PSI Medical Wins $100,000 Big Idea Business Plan Contest
The winner of the $100,000 Big Idea Business Plan Contest–PSI Medical Catheter Care, a division of Problem Solving Innovations–was announced at a special event that featured Inc. Magazine columnist Norm Brodsky and editor-at-large, Bo Burlingham. PSI Medical’s founders, Anthony Colantonio, MD and Menno Jager, DVM, accepted the check for $100,000.
The contest, which attracted a record number of over 100 applicants, was sponsored by the Ben Franklin Technology Partners of Central and Northern Pennsylvania. Other sponsors included the Ben Franklin Venture Investment Forum, the York Keystone Innovation Zone and the law firm of Buchanan Ingersoll and Rooney.
“We had a tremendous response to this year’s competition and we are proud of the outstanding work done by PSI Medical as well as the second place winner, Scribe Printing Technologies” say, Stephen Brawley, CEO of BFTP/CNP. “We recognize the time and energy commitment both companies made in order to participate and it is my pleasure to congratulate them both. In fact, all of the applicants deserve a round of applause and are free to contact us with questions regarding our investment opportunities.”
About PSI Medical
PSI Medical Catheter Care: Anthony Colantonio, MD, and Menno Jager, DVM
From their Meadville, Pennsylvania location, Dr. Colantonio and Dr. Jager have worked for the past two years on developing solutions that make the care of intravenous catheters easier and safer. According to Dr. Colantonio, “Over 250,000 intravenous catheter infections occur in patients each year in U.S. hospitals, resulting in nearly 30,000 deaths. Our goal is to make intravenous catheter care safer for all patients, eliminating the infections and deaths associated with these catheters.” The company has been working toward final production of their novel devices in conjunction with Multi-Plastics Inc., a division of CORE Manufacturing based in Saegertown, Pennsylvania.
Steve Carpenter, a member of the judging panel and the vice president of venture operations for the Life Sciences Greenhouse of Central Pennsylvania says, “I was impressed with all of the candidates for this year’s contest. But PSI Medical was particularly outstanding because they articulated a compelling business plan that covered all of the critical areas for a startup company: identifying a major problem to be addressed, providing a novel approach to solve it, recognizing other talent needed to be successful and developing a viable financial plan to commercialize the technology.”
“PSI Medical’s products are innovative, and they provide a practical way to reduce hospital-related infections,” said Dean Bunnell, also one of the judges for the competition and the CEO of Indigo Biosciences. “They are easy to use and the company already has a prototype ready to be commercialized. These factors really set them apart from the competition.”
About Scribe Printing Technologies
Scribe Printing Technologies: Frank Pagano and Robert Deets
A second place prize of $10,000 was awarded to Scribe Printing Technologies of Cochranton, Pennsylvania. Robert Deets and his team developed a revolutionary high speed unit that prints variable, unique data on plastic parts. When used in the medical device market, the Scribe Printer creates the ability to serialize products such as syringes.
Founded in 2008, Scribe Printing Technologies Inc. currently has two fully functional printers in use. The design enables the ability to print on plastic products using a digital process that is high speed, non-contact and full color with variable data. Robert Deets, a manufacturer of plastic components, partnered with Frank Pagano and Glenn Sahlin–experts in the development of custom software and the science of motion control–to offer the market this innovation in printing technology.
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