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ACE-Net Names Collegiate and Start-Up Winners in the $50,000 Business Plan Competition

 By Frank Szivos, Editor Angel Investor News

 NextStep, a Yale student company, was named the collegiate winner April 4 of the fifth annual You Belong in Connecticut Business Plan Competition and AQ Solutions of New Haven, Connecticut was the winner in the startup category.

 NextStep, which provides Internet educational services to prepare students for college and graduate school admission tests, received the winner’s share of $20,000,000 as the first place winner in the competition hosted by ACE-Net, the online, non-profit agency serving entrepreneurs and early-stage investors.

 The Connecticut Department of Economics and Community Development (DECD) provided the funding for the total prize pool of $50,000 for the collegiate business plan winners.

 The other collegiate business plans winners were:

2^nd - MediTek of the University of Bridgeport (Bridgeport, Conn.), which developed a device that measures the force chiropractors use on patients - $12,500.

3^rd – U.S. Stock Insurance Corporation of Yale offers stock insurance - $10,000.

4^th – The M Power Group of Yale provides smart energy management systems to residential consumers - $5,000.

5^th – Erisa Claim Exchange, Inc. of Yale offers accelerated payment to medical providers via a Web-based exchange - $2,500.

 Eight collegiate companies and four start ups presented their business plans before a panel of judges composed of an ACE-Net officer, DECD staff member and Venture Capitalists.

 Rita Zangeri, Depute Commissioner, DECD applauded all presenters for their innovative ideas.

 “The purpose of the business plan competition is to support young entrepreneurs in Connecticut,” Zangeri said. “Young innovative entrepreneurs belong in the state. Connecticut wants them to participate in the economy of the state. DECD is proud to provide the funds for this business plan competition.”

 Chuck Troutwine, a founder of NextStep and Yale MBA student, said winning the competition will help NextStep launch this spring in the New Haven area. NextStep also will present at the CVG Crossroads Fair, sponsored by the Connecticut Venture Group May 14-15 at the Omni Hotel in New Haven.

 “We’re flattered that we were chosen the winner,” Troutwine said. “The quality of the competition was so good. Winning the competition means the judges see as viable company.”

 AQ Solutions also earned an opportunity to present at the CVG Crossroads Fair, one of the largest venture fairs in the Northeast.

 In addition, AQ receives:

• A consultation with the State of Connecticut Department of Economic and Community Development
• Listing on ACE-Net
• A year membership with the Connecticut Venture Group
• Opportunity to present at the next ACE-Net Entrepreneur Showcase
• Listing in Angel Investor News, an online newsletter about private investing

 AQ Solutions is an innovative software company that provides offshore services and solutions to U.S.-based companies that use Internet Technology. The company has been in business for a year and is based in New Haven with its development center in Accra, Ghana.

 Awo A. Quaison-Sackey, president and founder of AQ, thought winning the chance to present at the Crossroads Fair winning the competition in the early-stage category showed that her company was attractive to investors.

 “This was fantastic,” Quaison-Sackey said. “Presenting at this competition prepares us to sharpen our pitch to investors. We’re anxious to present at the Crossroads Fair. It’s a big opportunity for us.”

 The business plan competition drew a record 60 total applicants compared to 25 last year. The collegiate finalists came from five Connecticut universities – Yale, Quinnipiac, Fairfield University, Eastern Connecticut State and University of Bridgeport. All four start-up finalists came from New Haven.

 CVG founded the Connecticut Business Plan competition in 1998. ACE-Net now assumes the management of the competition while CVG offers support and help finalists connect with the investment community.

 ACE-Net Director Dan Mitchell thought the business plan competition was a great success and continues to grow in popularity.

 “This was an exciting competition,” Mitchell said. “The quality of participants was outstanding. We’re proud to help some of the state’s most innovative young entrepreneurs and start-up companies get an opportunity to bring their innovative ideas closer to reality.”

 For more information about ACE-Net and the competition, visit www.ace-net.org.