Two engineers quit their day jobs at Caterpillar to pursue their dream of launching their own business. They are one step closer. Sivaprasad Akasam and Sridhar Deivasigamani are the driving forces behind Intellihot Green Technologies Inc., the winner of the 2009 LAUNCH Business Plan Competition.

The winner was announced September 30th at Peoria NEXT innovation Center.

This is a green technology company dedicated to the development and commercialization of tankless water heaters. Tankless water heaters have significant growth potential in the United States due to the energy savings and benefits they offer over current storage tank type heaters. The unique design results in higher efficiency and lower operating costs while offering higher capacity. Intellihot Green Technologies Inc. expects to start selling units in June 2010 via direct web based portal, wholesalers in key states, plumber’s networks and big box stores.

The winners received:
• 2 hours of banking/financing consulting from State Bank of Speer
• 2 hours of insurance consulting from Unland Companies
• 2 hours legal consulting from Husch Blackwell Sanders
• 2 hours human resources consulting from Performance Growth Partners, Inc.
• 2 hours of marketing consulting from AdCo Advertising Agency
• 1 year free membership in the Peoria, East Peoria, Morton and Pekin Chambers of Commerce
• 1 year Free attendance at any seminar offered by the Turner Center for Entrepreneurship
• $3000 in cash to help you start your business

There were five other finalists in the competition. Their business plans varied including medical management services, a bed and breakfast, an online fashion highway, a tea house and even an online marketplace to help college students get rid of their old text books. Each finalist received a $100 gift card to help with the purchase software.

This competition was organized by the East Peoria, Pekin and Peoria Area Chambers of Commerce, the Peoria NEXT Innovation Center, Morton Economic Development Council, SCORE, and Bradley University’s Turner Center for Entrepreneurship and the Technology Commercialization Center.  Program sponsors include Unland Companies, Townhomes at Williamsburg, State Bank of Speer, and Husch Blackwell Sanders. 


FINALISTS:

Medicine Management System:
Medicine Management System (MMS) is a new LLC, formed to design, manufacture, market and distribute a revolutionary home based product and integrated software that will reduce common errors associated with the current methods of managing prescriptions between patient, physician and pharmacist. The focus of this business plan is on the development of the initial home based product and integrated software.
MMS will leverage the skills of its founder to design and develop a home based countertop unit and accompanying integrated web based subscription service to meet the growing need of patients in the management of their daily regimen of prescription and nonprescription medications. This unit will be monitored through a web based system to allow better communication between the patient, thy physician and the pharmacist.

TRANQUILITEA:

TRANQUILITEA will fill a unique niche in its market. Despite the presence of 7,000 college students, 3.000 businesses and the growth of the stay at home mom in the Tri county area, there are currently no specialty tea lounges in the vicinity of Peoria Heights. TRANQUILITEA will offer patrons unique teas and specialty drinks as well as a nutritious menu. It’s Bohemian, French Quarter style ambiance is designed to embrace the stay at home mom, draw the college student market and appeal to the emerging and established professionals in the region.

The lounge will be located in Heritage Square in the Peoria Heights Central Business district.

Fashion Highway:
Fashion Highway is a unique, female-owned business ready to begin competing in the E-Commerce/Apparel Industry within the next six months. The owner plans to establish a website, designed to acknowledge and advertise fashion institutions, highlight fashion students and help jump-start their careers, plus provide ready-to-wear clothing for everyone. Beyond selling unique apparel, Fashion Highway will offer services including fashion forums, contests, fashion shows, and ways to match designers with clients.

U-Exchange:
U-Exchange was founded upon the overwhelming problem faced by college students to buy and sell their products such as textbooks, furniture and personal items in an efficient and beneficial manner. Research conducted shows an overwhelming majority of students would prefer to buy/sell/exchange books and good with fellow students. U-Exchange will create a one of a kind online marketplace tailored for the college community and augment it with a personalized central storefront. This storefront location will also exist to enhance the ease of use, and most importantly offer convenience for the purpose of exchanging goods. This store will also offer opportunities for local businesses to communicate with college students.

Intellihot Green Technologies Inc.
Intellihot Green Technologies Inc. is a green technology company dedicated to the development and commercialization of tankless water heaters. Tankless water heaters have significant growth potential in the United States due to the energy savings and benefits they offer over current storage tank type heaters. The company will capitalize by integrating several off the shelf components to a proprietary controller and heat exchanger. The unique design results in higher efficiency and lower operating costs while offering higher capacity. Intellihot Green Technologies Inc. expects to start selling units in June 2010 via direct web based portal, wholesalers in key states, plumber’s networks and big box stores.

Drake Inc:
Drake Inc. will be a new corporation featuring a quaint bed & breakfast in Morton. Besides the B&B, there will be a bistro serving breakfast, lunch, dinner and libations using local wineries and a one of a kind coffee line. It will offer relaxing music performed by area musical artists on a regular basis, Wi-Fi and a retro retail shop offering many items not found in the Tri County Area.