Maryland Technology Enterprise Institute

FOR IMMEDIATE RELEASE
April 7, 2006

COLLEGE PARK, Md.—MTECH Ventures, an initiative of the A. James Clark School of Engineering, announces the winnners of the 2006 University of Maryland $50K Business Plan Competition.

Chosen from six finalist teams, who presented their business plans to a distinguished panel of judges on April 7, winners were selected in three categories: undergraduate students, young alumni, and faculty and graduate students.

Faculty & Graduate Student Category

First Place, Winner of the Maryland Department of Business and Economic Development Award and $15,000: Advanced Magneto-Optical Systems will provide technology compatible with current optical scanners that will enable the use of two-dimensional hidden magnetic barcodes and other authenticity marks to enhance the security of critical identity products such as credit cards, checks, banknotes, drivers' licenses, medication packages and other manufactured components.

Runner-Up, $3,000 Winner: Metatropi has developed a patent-pending metabolomics technology that enables highly accurate and simultaneous measurement of hundreds of metabolites (e.g. glucose, amino acids) in biological systems, for uses such as early disease diagnosis, personalized nutrition and medicine, functional genomics, and safe use of genetically modified food.

Undergraduate Student Category

First Place, $12,000 Winner: I-Receipts is planning a service that eliminates paper receipts for consumers and businesses by providing instant database and Internet access to purchase information.

Runner-Up, $2,000 Winner: ORBSolution.com (Online Realty Business Solutions) aims to be the first nationwide listing database for real estate agents, offering easy-to-use agent web hosting, a “Real Estate in a box” package for companies, and a national property database.

Young Alumni Category

First Place, $15,000 Winner: Affiliate Classroom provides an online training facility for web-based affiliate marketing, a risk-free form of advertising through which an online merchant rewards an affiliate site for every visitor, subscriber, and/or customer referred to the merchant—much like a finder’s fee.

  • Anik Singal, Founder & CEO, University of Maryland alumnus, May 2005, Finance major and Hinman CEO

Runner-Up, $3,000 Winner: Vfore is developing a content-based image organizer and search engine capable of finding images based on their content--the objects or people in the images--first as a desktop-based image organizer, and then as an Internet-based search engine.

Finalists were selected from 16 semifinalists and 58 initial entries.

Judges for the event were: Henry Ahn, Program Manager, Technology Funding Programs, Maryland Technology Development Corporation; Elizabeth Good Mazhari, Managing Director, Maryland Venture Fund; Rich Harris, Managing Director, SpaceVest; Karl Renner, Principal, Fish & Richardson P.C.; and Steve McVearry, Member of the Business and Finance Section, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo.

The UM $50K Business Plan Competition is sponsored by the Maryland Department of Business and Economic Development, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, and Fish & Richardson P.C.

The competition, now in its sixth year, has historically awarded a total of $285,000 in prizes to faculty, students and alumni with the best plans for innovative ventures. Previous winners have generated millions in revenues, grants and awards.

MTECH Ventures provides entrepreneurship education to technology creators and delivers a portfolio of services and resources to bridge the gap between technical ideas and viable ventures.

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Contact:

Eric Schurr
(301) 405-3889
e-mail

 

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