Winners Named in Rhode Island Business Competition
PROVIDENCE - (May 13, 2020) - A mechanical engineer and his team who have designed, manufactured, and marketed electric outboard marine motors for the boating industry today was named the top winner in the 2020 Rhode Island Business Competition, which awarded prizes valued in excess of $180,000 to six competitors.
Jonathan Lord, of Narragansett, whose business, Flux Marine Ltd., was declared the top winner, took home $50,525 in winnings – $10,000 in cash and $40,525 in professional and consulting services as the Entrepreneur Track winner, plus a $15,000 bonus cash award.
Winners were announced at a virtual awards ceremony.
Lord will automatically be eligible to enter the $50,000 Cox Business Get Started Rhode Island pitch contest, to be held September 30th, as a semi-finalist.
Flux Marine's zero-emissions electric outboard boat motors bring the marine industry into a sustainable energy future. The idea for this was their unsinkable passion for boating and the environment.
Winning the MedTech Track was ResusciTech, led by Abigail Kohler, a recent Brown University graduate studying bioengineering and biomedical engineering. Her business has developed a novel CPR feedback device that will give people the ability to perform CPR accurately in order to increase survival rates of victims of cardiac arrests. She received $10,000 in cash plus $40,025 in professional and consulting services in addition to 20 hours of mentoring services provided by NEMIC.
Anthony Mangiarelli, Competition co-chair and partner with the KLR accounting firm in Providence, said, “We congratulate this year's winners and finalists, who are all developing promising businesses. We, along with the local organizations that will provide them with business and professional services, look forward to working with them.”
Co-chair Peggy Farrell, partner with the Hinckley Allen law firm in Providence, added, "This was a challenging year due to the pandemic but we are thrilled that we were able to support these entrepreneurs. This Competition can only award prizes because of the commitment of our many sponsors, and we thank them for their unflagging support. By supporting the Competition, they are investing in startups that will help shape Rhode Island's future."
Entrepreneur Track finalists, each of whom received $5,000 in cash and services valued at $13,725, were:
Cloud Agronomics Inc. is developing a global analytics platform marketed to traders and producers utilizing advanced cameras mounted on a network of aircraft to gather crop data. Principal applicant: Jack Roswell
Retail Marketpoint has developed a universal, objective, real-time measure that instantly evaluates any location in the U.S. for any retail brand or concept. Principal applicant: John Rafferty
MedTech Track finalists, each of whom received $2,500 in cash, $13,275 in services, and ten hours each of mentoring services provided by NEMIC were:
bosWell is developing a two-sided marketplace that connects health plans and providers to community-based organizations utilizing a free application for client management and links individuals at these touch points back to care teams. Principal applicant: Aristotle Mannan
Synapse Dental has developed a low-cost, highly effective device to mitigate oral/dental pain in under 2 minutes for most oral pain issues. Principal applicant: Cosmo Haralambidis
Serving as judges for this year are:
- Kim Anderson, impact investor and owner of Plant City
- Peggy Farrell, Partner at Hinckley Allen
- Katharine Flynn, Executive Director at URI's Business Engagement Center
- Carol Malysz, Executive Director at RI Bio
- Anthony Mangiarelli, Partner at KLR
- Aidan Petrie, Founding Partner at New England Medical Innovation Center
- Jennifer Rousseau, Director of Strategic Planning for New Ventures at Altus Dental
- Thorne Sparkman, Managing Director at Slater Technology Fund
- Jeffrey Wilhelm, Chief Technology Officer at Envision Technology Advisors
The prizes consisting of cash and in-kind services are provided by dozens of sponsors, including banks, investors, colleges and universities, professional services firms, non-profits, construction, health related, software, retail, and other businesses as well as former competitors.
Sponsors of the 2020 Rhode Island Business Competition
Pillar sponsors are Bryant University, Cox Business, and Everhope Foundation. Other lead sponsors include Envision Technology Advisors, Hinckley Allen, Integrated Media Group, KLR, Sprout Coworking, and Tech Collective.
Also sponsoring is Barlow, Joseph & Holmes, Brown University, Greater Providence Chamber, Social Enterprise Greenhouse, TD Bank, and Center for Women & Enterprise.
Additional sponsors include Bank Rhode Island, Beacon Mutual Insurance Co., Business Development Company, Delta Dental of Rhode Island, Dimeo Construction Company, Goldman Sachs 10,000 Small Businesses at CCRI, Citizens Bank, Navigant Credit Union, Morgan Stanley - Richard Carriere, Teknor Apex, The Washington Trust Co., Cherrystone Angel Group, Fidelity Investments, Hayes & Sherry RE Services, InsureMyTrip, Newport Biodiesel, and Pawtucket Credit Union.
About the Rhode Island Business Competition
Established in 2000, the Rhode Island Business Competition has been recognized as one of the top 40 business plan competitions in the country. To date, it has awarded $3 million in prizes to developing companies across many industries.
The Competition is free and open to everyone age 18 or over whether or not they already have started a business. Complete information, including rules, application procedures, guidelines, and business plan resources, is available at www.ri-business.com.