Mobile Commerce Innovator Wins First ATG e-Commerce Ingenuity Business Plan Competition
MinuteBank Wins Both the $50,000 First Place and the $10,000 People's Choice Awards at ATG Insight Live 2008
CAMBRIDGE, Mass. - April 30, 2008 - ATG (Art Technology Group, Inc., NASDAQ: ARTG), the top ranked e-commerce platform and optimization services provider, today announced the winner of the first ATG e-Commerce Ingenuity Business Plan Competition.
MinuteBank was selected by the panel of judges as the $50,000 first place winner, and won over an audience of over 600 attendees as the $10,000 people's choice winner, selected by SMS voting live at the event.
As a mobile commerce (m-commerce) solution, MinuteBank plans to offer millions of mobile phone subscribers in developing nations a better way to manage their prepaid mobile phone plans. The solution is delivered as a new kind of bank account, a Personal Mobile Minute Account. This business plan focuses on a new potential market in m-commerce, whereby consumers use mobile phones to connect and transact. In emerging economies, where investment in the internet and accompanying hardware are beyond the means of both consumers and their governments, the mobile phone is fast becoming a leading medium for e-commerce.
MinuteBank founders are currently pursuing their MBAs at the UC-Berkeley Haas School of Business, and came together to fill an unmet need in the pre-paid mobile phone market, which is especially prevalent in developing nations like India.
Cliff Conneighton, ATG Senior VP of Marketing, said, "I want to congratulate MinuteBank and thank all of the other competition finalists for participating in this event. It's clear that a huge amount of thought and effort went into every one of their presentations. All the presenters have amazing things ahead of them. They are the next business leaders to watch."
Just prior to the finalist presentations, ATG e-Commerce Insight Live 28 keynote speaker Hung LeHong, Research VP of Garntner research, spoke about the growing importance of mobile commerce, and e-commerce transactions on platforms other than PCs.
"We want to thank ATG and the participants at ATG Insight Live for giving us this opportunity. This was a really exciting event and a thrill to present," said Russell Tillitt, CEO of MinuteBank, who presented the plan. "This award is going to be so instrumental in taking MinuteBank to the next level," added Bethany Nelson, MinuteBank's COO.
ATG will be watching the development of MinuteBank and keeping track of its progress.