Winners Named in 2009 Rhode Island Business Plan Competition

PROVIDENCE – (May 5, 2009) – A company that aims to reduce infections resulting from implanted medical devices and another that plans to produce and market an energy drink were named winners today in the 2009 Rhode Island Business Plan Competition. They and four finalists shared $130,000 in prizes.

The winners were announced at Business Expo 2009 at the Rhode Island Convention Center, sponsored by the Greater Providence Chamber of Commerce.

BioIntraface, Inc., winner in the entrepreneur track, is developing a proprietary technology to thwart infection relating to medical device use. The company is led by John Jarrell of East Providence and David Spenciner of North Attleboro, Mass.

Runa, winner in the student track, plans to produce and market energy drinks and bottled beverages made from the leaves of an Amazonian tree. The team, from Brown University, includes Tyler Gage, Daniel MacCombie, Charlie Harding, and Laura Thompson.

The entrepreneur and student track winners each received prizes valued at $45,300. The prizes, which included cash and in-kind services, were donated by companies and organizations from Rhode Island.

Finalists in the entrepreneur track were Asphalt Shingle Recycling, led by Dan Horton of Barrington, which aims to be a conduit for asphalt shingle recycling and create a path that makes recycling the standard protocol for re-roofing contractors, and Sidekicks, led by Jon Smyth of Middletown, which is developing a unique forearm crutch to improve the self-esteem of users.

Finalists in the student track were Blink LLC, led by Eunice Png and Julie Sygiel of Brown University, which is developing a line of stain-resistant and leak-resistant underwear to prevent menstrual spills, and Minds in Motion Electronics EEG Toys Company, another Brown University team that includes Max Lang, Hieu Nguyen, Alexander Baker, and Boram Yi, which is developing the next generation of games that incorporate electroencephalography (EEG) technology.

All finalists in the entrepreneur and student tracks received prizes valued at $10,000.

“We congratulate everyone who applied this year, and we especially want to encourage them to pursue their business ideas, as the judges felt they all have strong potential,” said David Mitchell, dean of the College of Business at Johnson and Wales University.

Garrett B. Hunter, co-chair and president of the Business Development Company of Rhode Island, cited the 32 sponsors and 10 volunteers judges of this year’s competition, noting, “The competition can only be held because of their generous and substantial support. Their involvement contributes greatly to the well being of Rhode Island.”

This year’s competition attracted 57 business plans from 12 states, including Florida, Ohio California, and Washington, and focused on a range of industries, including biotech, health care, information technology, the Internet, manufacturing, and retail.

This year was the sixth 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.

Ten Local Business Leaders Served as Judges

Serving as judges in the 2009 competition were the following Rhode Island business leaders:

• Richard L. Bready, Chairman and Chief Executive Officer, Nortek, Inc.
• M. Cary Collins, Director, The Global Entrepreneurship Program, Bryant University
• Larry Davidson, Principal, Kahn, Litwin, Renza & Co., Ltd.
• Sixcia Devine, Providence Regional Director, Rhode Island Small Business Development Center
• Margaret Farrell, Partner, Hinckley, Allen & Snyder LLP
• Katharine Flynn, Director of Business Development, Rhode Island Economic Development Corporation
• Ann-Marie Harrington, Founder and President, Embolden Design
• Garrett B. Hunter, President, Business Development Company of Rhode Island
• Stephen Lane, Co-Founder and CEO, Ximedica
• David Mitchell, Dean, College of Business, Johnson and Wales University

Sponsors of the 2009 Rhode Island Business Plan Competition

Thirty-two businesses, nonprofits, colleges and universities, and public agencies support the Rhode Island Business Plan Competition, the only community-based business plan competition in New England. They include: Hinckley, Allen & Snyder LLP, Kahn, Litwin, Renza & Co., Ltd., Edwards Angell Palmer & Dodge, LLP, Embolden Design, Johnson & Wales University, and Nortek, Inc.

Also supporting the Competition are: Brown University, Bryant University, Business Development Company of Rhode Island, Cherrystone Angel Group, Citizens Bank, CVS/Caremark, Federal Electronics, Inc., Greater Providence Chamber of Commerce, InsureMyTrip.com, Point Judith Capital, Providence Business News, RDW Group, Rhode Island Commodores, Rhode Island Economic Development Corporation, Rhode Island Medical Society, Rhode Island Society of CPAs, Shazamm, Slater Technology Fund, Smith Barney, Sovereign Bank, Starkweather & Shepley, Tech Collective, The Employers Association, 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.