The University of Maine Business Challenge (UBC) is in the final months of competition, as five selected finalists prepare to pitch their business ideas to a judging panel on April 25 and 26.
Now in its third year, the challenge was started by four UMaine 2010 alumni to grow Maine’s business sector. Previously, only open to UMaine businesses, the competition announced on Feb. 9, 2015 that any Maine higher education institutes can compete.
“Through the UBC, we aspire to grow Maine’s business sector by developing ideas and converting them into the real deal,” Jonathan Deschaine, coordinator of this year’s competition, said. “By opening the contest to other schools, we have given young entrepreneurs across the state the opportunity to bring their ideas and budding business to the helm, and show how much ingenuity and potential lies in Maine’s business sector.”
Businesses eligible for entry in the competition must be headquartered in Maine, with preference going to those that service Maine’s economic landscape or present an innovative product or service.
The five finalists for this year have been chosen, and they will present their business pitch to the judging panel on April 25 and 26. The finalist businesses are Explore Maine, Limbeck Engineering, Wanu, Nabbit and Revolution Research Inc.
“The UBC was started to contribute to a state that was [in 2012] the 50th in the nation in new business,” Deschaine said. “The UBC contributes to the well-being of Maine by giving its young entrepreneurs the opportunity to grow a Maine-based business.”
A November 2014 Forbes article cited Maine as the 49th best state for business, ahead of Mississippi. Utah was ranked first.
This year’s judges are Maine Business School professor Shawn McKenna, Blane Grimes of the Gulf of Maine Institute, Ellsworth-based law firm Eaton and Peabody attorney Jeff Spaulding and returning judge University of Maine System Chancellor James Page.
The winning finalist will be awarded $5,000. There is also a $5,000 prize for best technology entry. Consulting services, such as lawyer fees and marketing services, are also awarded to all finalists. $15,000 in cash prizes and $10,000 in consulting services have been rewarded in the contest’s first two years.
“The competition isn’t just about money. It helps business owners get connected with each other, get their companies a lot of press, and the needed help to move forward,” UMaine Business Challenge mentor Jesse Moriarity said in a Maine Campus article on Feb. 22, 2015. “At the end of the day, it is about helping the state grow and create more jobs.”
The UMaine Business Challenge is sponsored by the Maine Technology Institute, Blackstone Accelerates Growth, UMaine Classes of 1944 and 2010, the Maine Business School and the Maine Center for Entrepreneurial Development, among others.
The Finalists
Explore Maine is a media platform designed by UMaine students Eddie Gonnella and Cody Rubner. Created as a vehicle for the “efficient facilitation of outdoor recreation and exploration in Maine,” according to the pairs’ business description, the platform will foster expansion of Maine’s tourism industry. Explore Maine aims to directly connect customers and explorers with the guides, companies, locations and goods they need to experience Maine’s outdoors.
Limbeck Engineering, a business started by Freeport High School graduates Nick Nelsonwood, Josef Biberstein and Travis Libsack, is focused on creating a remote-controlled submersible. This vehicle, named RoboGoby by its developers, is designed for underwater exploration. The prototype was tested in September 2014. The team hopes the UMaine Business Challenge will help them “gain a better understanding of how to sell their product and be innovative,” while still doing something they enjoy, according to their contest pitch.
Wanu is described as the “iTunes of shopping” by its Colby College creator Jordan Nathan. Wanu is a computer application that is designed as a one-stop-shop for every online shopping experience, making this platform convenient, accessible and understandable to its broad user base.
Turkey-native Nadir Yildirim created the Orono-based Revolution Research Inc. in 2014 as an eco-friendly alternative to petroleum-based products. His first product, insulation foam, is 95 percent recyclable, reusable and compostable. Revolution Research Inc. won the MIT-awarded Phase 0 Kickstarter Award for Small Business Innovation Research in November 2014. The company also offers grant writing and consulting services.
“In Mugla, Turkey, my hometown, it never snows and the coldest weather in the winter is 25-30 degrees with rain,” Yildirim said. “When we moved to Maine, I realized how important thermal insulation is and what a huge problem it can be. Most of the insulation foams on the market made from polystyrene and styrofoam which have strong carcinogenic effects. We will be offering the first and the most eco-friendly product to the market.”
Patrick Kearon and Noah Safian founded Nabbit, a location-based music sharing mobile application targeted at college students. Designed to provide a commonplace between music shopping and music sharing, Nabbit allows users to anonymously share a short sound clip of a song with everyone in the area; users can text comments about the clip, as well.