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Innovative Engineering Solutions Inc., a technology
start-up company founded by three undergraduate
engineering students from Rensselaer, has won this
year’s Tech Valley Collegiate Business Plan
Competition. The competition — held on Rensselaer’s
campus May 3 — was sponsored by the Severino Center for
Technological Entrepreneurship at Rensselaer’s Lally
School of Management & Technology.
Innovative Engineering Solutions Inc. showcased its
plan to develop STOMP (Scanning Thermal and Optical
Measurement Platform), a foot-scanning device that
could aid diabetic patients with early identification
of foot disorders caused by the disease.
(watch demo on Google video) Almost 250 million
people worldwide suffer from diabetes, including more
than 20 million people in the United States alone,
according to statistics from the American Diabetes
Association and the International Diabetes Federation.
The company hopes to have a working prototype ready by
the end of the summer, according to Jessica Chin, CEO
of Innovative Engineering Solutions Inc.
The company team members include Jessica Chin of
Weston, Mass.; Daniel Farrow of Burnt Hills, N.Y.; and
Paul Dajewski, of East Greenbush, N.Y. The team’s
presentation included a description and demonstration
of the device.
“Changing times demand a new way to teach business
leaders. The Lally School is in the business of
advancing technological entrepreneurship and innovation
in today’s ever-changing global economy,” said David
Gautschi, dean of the Lally School. “The competition
provides students with an opportunity to develop a
passion for lifelong learning dedicated to the idea
that management, technology, innovation, and
entrepreneurship are critical to improving the quality
of life.”
“We are proud of Innovative Engineering Solutions’
achievement in this competition,” Gautschi continued.
“We hope that all the participants will continue in
their diligence and inspiration to develop ideas and
create products that will deliver future benefits to
society; and our challenge is to encourage even more
students to participate in this event.”
The problem of neuropathy, losing sensation of the
nerves and low blood circulation due to blocked
arteries below the knee, causes problems for
individuals with diabetes. As a result of having these
two problems, such individuals tend to lose the feeling
in their feet, and they may not notice if their feet
become infected by ulcers, sores, blisters, bunions, or
other foot disorders. If the infection is not treated
early enough, patients may be faced with the
possibility of amputation. The cost of amputations is
staggering, falling between $20,000 to $50,000 for a
major amputation procedure, according to the team’s
research findings.
“Every solution begins with a problem,” Chin said.
“The ability to recognize any potential changes or
infection in one’s foot in the early stages can help
individuals seek early treatment options. We are not
looking to cure diabetes or the foot disorders that are
associated with the disease; we are trying to prevent
the devastating human pain, social, and economic
effects of an amputation to the patient and their
families.”
The company received a $5,000 cash prize, and has
the opportunity to receive $20,000 in seed funding,
$15,000 in legal, patent, and financial services, and
ancillary expenses for travel to a national business
plan competition. The final level of the award is based
on the company’s progress in implementing the business
plan. The company also will receive a one-year virtual
membership in Rensselaer’s Incubator Program. The
program offers an extensive suite of business
assistance services, including infrastructure-based
support, consulting, business development, and
networking opportunities.
Rensselaer’s Center for Automation Technologies and
Systems (CATS), also a sponsor for this year’s
competition, will award the company $5,000 in
engineering and design services. These services may be
used at the company’s discretion, for example, to
develop prototypes, further product design, or develop
a manufacturing strategy.
The additional finalists tied for second place each
received a $3,500 cash prize. The teams
included:
- Greensulate, a team of undergraduate engineering
students from Rensselaer. The company founders, Eben
Bayer of South Royalton, Vt., and Gavin McIntyre of
Yaphank, N.Y., have developed an environmentally
friendly organic insulation. This patented
combination of water, flour, minerals, and mushroom
spores could replace conventional foam insulations,
which are expensive to synthesize and harmful to the
environment.
- Secondbreath Inc., created by a team of
undergraduate and graduate students from Union
College. Jay Shah of Yuma, Ariz.; Gordon Single of
Queensbury, N.Y.; and Shane Hubbard of Plattsburg,
N.Y.; are redesigning the way emergency medicine is
delivered by creating a device to aid in a
cricothyroidotomy procedure for emergency trauma
patients. The existing procedure requires a
surgical incision to allow air to pass through into
the trachea.
The business plan competition included a two-minute
“elevator pitch” competition, open to the six
semi-finalists. A representative from each team had an
opportunity to present their business idea a panel of
judges. Innovative Engineering Solutions Inc. won the
$1,000 cash prize.
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Innovative Engineering Solutions Inc.
showcased its plan to develop STOMP (Scanning Thermal and
Optical Measurement Platform), a foot-scanning device
that could aid diabetic patients with early
identification of foot disorders caused by the disease.
(watch demo on Google video) |
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