Rhode Island Business Plan Competition Names Six Finalists

PROVIDENCE – (April 30, 2008) – Six entrepreneurs have been chosen as finalists in the 2008 Rhode Island Business Plan Competition, it was announced today.

The winners, to be publicly named May 6 at Business Expo at the Rhode Island Convention Center in Providence, will receive $170,000 in prizes.

Winners in the entrepreneur and student tracks will each receive cash and in-kind services valued at $54,500. Two runners up in each track will be awarded prizes totaling $15,000. One winner in a high school track introduced this year will receive a $1,000 prize.

SELECTED AS FINALISTS IN THE ENTREPRENEUR TRACK WERE:

• MissingPatient.com —  Creating a proactive solution to expedite information in the event of a missing person designed around the MissingPatient.com website and a real-time, 24/7 call center. The lead applicant is Timothy Holmgren of Westerly.
  
• Vitrimark — An imaging company that uses a unique technology (cryogenic transmission electron microscopy) to identify prostate and breast cancer in their early stage to help drug developers make early go/no-go decisions on new drugs. The lead applicant is Arijit Bose of Providence.
  
• Replicator — Manufacturer of custom products by combining web-based design tools and custom manufacturing technology with an initial focus on costume jewelry for teen-aged girls. The lead applicant is Joseph Flaherty of Watertown, Mass.
  

• CHMR Solutions — A service-based company that removes heavy metals from Brownfield sites by utilizing a system developed by Professor Joseph Calo at Brown University. The lead applicant is Colin Keogh, a student at Brown University.
  
• Digital Wingman — Integrating 3D, high-definition floor plans with e-commerce to maximize e-retailing success by enabling users to create personalized, scaled renderings of living or workspaces. The lead applicant is Jake Powers, a student at Brown University.
  
• Siren Medical — Has created a novel, low-cost technology for preserving living human tissue, which has broad applications in the medical field, including the preservation of amputated digits and limbs at the site of the accident for transport to a surgical facility The lead applicant is Mark Drew, a student at Rhode Island School of Design.
  

This year’s business plan competition attracted 58 business proposals from six states, including as far away as Texas, as well as from Russia, Sweden, and India. Business plans focused on a range of industries, including manufacturing, retail, the Internet, and healthcare, in addition to software and biotech firms.

Plans were also received from Brown University, Bryant University, Johnson & Wales University, New England Institute of Technology, Rhode Island School of Design, Roger Williams University, and Salve Regina University.

Winner to be Announced at Business Expo on May 6

All six finalists and the high school track winner will make a brief presentation of their business plan on May 6 at Business Expo, hosted by the Greater Providence Chamber of Commerce, at the Rhode Island Convention Center.

Sponsors of the 2008 Rhode Island Business Plan Competition

Sponsors the 2008 Rhode Island Business Plan Competition include private companies, nonprofit organizations, public agencies, colleges and universities, and foundations, as follows: Hinckley, Allen & Snyder LLP, Kahn, Litwin, Renza & Co., Ltd., Seyfarth Shaw, Shazamm, Brown University, Edwards Angell Palmer & Dodge, LLP, Embolden Design, and Nortek, Inc.

Also supporting the competition are: Brown Forum for Enterprise, Business Development Company of Rhode Island, Cherrystone Angel Group, CVS Caremark, Federal Electronics, Inc., Greater Providence Chamber of Commerce, Johnson and Wales University, Point Judith Capital, Providence Business News, Rhode Island Commodores, Rhode Island Economic Development Corporation, Slater Technology Fund, Bryant University, Citizens Bank of Rhode Island, Item Group, Starkweather & Shepley Insurance Brokerage, Inc., Heartlab/Agfa, Naval Undersea Warfare Center, RDW Group, Rhode Island Society of Certified Public Accountants, Salve Regina University, Smith Barney, Software Quality Associates, The Employers Association, The Mergis Group, University of Rhode Island, and Webster Bank.

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