The Polsky Center for Entrepreneurship at the Graduate School of Business held its annual Edward L. Kaplan New Venture Challenge business competition Wednesday, May 26. The competition offers students a chance to create and present business plans to a panel of 16 judges, consisting of venture capitalists and entrepreneurs. (Above, left to right) Chicago GSB students Ana-Maria Nicolau, Dhiren Jhaveri and Robert Durden took first place for their company Midway Pharmaceuticals, a biotech firm that attempts to commercialize preventative treatments for necrotizing enterocolitis and inflammatory bowel disease. The first-place team won a $15,000 prize, while the two teams that tied for second place each won $10,000. In the eight years since the New Venture Challenge was founded, over 25 teams have gone on to create operating companies.