MADISON – A medical device company developing a new detection system for locating and showing surgeons breast cancer won the grand prize in the 2014 Wisconsin Governor’s Business Plan Contest, organizers announced on Wednesday.
Elucent Medical, a Madison-based firm, is commercializing a wireless marker tag and detections system that helps show surgeons tumor margins during surgical excision. The device eliminates current pre-surgical hook-wire localization procedures that are invasive, costly and highly inefficient.
“With more than 300,000 breast cancers annually in the United States, Elucent Medical is innovating to create a less costly, more efficient and improves patient experience, while also trying to save lives,” said Tom Still, president of the Wisconsin Technology Council, which organizes the contest. “Elucent will build on a tradition and a strength of Wisconsin: Improving and disrupting the health care sector.”
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Laura King, an experienced entrepreneur who has raised tens of millions of venture capital over time for previous companies, presented the Elucent Medical business plan during the Wisconsin Entrepreneurs’ Conference at the Alliant Energy Center in Madison. Elucent also won the Life Sciences category of the contest. Other category winners were:
Advanced Manufacturing: MobCraft Beer uses crowdsourcing to generate ideas for, and pre-orders of, specialty beers. After a website vote, the beers are brewed, packaged and distributed to customers in 34 states. An ever-changing lineup of unique beers satisfies the curiosity of consumers continuously wanting to try new beers. Henry Schwartz, Madison, presented for the company.
Business Services: Find My Spot has created a worldwide, pre-screened database of rentals that can be matched with the needs and timing of relocating professionals. By selling annual contracts to corporations hiring or transferring employees, the company makes it simple for relocating professionals to find premium rental accommodations. Heather Johnston, Milwaukee, presented for the company.
Information Technology: Organic Research Corp. uses advanced algorithms, machine learning and image processing techniques to aid pathologists in diagnosing and staging Nonalcoholic Fatty Liver Disease – a condition estimated to affect 90 million Americans. The company’s first software product will detect all four types of lesions necessary in diagnosing the disease. Scott Vanderbeck, Oak Creek, founded the company.
The awards were announced at the Entrepreneurs’ Conference in Madison, where the top 13 contestants made oral presentations on their plans. Some 292 entries were received in January from contestants in 87 communities. More than 80 judges and mentors took part throughout the contest’s four stages. Second- and third place winners in the 11th annual contest were:
Advanced manufacturing: Spectrom, Cedric Kovacs-Johnson, Madison; Intelligent Composites, Pradeep Rohatgi, Milwaukee; Roving Blue, Marianna DeMyer, Lena (shared third).
Business services: WebRacing Inc., Bruce Winkler, Madison; Little Green Pencil, Will Robus, Madison.
Information technology: Digsite, Monika Wingate, McFarland; 65 Incorporated, Melinda Caughill, Mequon.
Life Sciences: TAI Diagnostics, Michael Mitchell, Oak Creek; Kaliber Imaging Inc., Judy Reinhold, Elgin, Ill.
Finalists submitted full business plans for review by a panel of judges established by the Tech Council, which is the non-profit and non-partisan science and technology adviser to the governor and the Legislature. Each plan describes the core product or service, defines the customer base, estimates the size of the market, identifies competition, describes the management team and provides key financial data.
The executive summaries of the Top 25 contestants are available for inspection by accredited investors through the Wisconsin Angel Network, which has more than 25 member angel networks, private equity funds or corporate strategic partners.
More than $100,000 in cash and in-kind prizes have been pledged thus far for the 2014 contest. Sponsors of the 2014 contest thus far include: 100state; 5Nines; Aberdean Consulting; Ascendancy Advisors; American Family Insurance; American Transmission Co.; AT&T; BDO; Cleantech Open; Cresa Madison; Exact Sciences; Gates & Brovi; Kollath & Associates; Madison Gas & Electric; Makin’ HEY Communications; Marshfield Clinic Applied Sciences; Michael Best & Friedrich; Midwest Prototyping; Mortenson Construction; Murphy Desmond; Nelson Schmidt; Pieper Properties; Quarles & Brady; Reinhart Boerner Van Deuren; Revelation PR, Advertising & Social Media; Smith & Gesteland; Sports AdvantEDGE; State of Wisconsin Investment Board; Tweedee Productions; University Research Park; UW-Madison Office of Corporate Relations; Wilson Sonsini Goodrich & Rosati; Wisconsin Alumni Research Foundation; and the Wisconsin Economic Development Corp.