Mtech Press Releases
FOR IMMEDIATE RELEASE
July 28, 2010
Hinman CEOs Student Greg Waldstreicher Named One of the Top Five College Entrepreneurs of the Year by Entrepreneur Magazine
COLLEGE PARK, Md.—Greg Waldstreicher, a senior in the Maryland Technology Enterprise Institute (Mtech) Hinman CEOs Program, is one of five finalists for Entrepreneur Magazine's Entrepreneur of 2010 Awards in the College Entrepreneur category.
The overall 2010 winner will be selected by voters on the Entrepreneur Magazine website. Voting ends September 10.
Waldstreicher co-founded DoseSpot in 2009, a company developing an electronic system for medical doctors to submit prescriptions over the Internet to pharmacies. Patients receive electronic notifications when their prescriptions are ready.
"Being selected from among 1,000 fellow entrepreneurs across the U.S. is an honor," says Waldstreicher. "We have worked hard to build an easy-to-use, secure, reliable product that revolutionizes the sometimes difficult process of writing, tracking, and filling prescriptions. Our system makes it as easy as writing an e-mail."
More than 85 percent of pharmacies in the U.S. are ready to use Surescript-enabled systems, according to Waldstreicher, while 23 percent of doctors are already writing prescriptions online.
Doctors have incentives to use an electronic prescription system. From 2011-12, they will receive a 1 percent incentive from Medicare to do prescriptions online. In addition, doctors who adopt electronic health records, of which electronic prescriptions are a part, are also eligible for $44,000 through the American Recovery and Reinvestment Act. New regulations issued by the Department of Health and Human Services require all health care providers to use electronic record systems by 2014 or face penalties.
DoseSpot is certified through Surescripts, the nation's largest e-prescription network. The company is deploying its software with its first customers this summer.
In May, DoseSpot won first place in the undergraduate category and $10,000, as well as a $5,000 Warren Citrin Social Impact Award, in the University of Maryland $75K Business Plan Competition. The company also received $10,000 through Mtech's Impact Seed Fund.
The College Entrepreneur winner will receive $5,000 in seed money, a $500 gift certificate for products and services at any of The UPS Store® franchised locations, a selection of Entrepreneur Press® books (a $300 value), and a three-year subscription to Entrepreneur Magazine (a $60 value). The winner will be profiled and promoted in a special section of the January 2011 issue of Entrepreneur Magazine (a value in excess of $150,000), and in a follow-up article in the December 2011 issue of Entrepreneur Magazine (a value in excess of $80,000).
The winner will also be recognized at an awards ceremony held in Atlanta, Georgia on January 20, 2011.
About the Hinman CEOs Program (www.hinmanceos.umd.edu)
As the nation’s first living-learning entrepreneurship program, Hinman CEOs is a groundbreaking initiative placing entrepreneurial-minded students from all technical and non-technical academic disciplines in a unique community. Students live together, learn about entrepreneurship, and can launch new ventures. Since the program's launch in 2000, student companies have generated $25 million in revenue and secured more than $38.5 million in investment funding. Two companies started by Hinman CEOs alumni while they were in the program, Squarespace and Lurn, were named to the Inc. 500 list for 2009. The mission of Hinman CEOs is to foster an entrepreneurial spirit, create a sense of community and cooperation, and develop ethical leaders. All undergraduates from the University of Maryland, College Park are invited to apply for this competitive program. Brian Hinman, University of Maryland A. James Clark School of Engineering alumnus and successful entrepreneur, provided funding to initiate and support the Program.
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