Patient-care alert technology named top winner of 2014<br> R.I. Biz Plan Competition

THE 2014 RHODE ISLAND Business Plan Competition judges selected Nordic Technology Group, a company developing health monitoring products using 3-D sensor technology, the top winner in this year's contest.
THE 2014 RHODE ISLAND Business Plan Competition judges selected Nordic Technology Group, a company developing health monitoring products using 3-D sensor technology, the top winner in this year's contest.

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.

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“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.

CompNet Insurance Solutions, an alumnus of the Betaspring startup accelerator led by David Bedard, is developing an online quote system that allows businesses of all sizes, particularly smaller companies, to get immediate quotes on workers’ compensation insurance, eliminating the need for an insurance broker.

The Student track winner, Dual Server Cooling, was formed by a team from Brown University led by Ze Chen. The company is using licensed technology to develop a more efficient approach for cooling data centers, with a lower implementation cost than current cooling technologies. The students, who also include Yiran Gao and Kangbei Jiang, are graduate students studying innovation management and entrepreneurship at Brown.

The three winners were recognized alongside four other Rhode Island Business Plan Competition finalists at The Garage, a half-day business expo hosted Thursday by the Greater Providence Chamber of Commerce at the R.I. Convention Center. Finalists who were not named as winners received $7,000 in cash and $7,250 in services.

Finalists for the “Entrepreneur Track” included:

  • KloudBook – Provides a universal way to look up mobile number, email address and other contact online without the endorsements, resumes, photos and personal postings that clutter other websites.
  • StormTree – Developed a green technology that enables property developers and municipalities to manage storm water runoff as a sustainable alternative to traditional underground pipe systems.

Finalists for the “Student Track” included:

  • MedSynergies – Proposes to use a low-cost, high-sensitivity, optically activated micro-device to detect lung cancer at its early and treatable stages.
  • Pronto Solutions – Designed a smartphone application for ordering and paying catered to full-service restaurants, allowing customers to order on impulse and pay when they are ready.

Founded in 2000 to help create “growth companies” that will bring jobs to the local community, the Rhode Island Business Plan Competition encourages plans for new businesses, as well as from early-stage companies. Judges will focus on originality, breadth of impact on the business community and likelihood of success in choosing finalists and winners.

This year marked the 11th Rhode Island Business Plan Competition, which has awarded more than $1.6 million in prizes to date.

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