'Concept to Company' prizes awarded
Pressure Pak, WickWerks, RackLadder and AdRax were selected from 11 finalists in the contest, organized by Grow Utah Ventures, in connection with Zions Bank, Utah Science, Technology and Research initiative and the city of Ogden.
The contest — originally designed only for Utah-based entrepreneurs — yielded 125 applications, including two international submissions and a few out-of-state applications. After their selection by a panel of judges, first-place winners in the in- and out-of-state categories received $20,000 in cash and services. Second- and third-place in-state finishers received $10,000 in cash and services. The out-of-state winner must agree to start or move its business to Ogden.
Pressure Pak earned the top in-state prize. The company has developed a personal hydration pack using a patented air chamber to pressurize the water. Runner-up Rack Ladder LLC has developed a portable, collapsible ladder that provides easy access to vehicle rooftop areas. Runner-up WickWerks has engineered a design for bike-chain rings that prevents chain slippage during shifting.
Out-of-state winner AdRax has a bike-rack design with unique advertising space.
Other finalists were Cycleop Bike Frame, Klymit Technology, Kuru Footwear's New Sandal Project, the E+C Backcountry Snowboard System, the Avalanche Safety Helmet, the LED Cocoon Tent and the Rockville Kiteboard by RASE Inc.
"The overall quality of the ideas presented was outstanding, and I am confident these select winners will be able to turn their ideas into solid companies that will create new jobs while strengthening our local economy," Alan Hall, founder and chairman of Grow Utah Ventures, said in a prepared statement.
In partnership with USTAR and Zions Bank, Grow Utah Ventures plans to have other "Concept to Company" competitions in other parts of Utah. The next, for southern Utah, will begin in mid-October. Details are available at www.LaunchUtah.com.
E-mail: bwallace@desnews.com
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