PROVIDENCE – Nordic Technology Group, a company that has developed software that uses 3-D motion sensors to identify and alert caregivers to changes in patients’ behavior, was named the top winner in the 2014 Rhode Island Business Plan Competition at a live event held Thursday at The Garage.
“We had an especially strong group of contenders this year, which made the judging more difficult, but it’s a problem we’re happy to have,” said Peggy Farrell, competition co-chair and partner in the law firm of Hinckley, Allen & Snyder. “It is exciting that so many entrepreneurs with good ideas are looking to establish their businesses in Rhode Island.”
The 2014 competition attracted 75 applications that spanned biotech, consumer, health care, information technology, manufacturing, retail and software markets.
Co-founded by Erik Wernevi and Josh Napoli, Nordic Technology Group received $45,000 in cash and $23,000 in professional and consulting services as a reward for being named the Technology Winner. The company is already collaborating with two senior housing communities in Rhode Island to refine and advance its technology, according to a release from the competition organizers.
“With our 3-D motion sensors and unique software, we are able to detect falls and similar incidents without a person wearing any device,” said Wernevi, CEO of Nordic Technology. “Even if someone is unconscious or can’t press the alarm, they will get timely help. We believe that the standard of care in the future will require that individuals get timely help even if they are incapacitated.”
Nordic Technology shared more than $200,000 total in cash prizes and services with the two other competition winners – CompNet Insurance Solutions, which won in the Entrepreneur track, and Dual Server Cooling, which came out on top in the Student track. Each of the companies received $20,000 in cash and $19,250 in services.