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Winners Named in 2010 Rhode Island Business Plan Competition PROVIDENCE – (May 4, 2010) – A company that is developing a therapeutic treatment for inflammation, another which is building a sustainable production method for manufacturing biodiesel by recycling waste vegetable oil, and a third that is creating an online fundraising system for nonprofits were named winners today in the 2010 Rhode Island Business Plan Competition. They and six finalists shared more than $195,000 in prizes. The winners were announced at Business Expo 2010 at the Rhode Island Convention Center, sponsored by the Greater Providence Chamber of Commerce. They were: Entrepreneur track: ProThera Biologics. The company is developing inter-alpha inhibitor proteins to treat systemic inflammatory response syndrome and sepsis. Richard Andrews, of East Providence, is chief business officer of the company. Green track: Newport Biodiesel. The company has developed a sustainable method for manufacturing biodiesel through local collection of waste vegetable oil and local production. Chris Benzak, of Newport, is a managing partner in the company. Student track: Speramus. The company is creating an online fundraising platform that uses a proprietary ranking system to match donors with individual support opportunities. Ryan Chan, a senior undergraduate at Brown University, is CEO of the company. The Green track was newly introduced this year, supported largely by a grant from the Rhode Island Economic Development Corporation. The winners each received prizes valued at $40,600. The prizes, which included cash and in-kind services, were donated by companies and organizations from Rhode Island and Massachusetts. Each finalist in the Entrepreneur and Student tracks received prizes valued at $11,100, while finalists in the Green track each received prizes valued at $14,850. Finalists in the Entrepreneur track were: 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. 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. Finalists in the Green track were: Inspire Green – Selling reusable filtered water bottles to universities and businesses looking to go green. Principal applicant: Morgan Morris, Smithfield. Renewables, Incorporated – Developing prefabricated small wind and solar systems based on a proprietary technology. Principal applicant: Erik Monostory, Warren. Finalists in the Student track were: 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. “We congratulate the winners and finalists. All of their ideas have the potential to become strong businesses in Rhode Island and we look forward to helping them grow and prosper,” said Competition Co-chair Larry Davidson, principal with the Providence-based accounting firm of Kahn, Litwin, Renza & Co. Garrett B. Hunter, co-chair and Rhode Island state chairman of CDC New England, lauded the 37 sponsors and 11 volunteers judges of this year’s competition, saying, “We’re especially grateful to our sponsors for their strong and vigorous support, particularly in a difficult economic environment. This competition can only be held because of their involvement and commitment to the future well-being of Rhode Island.” Also serving as co-chair this year was David Mitchell, dean of the College of Business at Johnson and Wales University. This year’s competition attracted 61business plans, spanning a broad range of industries – from consumer, Internet, and health care to software, biotech, and manufacturing This year was the seventh time the competition has been held since it was established in 2001. To be eligible to win, applicants had to agree to establish or maintain operations in Rhode Island. Eleven Local Business Leaders Served as Judges Serving as judges in the 2010 competition were the following business leaders:
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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