Adept Advancement Technologies Wins Again at the NYS Business Plan Competition
On April 26, ten teams from Rensselaer competed in the 2012 New York State Business Plan Competition (NYSBPC). Twenty-five colleges and universities from New York State were represented in the competition for more than $150,000 in prizes and in-kind services. The day started with 105 teams in four different categories giving 2-minute pitches to a panel of venture capitalists. From there, the top twenty teams were selected to advance to the final round. Five Rensselaer teams moved forward to present a ten-minute pitch to a larger panel of investors from around the country.
There were four competition tracks: products/services, information technology / software, cleantech / sustainability / nanotech / high-tech, and healthcare / social / nonprofit. First place teams in each category received $10,000 cash and over $2,000 of in-kind services, second place teams received $5,000 cash, and third place teams received $2,500 in cash.
Adept Advancement Technologies, a Rensselaer team led by PhD candidate Jonathan Ashdown, placed third in the cleantech/sustainability/nanotech/hitech track. In February, Adept Advancements swept the Rensselaer Business Plan Competition winning $4,500 from the graduate track. Adept placed second in their track at the 2011 NYS Business Plan Competition, taking home $5000.
Strong Arm Technologies Inc., a team from Rochester Institute of Technology, was the grand prize winner with their product Strong Arm Vest, a form-fitting garment that incorporates load-bearing straps to reduce fatigue and risk for employees lifting boxes and heavy objects. The team received $50,000 and more than $20,000 in in-kind services.