HM Solution named top winner of R.I. Business Plan Competition

MARGARET AND CONSTANZA Lengerich, from left to right, operate HM Solution, which provides pre-packaged water treatment equipment to remove arsenic and 15 other toxic chemicals. HM Solution in Providence won the Entrepreneur Track award at the 2015 Rhode Island Business Plan Competition.  / COURTESY HM SOLUTION
MARGARET AND CONSTANZA Lengerich, from left to right, operate HM Solution, which provides pre-packaged water treatment equipment to remove arsenic and 15 other toxic chemicals. HM Solution in Providence won the Entrepreneur Track award at the 2015 Rhode Island Business Plan Competition. / COURTESY HM SOLUTION

PROVIDENCE – Margaret Lengerich did not give up after she finished as a semi-finalist in the Rhode Island Business Plan Competition two years ago.

Lengerich’s work on HM Solution, the business that she runs with her sister, Constanza, paid off.

HM Solution, which provides water treatment equipment to remove arsenic and other toxic chemicals at what it says is a lower cost than its competitors, was named the Entrepreneur Track winner today in the 2015 Rhode Island Business Plan Competition, taking home $66,200 in prizes, including a $25,000 bonus cash award. The $66,200 also includes $15,000 in cash and $26,200 in professional and consulting services.

Margaret Lengerich, HM Solution’s CEO, came from Chile to earn a master’s degree in innovation management and entrepreneurship at Brown University. She and her sister now live in Providence.

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“HMSolution is a for-profit company generating a social impact,” Margaret Lengerich said in a statement. “Our mission is to protect cities, communities and homeowners from the health effects of toxic contaminants, such as arsenic and other chemicals, by providing a cost-effective solution and easy-to-operate system.”

The Rhode Island Business Plan Competition gave out a total of $200,000 in prizes to seven winners and finalists at the event at The Garage at the R.I. Convention Center.

Teams that won the Student Track and the Technology Award, each of which received $41,200 in prizes comprised of cash and professional and consulting services, were recognized along with HM Solution.

Winner of the Student Track was Bounty, led by Noah Fradin of Brown University. He is creating automated visual content-recognition software that links to an online advertising marketplace, connecting brands with visual content creators.

NGS Imaging, which is developing a scintillator that will increase image resolution and overall detector efficiency of X-ray equipment used to diagnose and screen for disease indicators, was the Technology Award winner. The team, which entered in the Student Track, is led by Linghan Xing, of Brown University.

“Good ideas for new companies are flourishing in Rhode Island, and we look forward to watching and working with many of this year’s competitors to help them grow,” Competition Co-chair Margaret “Peggy” Farrell, partner in the law of firm of Hinckley Allen & Snyder LLP, said in a statement.

Nearly 30 past Rhode Island Business Plan Competition participants that are currently operating have created about 270 jobs and are buying services from Rhode Island suppliers, according to a press release from the competition.

In addition to the winners, finalists in the Entrepreneur track were:

  • CloudContacts, which is developing a Web-based address book that self-updates as friends, family and colleagues change contact information. Principal applicant: Michel Mullen, Providence.
  • The Compost Plant, which is creating a commercial compost system that diverts organic material from landfills, producing high-quality compost while providing customized organics collection. Principal applicant: Leo Pollock, Providence.

Finalists in the Student Track were:

  • EquiTrue, an advanced stability assessment system that can detect and quantify specific balance and proprioceptive impairment caused by concussions. Principal applicant: Dan Giovacchini, Brown University.
  • UnSync, which is using unsynchronized structured lighting and multi-frequency phase shifting techniques to power 3-D scanners at significantly lower cost than is currently available. Principal applicant: Leo Liu, Brown University.

Finalists in both tracks received $5,000 in cash and services valued at $7,850.

A total of 82 applications were received this year – 48 in the Entrepreneur Track and 34 in the Student Track. The Technology Award is given to an applicant in one of the two tracks.

Supporting this year’s competition are 56 sponsors.

Competition co-chairman Anthony Mangiarelli, partner with the Providence-based accounting firm of KLR, said, “Rhode Island is better off because our sponsors are willing to invest in emerging companies that will create jobs and ultimately advance the economy.”

Established in 2000, the Rhode Island Business Plan Competition has awarded more than $1.8 million in prizes to competitors’ emerging companies across many industries.

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