Winners Named in 2015 Rhode Island Business Plan Competition

PROVIDENCE, RI – A team led by a woman who came to Rhode Island to study and continued to work on her business idea after finishing as a semi-finalist in the Rhode Island Business Plan Competition two years ago, this evening was named the top winner in this year’s competition, sharing $200,000 in prizes with six other winners and finalists.

HMSolution, which provides water treatment equipment to remove arsenic and other toxic chemicals at significantly lower cost than competitors, was named the Entrepreneur Track winner today in the 2015 Rhode Island Business Plan Competition.

The company received $66,200 in prizes – $15,000 in cash and $26,200 in professional and consulting services as the Entrepreneur Track winner, plus a $25,000 bonus cash award.

Margaret Lengerich, CEO of HMSolution, who came from Chile to earn a Master’s degree in innovation management and entrepreneurship at Brown University, co-founded the company with her sister, both of whom now live in Providence.

“HMSolution is a for-profit company generating a social impact,” Lengerich said. “Our mission is to protect cities, communities, and homeowners from the health effects of toxic contaminants, such as arsenic and other chemicals, by providing a cost-effective solution and easy-to-operate system.”

Also named were teams that won the Student Track and the Technology Award, each of which received $41,200 in prizes comprised of cash and professional and consulting services.

Winner of the Student Track was Bounty, led by Noah Fradin of Brown University, which is creating automated visual content-recognition software that links to an online advertising marketplace, connecting brands with visual content creators.

NGS Imaging, which is developing a scintillator that will increase image resolution and overall detector efficiency of X-ray equipment used to diagnose and screen for disease indicators, was the Technology Award winner. The team, which entered in the Student Track, is led by Linghan Xing, of Brown University.

“Good ideas for new companies are flourishing in Rhode Island, and we look forward to watching and working with many of this year’s competitors to help them grow,” said Competition Co-chair Peggy Farrell, partner in the law of firm of Hinckley Allen.

Noting the critical role of sponsors who support the competition, Co-chair Anthony Mangiarelli, partner with the Providence-based accounting firm of KLR, said, “Rhode Island is better off because our sponsors are willing to invest in emerging companies that will create jobs and ultimately advance the economy.”

Nearly 30 past Rhode Island Business Plan Competition participants that are currently operating have created about 270 jobs and are buying services from Rhode Island suppliers.

In addition to the winners, finalists in the Entrepreneur track were:

• CloudContacts is developing a web-based address book that self-updates as friends, family, and colleagues change contact information. Principal applicant: Michel Mullen, Providence.
•  The Compost Plant is creating a commercial compost system that diverts organic material from landfills, producing high-quality compost while providing customized organics collection. Principal applicant: Leo Pollock, Providence.

Finalists in the Student track were:

• EquiTrue is an advanced stability assessment system that can detect and quantify specific balance and proprioceptive impairment caused by concussions. Principal applicant: Dan Giovacchini, Brown University.
• UnSync is using unsynchronized structured lighting and multi-frequency phase shifting techniques to power 3-D scanners at significantly lower cost than is currently available. Principal applicant: Leo Liu, Brown University.

Finalists in both tracks received $5,000 in cash and services valued at $7,850.

A total of 82 applications were received this year – 48 in the Entrepreneur Track and 34 in the Student Track. The Technology Award is given to an applicant in one of the two tracks.

Sponsors of the 2015 Competition

Supporting this year’s competition are 56 sponsors, including banks and investors; colleges and universities; foundations; construction, insurance, health-related, software, and other businesses; professional firms; services organizations; and a former participant.

Lead sponsors of the 2015 Competition are Cumulus Media-Providence, Embolden, Focus Vision Media, Hinckley Allen, KLR, Locke Lord, and the Providence Journal Charitable Legacy Fund.

Also supporting the Competition are Ava Anderson Non Toxic, Bank of America, Brown University, Bryant University, Center for Women and Enterprise, Envision Technology Advisors, FM Global, Greater Providence Chamber of Commerce, Hatch Entrepreneurial Center, Johnson & Wales University, Providence Business News, Roger Williams University, Slater Technology Fund, University of Rhode Island, and Utilidata.

Additional supporters include Bank Rhode Island, Business Development Company, Care New England, Centreville Bank, Cherrystone Angel Group, Citizens Bank, Deepwater Wind, Delta Dental of Rhode Island, Dimeo Construction Company, Gencorp Insurance Group, Gilbane, GTECH, The Moore Company, Morgan Stanley Wealth Management, Navigant Credit Union, Nortek, Rhode Island Student Loan Authority, Santander Bank, ShapeUp, Teknor Apex, The Washington Trust Company, and Ximedica.

Additional support is provided by AAA Southern New England, Bank Newport, Betaspring, Biomedical Structures, Community College of Rhode Island, CVS Health, Freedom National Bank, Hayes & Sherry Real Estate Services, InsureMyTrip.com, Rhode Island College, Starkweather & Shepley, and Tech Collective.

About the Competition

Established in 2000, the Rhode Island Business Plan Competition, which aims to create and foster growth companies in Rhode Island that will increase local employment. has been recognized as one of the top 40 business plan competitions in the country. To date, it has awarded more than $1.8 million in prizes to competitors emerging companies across many industries.

In addition to awarding prizes, the competition hosts educational events in the months leading up to the application deadline, including business plan writing and presentation skills workshops. In addition, the competition hosts the annual Rhode Island Elevator Pitch Contest. Complete competition information, including rules, application procedures, guidelines, and business plan resources, is available at www.ri-bizplan.com.

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