Love Will Inc, a startup known for producing products such as the Pheeva Bitcoin wallet, have won the top prize in the 2015 Olin Cup competition. The Olin Cup, a yearly event held by Washington University's Skandalaris Center for Entrepreneurial Studies, awards first place getters a total of $50,000 in investments:
The investment specified (type of security and valuation) will vary with winners. In addition, winners may receive in-kind services from one or more of the competition sponsors, in addition to any cash investment. These in-kind services will be limited to one provider in each of the service areas and the provider and winners will agree to specific details. All investments will be made upon incorporation of the business.
But unlike previous events, a requirement of due diligence suddenly appeared this year. St. Louis Business Journal reports:
Olin officials, however, changed the process this year and will now wait to make an investment offer — if any is offered at all — until after due diligence is performed on the winners over the next few months.
Amusingly, a sponsor of this year's Olin Cup includes the law firm Polsinelli. Polsinelli are known for representing Butterfly Labs in their ongoing problems with the FTC.