Saratoga Springs company lands top prize at fifth annual Summit in Tech Valley

(Albany) - A software-development firm based in Saratoga Springs, NY was the winner of the $100,000 Business Plan Competition at the fifth annual Summit in Tech Valley.

Valogix LLC was selected from among five finalists at the region's premier high-tech gathering, which drew hundreds of CEOs, presidents and senior-level executives from the technology, business, government and academic communities, held April 26 at The Desmond Hotel & Conference Center in Albany, NY.

Valogix, led by President and CEO Richard Vaccaro, develops business software that forecasts future demand, sets stocking levels, creates replenishment orders and optimizes inventory.

Other finalists were Applied NanoWorks Inc. of Waterlivet, developer of the most practical and effective nanomaterial technology currently available; DrugRisk Solutions LLC of Schuylerville, developer of a drug-testing process using human hair; Float Tech Inc., a Troy-based company integrating technologies into apparel, such as lifejackets; and, Ultradian Diagnostics LLC of Troy, a developer, manufacturer and distributor of wireless-enabled sensors for medical devices.

All five firms presented their business plans to a panel of venture capitalists from the US and Canada: Rich Davis of VantagePoint Venture Partners, based in New York City; Bob Greene of Oncore Capital of New York City; Steve Ritterbush of Virginia-based Fairfax Partners; Salvatore Rodi of Capimont, located in Montreal; and, Mark Watkinson of HSBC Bank USA in New York City. Along with a cash prize of $100,000, the winning company will also receive professional advisory services from several firms to improve its chances for long-term success.

"Tech Valley's entrepreneurial landscape is well-represented by this year's group of finalists," said Ann Wendth, senior vice president of the Albany-Colonie Regional Chamber of Commerce and lead organizer of the Summit. "Each company has a unique technology, yet they all share a combination of innovation and business savvy that point toward a bright future for the region's high-tech sector."

Previous winners include Natec Inc. of Plattsburgh, a manufacturer of polymer-based ammunition (2004); Crystal IS Inc. of Watervliet, a materials research and manufacturing firm that focuses on semiconductors (2003); Starfire Systems Inc. of Malta, a developer and manufacturer of high-temperature, high-performance silicon carbide ceramic materials (2002); and, ReQuest Multimedia of Troy, ReQuest, which produces cutting-edge equipment that can store an entire music collection (2001).

For the third consecutive year, the law firm of Nixon Peabody LLP served as lead sponsor of the $100,000 Business Plan Competition. Major supporters were Albany Molecular Research Inc., Citizens Bank, Rensselaer Polytechnic Institute and UHY Advisors Inc. Participating sponsors were Albany International, Albany Mayor Gerald D. Jennings and ALDC, Boston Scientific, Center for Economic Growth, Clough Harbour & Associates LLP, Intermagnetics, MapInfo, New York Business Development Corporation and Ruxton Ventures LLC.

"This was Nixon Peabody's third year as lead sponsor for the Business Plan Competition, and we could not have been more pleased by the success of this year's event," said Todd Tidgewell, an associate in Nixon Peabody's private equity practice. "More than just a showcase of the talent resident in Tech Valley, the competition has grown to become an event of national prominence, with significant interest from the tech communities from coast-to-coast. Each year's participants have shown the world what this region has to offer, and 2005 was certainly no exception."

Companies headquartered in the 18-county Tech Valley region whose products or services are technology-oriented, are legal entities and have a $2 million per year revenue cap were eligible to enter the competition. From the original group of applicants, 10 were selected to present their business plans to a panel of regional business leaders, which selected the five finalists for this year's competition. Informational sessions for interested companies were conducted in Fishkill and Albany, and prior to the semifinal round of presentations, mentoring services were provided by The Dorfman Robbie Group, Nixon Peabody LLP, Schwartz Heslin Group Inc. and The Graduate College of Union University.

In addition to the $100,000 prize, Valogix will receive consultation from several area firms to help improve its chances of success. The company will receive $50,000 up front, and the additional $50,000 as it reaches pre-determined milestones developed in conjunction with a professional advisory committee, made up of representatives of each service provider. Valogix will meet with that committee on a quarterly basis.

HSBC Bank USA was the major sponsor of the fifth annual Summit in Tech Valley. Sponsors included the Albany-Colonie Regional Chamber of Commerce, FA Technology Ventures, Niagara Mohawk - A National Grid Company, Nixon Peabody LLP, Time Warner Cable, Times Union and WNYT-TV/NewsChannel 13.

Chamber of Commerce sponsors included the Fulton County Regional, Plattsburgh-North Country, Rensselaer County Regional, The Chamber of Schenectady County, Bethlehem, Guilderland, Latham Area, Montgomery County, Orange County and Southern Saratoga County chambers of commerce.

In addition, CDPHP was the luncheon sponsor, MVP Health Care was the break sponsor and Einhorn Yaffee Prescott, Architecture and Engineering, PC was the sponsor of a post-Summit reception.

The Cyber Cafe sponsor was MapInfo. Media sponsors were Lang Media and The Business Review.

Special recognition to Davies Office Refurbishing Inc., The Desmond Hotel & Conference Center, Gracey Communication Group, IBM, Mirror Lake Inn Resort and Spa, NYSTAR, Raize Solutions, The Schmooze, Tech Valley Times, Tech Valley Wireless and Union College for their support.