Louisville health-care technology company wins Kentucky Highlands’ statewide business idea competition
LONDON, Ky. – The Business Innovation & Growth Center at Kentucky Highlands recently announced that a dental health-care technology company from Louisville is the winner of its statewide business idea competition.
INVEN will receive $10,000 and free office space for a year in Kentucky Highlands’ new LEED-certified business accelerator in London.
INVEN has developed a dental tool used in root canals that will save time and lower risk for this procedure. The Intellidonic File integrates an adjustable scale as an improvement to the current tool that dental professionals use.
The three founders, Alex Frommeyer, Dan Dykes and Alex Curry, are graduates of the University of Louisville’s J.B. Speed School of Engineering and all are under age 25.
“Our end goal is to help dental professionals more efficiently and effectively perform root canals on patients,” said Frommeyer, who is the CEO and, at age 23, the oldest of the founders.
“INVEN LLC’s award from the BIG Idea Competition not only offers our company valuable exposure for our product and mission, but it will allow us to effectively finance a set of working prototypes that will enhance our ability to gain feedback and perform testing for our cutting-edge dental device. Also, the insight we gained from the judges, many of whom were investors and seasoned business owners, helped us to pinpoint weaknesses in our business model and areas we must continue to develop as we work toward commercialization.”
The winning companies presented their BIG Idea in person to a panel of judges, which reviewed their business model, business plan and financial projections. This was the final phase of the competition. Earlier phases required a one-page business summary and three- to six-page business plan synopsis. Total awards for the three phases were $30,000 in cash prizes as well as free office space.
Eligible participants were entrepreneurs, new businesses or existing businesses (with 20 or fewer employees) that can demonstrate they have an idea to create additional job opportunities in Kentucky.
Other competition supporters are the Kentucky Cabinet for Economic Development, Kentucky Science & Technology Corporation, Kentucky Council on Postsecondary Education, Young Professionals of Eastern Kentucky, SCORE, the U.S. Small Business Administration, The Silicon Hollow Association, Lexington Venture Club, Eastern Region Innovation & Commercialization Center, The Center for Rural Development, Southeast Kentucky Economic Development (SKED), Kentucky Small Business Development Centers and Mountain Association for Community Economic Development (MACED).
Kentucky Highlands Investment Corporation, founded in 1968 to stimulate economic growth in nine counties in Southern and Eastern Kentucky, now serves 22 counties in the region and has created more than 10,000 jobs.
KHIC’s Business Innovation & Growth Center, which is the first LEED-certified business accelerator in the region, includes 9,600 square feet of product development, office and laboratory space for area entrepreneurs.