DePaul University MBA student Pete Lafferty and his brothers, Matt and Adam, wanted to start a family business rich in texture, tradition and taste.

Thus was born Libero Ferrero, a men’s luxury leather goods business, named after their grandfather, which specializes in leather accessories for men, such as briefcases and travel bags. Their products are all made in the United States, Pete Lafferty said.

The Laffertys’ Libero Ferrero took first place in the sixth annual Launch DePaul contest, DePaul’s annual student and alumni new venture competition for business and non-profits sponsored by the Coleman Entrepreneurship Center at DePaul. Three teams – including Libero Ferrero – made it into the finals, where they presented their business plans to a panel of entrepreneurship judges convened at DePaul’s College of Commerce May 18. E-Rental Tools came in second place, followed by Wiseman Tea Co.

The teams, which were required to have student leaders but could include alumni and others, vied for $10,000 in cash. The ventures were judged on their viability, likelihood for growth and potential to create value for founders and the community. Based on these criteria, the judges were free to divide the prize money in any way they believed would best benefit the entrepreneurs.

The finalists in the four-month competition included ventures about to debut as well as those already launched and ready for growth.

Libero Ferrero

For Pete Lafferty and his brothers Matt and Adam, their venture was born out of their desire for a luxury bag for men that served their needs. “We could not find a bag designed around men’s needs that combined the form and function that we were seeking,” Pete Lafferty said. “The majority of luxury bags in the marketplace were brand extensions from female collections and typically had logos all over them.” So the brothers started Libero Ferrero, which is designed specifically for metropolitan men who want a classic, understated yet modern bag that can accommodate their myriad electronic devices and personal belongings. “With this purpose in mind, we named our company after our grandfather, who was also an entrepreneur and who continues to be an inspiration for our business and our brand,” said Pete, who graduated with an MBA in international business from DePaul in March.

Libero Ferrero “develops bags that men can take to the office or on a casual weekend getaway,” Pete said. The company expects to launch in the fall.

“These bags are designed to be versatile and complement a cosmopolitan lifestyle,” Pete said. “We develop all kinds of bags for the modern gentleman, ranging from overnight bags to briefcases. All of our bags are modern interpretations of classic silhouettes, inspired from Americana.”

E-Rental Tools

Steve and Matt Sobotka’s company provides affordable and easy-to-use online software technology solutions for landlords and property management companies. “We strive to offer the easiest and most cost-effective solutions to meet the needs of both the property management company and their tenants,” Steve said. “Our technology is ever-evolving to the growing needs of today's property managers.” Steve is graduating with an MBA from DePaul in June 2011.

E-Rental Tools, which launched about a year ago, provides an easy-to-use and affordable online property management solution for the busy property owner or property manager who is looking for a faster and easier way to run his or her business. Among the services it provides are domain management, fully integrated property management website solutions and designs, an integrated billing system, a tenant portal, a property manager portal, customer support, and free software upgrades with monthly membership.

Wiseman Tea Co.

DePaul students Jordan Scherer and Bryan Comiskey believe that tea is “all about human connections.” Their business, which launched in 2009, sells tea made from all-natural ingredients, free of pesticides and herbicides. “Tea is the second most popular beverage behind water,” Comiskey said. “We’re really aiming to increase the stature of tea.” To deal with the seasonal nature of tea drinking, they have some creative blends for summer in iced teas that include various fruits and flowers. They will be serving iced tea by the cup this summer at numerous street festivals, including Taste of Randolph Street and Taste of Lincoln Avenue. Baristas serving Wiseman Tea in their cafes will be taught about brewing methods, health benefits and the origin of the ingredients, which will come from five of the seven continents, Comiskey said.

Raman Chadha, executive director of the Coleman Entrepreneurship Center, said this year’s finalists were all well qualified. “In the six-year history of Launch DePaul, this was one of the most difficult finals to judge,” he said. “To decide the champion and the prize distribution, the judges deliberated for nearly an hour, demonstrating how even the teams were. We congratulate all three finalists for their determination, hard work and enthusiasm in competing.”

An extension of the College of Commerce’s entrepreneurship academic program, the Coleman Entrepreneurship Center helps students launch and grow their own ventures and helps second-stage businesses through peer-to-peer educational programs and roundtables. The Center aims to be the premier online community and resource for business owners looking to strategically grow their businesses.