TROY, N.Y. — Innovative Engineering Solutions Inc., a technology start-up company founded by three undergraduate engineering students from Rensselaer Polytechnic Institute, won this year’s Tech Valley Collegiate Business Plan Competition. The competition — held on Rensselaer’s campus on 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. 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 the 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 $3500 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, 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.

Vayu Innovations, a technology start-up company founded by four MBA graduate students from the Lally School, won last year’s Tech Valley Collegiate Business Plan Competition. The company showcased its plan to develop and bring to market the Pocket Epi, a credit-card-sized, easy-to-carry self-injector that can be used by individuals or caregivers to deliver epinephrine during a life-threatening allergy attack.

Dean Gautschi noted that BullEx Digital Safety, the 2005 competition winner, was one of five finalists in the national 2005 Fortune Small Business Competition. Last year, the company won the $100,000 prize at the Summit in Tech Valley’s annual business plan competition. The company has established an office in the Rensselaer Technology Park, with additional manufacturing space in the Capital Region.

About Rensselaer’s Lally School
Rensselaer’s Lally School of Management and Technology was founded in 1963 as an integral part of Rensselaer Polytechnic Institute, the nation’s oldest technological university. Rensselaer’s Lally School is dedicated to advancing business through innovation. Its curriculum is designed to produce leaders who combine creative passion with the ability to integrate technology across business functions. Lally School faculty members emphasize the value of hands-on experience available through campus resources such as the Severino Center for Technological Entrepreneurship and a world-class Business Incubator. Rensselaer’s Lally School offers graduate and undergraduate degree programs in management, doctoral programs in management and technology, an Executive MBA program, and a joint Sino-U.S. MBA for companies operating in China. For more information: www.lallyschool.rpi.edu.

About the Severino Center at Rensselaer’s Lally School
Established in 1988, the Paul J. ’69 and Kathleen M. Severino Center for Technological Entrepreneurship (SCTE) helps foster new generations of budding and successful entrepreneurs through outreach programs, education and research. Centered in Rensselaer’s Kenneth T. and Thelma P. Lally School of Management and Technology, the mission of the SCTE is to integrate educational and research programs by exposing every Rensselaer student to the practices and principles of entrepreneurship; infuse the fundamentals of entrepreneurship throughout the Rensselaer curriculum; extend Rensselaer’s leadership and national prominence in technological entrepreneurship; and enhance the synergy between entrepreneurship and information technology.

Contact: Jessica Otitigbe
Phone: (518) 276-6050
E-mail: otitij@rpi.edu