PROVIDENCE – The Rhode Island Business Plan Competition announced its winners at The WaterFire Arts Center in Providence Tuesday evening, awarding seven teams with a combined value of $271,000, the largest prize since the awards started in 2001.
The event had 63 sponsors, and has to date awarded prizes worth $2.3 million. This year, winners competed for the prizes in a pool of 15 semi-finalists.
Awards:
BI Medical LLC., of North Kingstown, won the MedTech award, winning $93,900 of combined cash and services – $30,000 of the award was cash, and $53,900 was awarded in professional and consulting services for work on its product, a device for removing bacterial contamination of prostheses. BI Medical’s principle applicant was James Wagner of Coventry.
The Entrepreneur Track award went to Farmer Willie’s Inc., a low-sugar, low-calorie craft ginger beer company based in Pawtucket, which received $15,000 in cash and $42,350 in professional and consulting services. Farmer Willie’s principle applicant was Max Easton.
Tvar EdTech won the Student Track award for developing a phonics teaching device designed to help students practice language independently of a teacher. The group was awarded $15,000 cash and $42,350 in professional and consulting services. Tvar EdTech was led by Alex Tavares of East Greenwich, who is studying for a master’s degree in technology, innovation, and education at Harvard University.
“This year’s winners and finalists are addressing a wide range of business opportunities that have potential to become strong growth companies,” said competition co-chair Anthony Mangiarelli, partner with the Providence-based accounting firm, KLR, in a statement. “I and my colleagues across Rhode Island’s business community look forward to helping them prosper in the months and years ahead.”
Finalists in the entrepreneur track:
- Care Thread Inc. – Principal applicant: Nick Adams, Providence.
- Crave Food Services Corp. – Principal applicant: Matthew Tortora, North Kingstown.
Finalists in the student track:
- 5 Commas – Principal applicant: Andrew Oberlander, Brown University.
- Echowear – Principal applicant: Nicholas Constant, University of Rhode Island.
According to a release, finalists in both tracks received $5,000 in cash, along with services valued at $10,650.
Chris Bergenheim is the PBN web editor.
