Fitzgerald Institute Announces Graduate Business Plan Competition Winners01/14/2010
Each Fall semester, students in the graduate entrepreneurship class (6500:608) compete in a Business Plan Competition. The students work in teams to develop business plans for real businesses. The top three business plans are selected for recognition.
The first place winner of the Fall 2009 competition was Fused Multimodal Imaging (FMI) Technologies Inc. Located in Akron, Ohio, the company has developed an ultra high resolution diagnostic imaging technology that can be combined with drugs and molecular tracers. This breakthrough will allow for earlier detection and monitoring of neurodegenerative disorders.
FMI is currently developing the ScintiStar Neuro, Mammo, and Cardiac. The company's PET/CT/SPECT system offers a superior and more cost-effective solution that enables advanced therapy and possible cures for Alzheimer's disease, Vascular Dementia, Parkinson's disease and other dementias. In addition, FMI's unique systems will provide the data needed for earlier diagnosis of stroke, and head and neck cancers.
Since its founding, the company has raised roughly $3.3M from angel investors and expects revenues of roughly $100 million by year 5, which will make it attractive to a much larger imaging company. FMI anticipates it may be acquired in the future by a large company, such as Siemens, GE, or Philips.
Second place winner, ZnErgy, is an LLC in Akron, Ohio that is a joint venture between patent holder, eVionyx, and future technology license holder, The University of Akron. ZnErgy's product is a patented revolutionary polymer matrix membrane that is designed for use in alternative energy systems and other devices that utilize an ion or electrolyte in solution to maintain separation from a positive and negative electrode.
The revolutionary polymer matrix membrane is one-step closer to the realization of a full-scale metal-air battery. A metal-air battery uses air as the cathode reducing the weight and increasing the energy density to a factor ten times better than the best Lithium-ion battery offers today. The polymer matrix is able to protect the anode from corrosion while allowing air to absorb the ions through the matrix. A full-scale metal-air battery would have an energy density two to ten times that of the current Lithium-ion batteries of today (Nexergy, 2009).
Rechargeable batteries, also known as storage batteries, are a continuing strong market, with worldwide sales of $36 billion in 2008. The rechargeable battery market will rise to $51 billion by 2013. (King, 2009) Of this market, the rechargeable battery separator market, a substantial $1.6 billion or 4.4% of the overall rechargeable battery market. When the primary battery separator market is included, the total market approaches $2.4 billion.
The third place winner, Princeton Environmental Group Inc., was founded in 2005 in New York. Its primary focus is to use a proven mass gasification technology to efficiently dispose hazardous waste produced by industries such as hospitals, medical laboratories, pharmaceutical plants, chemical plants etc.
Princeton Environmental Group Inc. has the exclusive North American license to market and sell gasification systems designed by Kinsei Sangyo Company, a world leader in biomass waste gasification technology. With more than 40 years of working experience in solid waste gasification, Kinsei Sangyo's patented technology has proven its capability of waste elimination by 95% and the ability of harvesting 65% of waste energy for energy productions. Currently, this technology has been approved by the Environmental Protection Agency (EPA).
It is projected that the U.S. Medical Waste Management and Disposal Market will generate a total revenue of $2.31 billion in 2010. By introducing this technology in the U.S. market, Princeton Group is confident that it will start generating positive cash flows immediately after the first system is installed and increase the cash flow and revenue exponentially by spreading the systems all over the United States.