Mtech Announces Winners of the University of Maryland $75K Business Plan Competition
Winners of the 2009
Nine finalist faculty and student teams unveiled their new technology company plans to a group of distinguished judges from the region’s new venture community. Winners were selected in the information technology, life sciences, and undergraduate categories, while two teams received Warren Citrin Social Impact Awards.
“These companies have genuine potential to address billion dollar needs and pain points in our society,” says
Competition winners include:
FlexEl LLC, winner of $20K in the information technology division, has developed a proprietary battery that has more capacity than any other rechargeable, flexible, thin-film battery in the world. The company’s environmentally friendly batteries recharge wirelessly at extremely low voltages, enabling them to take advantage of energy scavenging techniques not feasible with other batteries. They are well suited to power ultra-small electronics, including wireless sensor networks, implantable medical devices, RFID devices and smart cards, and could outlast many of those devices. FlexEl’s batteries can be manufactured using a cost-effective printing process. Team members include: electrical and computer engineering professors
Haemechanics, winner of $20K in the life sciences division, has developed a synthetic, hemostatic material capable of simultaneously inducing blood clotting and delivering therapeutics. The material is able to induce clotting as effectively as biologically based products, at a fraction of the price. Team members include: Fischell Department of Bioengineering research assistant
Tseai Energy Unlimited, winner of $10K in the undergraduate division and winner of a $15K Warren Citrin Social Impact Award, is developing a system to provide sustainable electricity to rural communities in the developing world and help improve the quality of life in those communities. The company plans to design and build micro-power plants using renewable energy sources, while also establishing food processing plants, based on a community’s local agriculture, to provide biofuel materials and other food-based products. Team members include: environmental economics undergraduate student
XyloFuel LLC, winner of a $10K Warren Citrin Social Impact Award, aims to license out patented processes for converting plant fiber to fuel ethanol and other products.
New to the competition this year was $25K for the Warren Citrin Social Impact Award, made possible by a donation from
“Given the open-ended nature of the term “social impact,” I was curious to see what grand ideas faculty and students have to improve our world,” says Citrin. “The two winners, Tseai Energy Unlimited and XyloFuel, more than justified making this an annual award. I felt good about the quality of those two plans and the potential social impact their technologies could provide.”
Sponsors for the competition included Fish & Richardson P.C., Nixon Peabody LLP, and the Maryland Technology Development Corporation.
Judges for the competition included:
About the Maryland Technology Enterprise Institute (Mtech) (www.mtech.umd.edu)
The mission of the Maryland Technology Enterprise Institute (Mtech) is tri-fold: educate the next generation of technology entrepreneurs; help entrepreneurs create successful technology-based ventures; and connect