TowsonGlobal names winners of annual Business Plan Competition

First and second place awarded to ToolSpinner and Innovostics respectively

TOWSON, Md. (May 7, 2012)—The business incubator of Towson University has announced the winners of the second annual TowsonGlobal Business Plan Competition.

The first place winner is ToolSpinner, an online platform for tool rentals founded by brothers Daniel and Steven Cole, who also graduated from Towson. Second place was awarded to Innovostics, a medical device startup from Johns Hopkins University.

The competition was held at West Village Commons where, after months of preparation, five finalists made presentations to a panel of seven judges. After discussion and deliberation, and an intense question and answer session with each finalist, the judges selected two teams as the winners.

ToolSpinner provides an online marketplace for tool renters and owners. An individual who seeks a mitre saw, for example, can rent one from someone in their region for just dollars a day. The owner receives revenue for unused tools, and the site itself receives 20 percent of the fee.

An illness diagnosing tool developed by Innovostics specializes in detecting the cause of fever in patients via a method that is both quick and inexpensive. The low cost of the device makes it possible for use in poor regions of the world, where pneumonia and malaria are rampant.

The first place prize package is valued at over $17,000 and includes a monetary prize of $4,000, a 90-day resident membership to TowsonGlobal and executive coaching from CEOIQ. The second place winner also receives a prize package valued at $5,200, which includes a monetary prize of $1,000, a 90-day associate membership to TowsonGlobal, a one-year membership to its online community, and the resources of CEOIQ.

This year’s judges—all from the Baltimore region—included executives from PayPal eBay Inc., M&T Bank, G.1440, Planit, SC&H Capital, Renegade and Towson University.

According to TowsonGlobal, the goal of the competition is to “inspire and support entrepreneurship, innovation and small business development for greater Baltimore and the region.” The business incubator provides entrepreneurial ventures with a wide range of support, including low-cost office facilities, business counseling, networking assistance, workshops and other educational forums.

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