting experience with many small start-up companies as well as the professor who invented the technique for making artificial proteins. His plan is to start with a couple of technicians to create man-made proteins and a two-person sales force.  

“I still need to network with people who know how to start businesses,” Goodrich said. “I’m learning the right questions to ask of potential investors. They only teach you so much in business school. I’m at an advanced stage and things are moving along. It takes a while, but I’m confident. Winning the business plan competition was a great morale builder. It showed me that I have a viable idea that was appealing to judges with a great deal of business experience.”