Vol 1 Issue 2 August 2006
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The creator of a technologically advanced, lightweight prosthetic foot received first-place and biotechnology honors June 14 at the fifth annual Bard Center Business Plan Competition at the Grand Hyatt in downtown Denver.
Unlike the clunky prosthetic foot of 25-years ago and the metal foot geared for high-activity users, Tensegrity Prosthetics is introducing “The Liberator,” a model that will “change the face of prosthetic feet,” explains creator and CEO Jerome Rifkin.
There are more than 1.4 million lower-limb amputees in the nation creating a $205 million market, Rifkin said. As Baby Boomers continue to age, diabetes related amputations are expected to triple by 2025. These people don’t want to run races, he stressed. They just want a natural feeling foot.
“More than 80 percent of foot amputees are diabetic and three-quarters are over 65,” Rifkin told the judges and audience at the fifth annual event. “This foot feels natural, it conforms to terrain; it is more agile and simple to adjust . . . it makes amputees happy in a way nothing else does.”
Rifkin received $10,000 for placing first, $2,500 for best biotechnology business plan and thousands of dollars worth of in-kind prizes. In addition to the business plan competition awards, Rifkin had earlier received a $200,000 grant from the National Institute of Health. Initial roll-out of the product is expected in Colorado in January 2007.
Other winners include:
- Second place ($5,000) Apropos Magazine, Sharon Reed: Addressing how single women can learn to become socially and financially successful.
- Third place ($2,500) Bright Light Innovations, Ryan Palmer, Ajay Jha, Sachin Joshi: The development and distribution of improved cook stoves to developing countries that will produce electricity, clear the air of harmful emissions and reduce biomass consumption by 70 percent.
- Cosotec ($1,000, plus $2,500 nonprofit award), Craig Lieb, Ashley Housley: A nonprofit, membership-based association that promotes university-community partnerships to develop technologies for the needy.
- Rocky Mountain Forest Fuel Inc. ($1,000), Kevin Egan, Joshua Grossman, Moon Hwan Kim: A cost-effective and environmentally-friendly heating source for homes and businesses.
- Progressive Health Center ($1,000), Sue Goodin, William Oliva: A Colorado nonprofit corporation offering low-cost or no-cost alternative therapies to people with neurological disorders.
Alexander Bracken, executive director of the Bard Center, explained that three of the final six plans were from institutions other than UCD. The winner, Rifkin, is a student at CU-Boulder; finalists for Bright Light Innovations were from Colorado State University; and the Cosotec team is from Air Force Academy.
The difference between an idea and innovation is what happens after you think of the new idea. Innovation is about inventing something that can create economic value in the marketplace. Ideas are commodities, but innovation is about finding and validating the business opportunity that both the leadership of the organization and its culture embrace and commit to and which is connected to its business strategy.
An exciting new position has been created at the Bard Center; the Bard Center Entrepreneur in Residence. The responsibilities of the Entrepreneur in Residence includes assisting Bard Center incubator companies, business plan competition participants, and students and alumni in their business ventures. The Entrepreneur in Residence will help these young companies maximize growth by implementing realistic goals, help individuals and companies develop and expand their networks within the business community, and be an advocate for The Bard Center within the Denver business community. Mr. David O’Brien, Bard Center Advisory Council member, has enthusiastically accepted this new volunteer position.
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As an entrepreneur and alumnus with limited funding, Josh turned to the Rutt Bridges Venture Capital Fund to help finance his product development and to create a product beta site.
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Michael Orlando, Vice President, Branch Executive and Economist, Federal Reserve Bank of Kansas City, Denver Branch, was transferred from Kansas City earlier this year. Mike was greeted by the Bard Center Advisory Council, faculty, students, and alumni and spoke of the Federal Reserve System's mission: to ensure economic and financial stability. When they succeed in this mission, they will create an environment that enables individuals in society to work together, to do as well as they can for themselves and each other. Mike also stated "The Federal Reserve does not run the economy. It creates conditions under which the economy can function as efficiently as possible."
