Rhode Island Business Plan Competition Names Nine Finalists

Winners to Be Announced at Business Expo on May 4

PROVIDENCE – (April 28, 2010) – Nine entrepreneurs have been chosen as finalists in the 2010 Rhode Island Business Plan Competition, it was announced today,

The winners, to be publicly named May 4 at Business Expo 2010 at the Rhode Island Convention Center in Providence, will receive nearly $200,000 in prizes.

Selected as finalists were the following:

Entrepreneur Track:

• Bakodo – Developing a highly-targeted, contextual barcode ad-serving network that aims to optimize return on investment for advertisers. This plan was originally submitted under the name of 95bits. Principal applicant: Andres Douglas, Providence. 
• 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. 

Green Track:

• 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.

Student Track:

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

Winners in the Entrepreneur and Student tracks will each receive cash and in-kind services valued at $40,600. Two runners up in each track will be awarded prizes totaling more than $11,000.

The winners in this year’s new Green track will receive cash and in-kind services valued at $40,600. Two runners up in the same track will be awarded prizes totaling nearly $15,000.

Competition Co-chair David Mitchell, dean of the College of Business at Johnson and Wales University, said, “All the plans reviewed by the judges covered a broad spectrum of businesses and strongly demonstrate that entrepreneurship remains strong in Rhode Island.”

Garrett B. Hunter, Rhode Island Chairman of CDC New England, who also serves as co-chair, said, “Semi-finalists who did not progress to the next stage of the competition achieved a significant milestone by developing a full business plan, which should serve them well. We wish them the very best.”

Winner to be Announced at Business Expo on May 4

All nine finalists will make a brief presentation of their business plan on May 4 at Business Expo, hosted by the Greater Providence Chamber of Commerce, at the Rhode Island Convention Center.

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 competition 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.

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