The April 2010 Final Business Plan Competition grand prize of $50,000 was won by team Precision Slip, a student startup firm that plans to produce drag-reducing marine hull coatings. Precision Slip's new hull-coating technology has been shown to significantly reduce drag in the laboratory and the firm looks forward to demonstrating its product's ability to cut fuel consumption and increase speed for ships operating in the real world. Second place prizes of $12,500 each were also awarded, to Aha! Productions, a company developing software to enhance scientists' and engineers' ability to identify innovative solutions, and to Localocracy, a peer-to-peer online platform for local politics intended to assist citizens in learning about and taking action on local issues.
The prior round Executive Summary & Elevator Pitch Competition, held in December of 2009 resulted in numerous team awards totaling $10,000. Four $2,000 prize winners had impressive concepts: 1) SmartMend, a research and development company that will design and patent non-damaging and longer-lasting adhesive for wound dressings for surgical, preventive and topical medical applications; 2) Precision Slip, a coating technology that reduces drag and energy required to propel a ship through water, to reduce fuel consumption, cost and environmental impact for commercial shipping and other uses; 3) Mosaic, to produce a Web-application for image analysis, plus hardware for users to process their images to extract critical information and also collaborate with others; 4) InternOwl, a matching service to help employers find motivated interns and students find rewarding internships.