University of Southern Maine

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USM Business Students Win This Year's Business Plan Competition

May 27, 2005

Three business students at the University of Southern Maine are winners of the $25,000 Student Business Plan Competition for 2005.

Justin Almy of Farmington, Jay Casterella of Portland, and Barbara Silke of Scarborough, plan to introduce a line of dump trailers with a new-patented technology that replaces costly hydraulic models and eliminates expensive maintenance and repair. The team will manufacture both a large and small version of the product based on their existing prototype.

Their company, DO-All-Dump, LLC, won over four other finalist teams in the competition, which initially included 23 teams. For the first time, the competition was open to students from universities and colleges throughout Maine. Teams from Southern Maine Community College and University of Maine at Orono participated in the competition.

The award was announced April 13 at a meeting of the USM Corporate Partners, a group of over 350 business people, from more than 150 companies, who believe that a responsive public university plays a key role in building and sustaining a vibrant community. The USM Corporate Partners was formed in 1989 to develop and support "partnerships" between the business sector and the University of Southern Maine.

The award was announced April 13 at a meeting of the USM Corporate Partners, a group of over 350 business people from more than 150 companies.

The competition, now in its fourth year, provides $10,000 in start-up cash and $15,000 in consulting services for the chosen team. The previous three winners are preparing to market products: one is an innovative water-pollution-sensing device; the second is a collapsible ironing board; and last yearÕs winner has a surface mapping technology. The current winner is expected to seek entry into the marketplace within a year.

Judges for this year's competition were John Chandler, a principal with Berry, Dunn, McNeil, and Parker; Joseph Herlihy, an entrepreneur and currently with Spinglass Management Group, LLC, and Diane Sammer, a member of the board of directors of the Small Enterprise Growth Fund. USM Business School Dean Jack Trifts, in remarks at the awards presentation, announced plans to continue to expand the competition throughout Maine next year.

USM Business School Dean Jack Trifts, in remarks at the awards presentation, announced plans to continue to expand the competition throughout Maine next year.

"The Student Business Plan Competition brings together the business community and students from USM and SMCC in a unique way," says Richard Bilodeau, program director. "The business community participates not only by providing funding and support services, but they also have the opportunity to become valuable resources to the student teams. As we expand the competition statewide we are enhancing MaineÕs entrepreneurial education, linking potential businesses to the community resources they need to be successful and seeding economic development across the state."

Barbara Silke, a member of the winning team added, "The experience of creating the business plan and competing brought together a unique cross section of the USM student body by combining the experience, education and skills of non-traditional students and the education, abilities and enthusiasm and fresh ideas of traditional students. Our team worked together for the entire year, developing great synergy. We had the guidance and advice of various faculty at USM and the continued support of the business community, which help fuel our determination to be able to bring our product to market and to win the competition."

Valarie Lamont, director of the Center for Entrepreneurship/School of Business, which hosts the competition, added that, "the competition has made a significant contribution to promoting entrepreneurship, fostering interdisciplinary teamwork and focusing on the fundamentals of small business planning and formation É and most importantly, recognizing entrepreneurial ideas among students."

Editor's Note: For more information: Contact: Richard J. Bilodeau, rbilodeau@rsn.com, (207)772-5000 x 337.

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