Rhode Island Business Plan Competition Names Semi-Finalists in Three Tracks

PROVIDENCE – (April 14, 2010) – The 2010 Rhode Island Business Plan Competition today announced that six semi-finalists have been named in each of three tracks, including a newly launched Green track, who will vie for nearly $200,000 in cash and in-kind prizes in the 2010 competition culminating next month.

The semi-finalists span a broad range of industries – from consumer, Internet, and health care to software, biotech, and manufacturing.

The 61 business ideas submitted this year—including 26 in the Entrepreneur track, 24 in the Student track, and 11 in the Green Track—represents an increase from the 57 applications received last year.

Competition Co-chair Garrett B. Hunter, Rhode Island Chairman of CDC New England, said, “The breadth of ideas submitted was impressive and indicates the strength of the local entrepreneurial community.”

Co-chair Larry Davidson, principal with the Providence-based accounting firm of Kahn, Litwin, Renza & Co., added, “Choosing the semi-finalists is an enjoyable challenge, because many of the plans, even those that didn’t get selected, have great potential.”

In order to receive prizes, which will be awarded to all finalists and winners, applicants must agree to establish or continue operations in Rhode Island.

Semi-Finalists in the Entrepreneur Track

Semi-finalists in the Entrepreneur track include the following:

95bits – Developing a highly-targeted, contextual barcode ad-serving network that aims to optimize return on investment for advertisers. Principal applicant: Andres Douglas, Providence.

e3 Classroom Sync – Software that allows the use of new kinds of classroom materials, reduces paper consumption, and makes the classroom more efficient. Principal applicant: Danato Borelli, Providence.

Microtissues, Inc. – A technology that grows human cells in three dimensions, enabling them to function more like natural tissues and organs. Principal applicant: Jeffrey Morgan, Sharon, Mass.

ProThera Biologics – Developing Inter-Alpha Inhibitor Proteins to treat systemic inflammatory response syndrome and sepsis. Principal applicant: Richard Andrews, East Providence.

The Granny Squibb Company, LLC – Looking to grow the company, which produces an all-natural, bottled iced tea formulated from a 100-year-old recipe. Principal applicant: Robin Squibb, Providence.

Violet's Passion Coffee – Developing an instant coffee cube containing sugar and flavor that can be prepared anywhere. Principal applicant: Nancy Zapata Faella, Johnston.

Semi-Finalists in the Green Track

Semi-finalists in the Green track include the following:

Aten Energy Conservation – Will provide energy conservation services to home and small business owners along with comprehensive energy audits. Principal applicant: Matthew Banoub, Swansea, Mass.

Elecar Inc. – Developing a line of charging products for electric vehicles to be installed in homes, parking garages, business lots, and city streets. Principal applicant: Andrew Antar, Providence.

Gencars – Developing a patented shock absorber that creates electricity for hybrid vehicles from wasted kinetic energy of shock absorbers. Principal applicant: Nicholas Gencarelle, Newport.

Inspire Green – Selling reusable filtered water bottles to universities and businesses looking to go green. Principal applicant: Morgan Morris, Smithfield.

Newport Biodiesel – Developing a method of sustainable biodiesel production through local collection of waste vegetable oil and local production of biodiesel. Principal applicant: Chris Benzak, Newport.

Renewables, Incorporated – Developing prefabricated small wind and solar systems based on a proprietary technology. Principal applicant: Erik Monostory, Warren.

Semi-Finalists in the Student Track

Semi-finalists in the Student track include the following:

Booklupe – An online book swapping and eBook renting and buying social network for college students. Principal applicant: Nathaniel Epps, Johnson and Wales University.

JobLink – An online service that connects college students to local businesses and employers, as well as resume and portfolio hosting. Principal applicant: Walker Williams, Brown University.

SEMTEC – Developing a line of coated endotracheal tubes, central-line catheters, and urinary catheters to help prevent hospital-acquired infections. Principal applicant: Rehim Popatia, Brown University.

Solubricin Technologies – Creating a catheter coating designed to fight urinary tract infections. Principal applicant: Brian Neff, Brown University.

Speramus  – An online fundraising platform that uses a proprietary ranking system to match donors with individual support opportunities. Principal applicant: Ryan Chan, Brown University.

Ulterius Enterprises – Developing a patented technology to solve thermal inefficiencies in biotechnology equipment. Principal applicant: Juan Vasconez, Brown University.

Three finalists in each track will be selected later this month. The winners will be announced May 4 at Business Expo 2010 in Providence, sponsored by the Greater Providence Chamber of Commerce. All nine finalists will be invited to present their business plans at Business Expo.

Sponsors of the 2010 Rhode Island Business Plan Competition

The Rhode Island Business Plan Competition, established in 2000, is the leading community-supported business plan competition in the Northeast. To date, it has awarded more than $630,000 in prizes to encourage the establishment or further development of companies in the biotechnology, employee health, information technology, electronic gaming, medical technology, and marine navigation fields.

The 2010 competitions is supported by 37 sponsoring organizations that span private businesses, colleges and universities, and public and nonprofit entities, including: Hinckley, Allen & Snyder LLP, Kahn, Litwin, Renza & Co., Ltd., Embolden, Johnson & Wales University, and the Rhode Island Economic Development Corporation.

Also supporting the competition are: AM 790, Bank of America, Braemar Energy Ventures, Business Development Company of Rhode Island, Brown University, Bryant University, Cherrystone Angel Group, Citizens Bank, Coastway Community Bank, CVS/Caremark, Edwards Angell Palmer & Dodge, LLP, Federal Electronics, Inc., Foresight Science and Technology, Goodwin Procter LLP, Greater Providence Chamber of Commerce, InsureMyTrip.com, Morgan Stanley Smith Barney, Point Judith Capital, Providence Business News, Rhode Island Medical Society, Rhode Island Commodores, RI Center for Innovation & Entrepreneurship, RI Society of Certified Public Accountants, RI Small Business Development Center, Shazaam, Starkweather & Shepley, Slater Technology Fund, Tech Collective, The Mergis Group, University of Rhode Island, Webster Bank, and Ximedica.

Complete information, including rules, application procedures, guidelines, and business plan resources, is available at www.ri-bizplan.com.