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Biodiesel Blend Level Tester Wins Business Plan Competition
May 2, 2008
Photos are available at www.today.uidaho.edu/PhotoList.aspx
Student Group Invited to Idaho Tech Lunch in Boise on May 28
MOSCOW, Idaho – An innovative product created in a University of Idaho laboratory to measure biodiesel blend levels is the winner of the university's 2008 Business Plan Competition.
A team of three students and the faculty member who invented the device collaborated to develop a feasible business plan for the patent-pending ultraviolet spectrophotometry testing system. Presented under the company name of Accelerated Precision, this innovative product enables any supplier, retailer or regulatory agency that sells or uses biodiesel to ensure the blend level is correct.
"I am so excited to have won this competition," said Scott Black, a senior in civil engineering from Glenns Ferry. "This entire process has been beneficial, and has taught me a lot about presenting myself, and – even more – a product in front of people. I have realized that there is great potential and value for an individual who has the work ethic and ability to analyze like an engineer, but also can understand the business aspects. The VIEW program has provided me with an opportunity to do this and I am extremely excited to move on in the field of entrepreneurship."
Dev Shrestha, assistant professor of bioenergy and team faculty adviser, created the testing system with graduate student Artur Zawadzki. The project initially was funded by a university seed grant; additional funding was provided from the energy division of the Idaho Department of Water Resources. "I think the VIEW team did a great job in taking the technology and developing a business plan. I congratulate the team for winning the competition," said Shrestha.
Black's team also included Mark Hoge, a senior in business management from Blackfoot, and Shawn Britton, a senior in operations management from Moscow. The three students will split the $6,000 cash prize.
As the winner of the competition, the Accelerated Precision team will compete against other Idaho schools in an early stage venture capital educational event at the Idaho TechLaunch in Boise May 28-29. Organized by Idaho TechConnect, the event brings together science and technology companies, government agencies, economic development professionals and investors.
Second place in the innovative ventures track of the competition was awarded to DLP Industries for their work with the Spa Swing, a hot tub accessory item. Team members Ben Harp, a senior in marketing from Boise; Stacey Orland, a senior in marketing from Coeur d'Alene; and Branden Bates, a senior in chemical engineering from Moscow, received a $3,000 cash prize.
Third place was awarded to Mall Joomla, an online marketplace for Web developers to sell their products. The $1,000 prize was given to teammates Daniel Bietz, a junior in business management and entrepreneurship from Olympia, Wash.; and Sean St. Marie, a junior in finance from Spokane, Wash.
"This is the third year of the VIEW Business Plan Competition and VIEW already has had some successful startups and product launches," said Linda Morris, director of VIEW. "This year’s business plans are ever more innovative and inspiring. In addition to the i product and company ideas submitted in the innovative ventures track, a new social entrepreneurship track focused on applying practical and sustainable approaches to address social and environmental needs."
First place in the Business Plan Competition's social entrepreneurship track was awarded to RE-ZY, a sustainable campus move-out program. Willow Falcon, a junior in soils and land resources from St. Maries; Genevieve Armstrong, a senior in family and consumer sciences from Helena, Mont.; Fafanyo Asiseh, a graduate student in agricultural economics and rural sociology from Ghana; and Sheela Chand, a graduate student in materials science and engineering took home a $2,500 prize.
Second place was awarded to the Harambee and Nnoboa Foundation. Asiseh and Richard Hill, a graduate student in engineering, shared the $1,000 cash prize and were given special recognition for their "social passion." The foundation will collect science and math books that could be distributed to community learning centers in Ghana and Kenya.
The Business Plan Competition was sponsored by Dietmar and Pauline Kluth. Dietmar is a 1966 alumnus of university’s College of Business and Economics. The Kluths have contributed a total of $50,000 to the Business Plan Competition to fund $10,000 in prize money each year for five years.
In addition to the Business Plan Competition, the Idaho Research Foundation opened a competition for the best-presented business plan on April 17 to the same participants. “We wanted to reward teams that best represented their plans in terms of salesmanship,” said Alison Nowakowski, assistant director of the Office of Technology Transfer. "Presentations were critiqued on speech development, effectiveness, voice and manner, among other criteria."
The Best Business Plan Presentation award of $500 sponsored by Haverstock and Owens, LLP was given to Sol Nano, a company that will incorporate nanostructures into the existing solar cell technology. The process will make solar panels more efficient and allow a shorter time to recover costs to the consumer. When providing feedback on the presentation, judges cited the confidence, body language and knowledge of material as outstanding. Team members included Jamie Hass, a senior in physics from Pinehurst; Michael Barker, a senior in business economics from Buhl; and Landon Isbell, a senior in business finance from Rathdrum.
Second place for the Best Business Plan Presentation competition was awarded to Northwest Recreation Ambassadors, an outdoor recreation outfitter and operator that specializes in adventure tourism and travel. The team received a $250 prize sponsored by Gritman Medical Center. Team members included Hugo Lecomte, a graduate student in sport and recreation management from France; Pernille Langenbach, a graduate student in marketing from Denmark; and Brenda Ashburn, a senior in finance and marketing from Moscow.
During the three years since the Vandal Innovation and Enterprise Works (VIEW) program began at the University of Idaho, students and faculty have used VIEW to find the inspiration, skills, resources, connections and entrepreneurial mindsets to move innovation from classrooms and laboratories into the marketplace. For more information, visit < href="http://www.view.uidaho.edu">www.view.uidaho.edu, e-mail view@uidaho.edu or call (208) 885-0199.
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About the University of Idaho
Founded in 1889, the University of Idaho is the state’s flagship higher-education institution and its principal graduate education and research university, bringing insight and innovation to the state, the nation and the world. University researchers attract nearly $100 million in research grants and contracts each year; the University of Idaho is the only institution in the state to earn the prestigious Carnegie Foundation ranking for high research activity. The university’s student population includes first-generation college students and ethnically diverse scholars. Offering more than 150 degree options in 10 colleges, the university combines the strengths of a large university with the intimacy of small learning communities. For information, visit www.uidaho.edu.
Contact: Joni Kirk, University Communications, (208) 885-7725, joni@uidaho.edu
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