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Taylor University students Troy Tomasik and Joel Kempson are finalists in the Nascent 500 Business Plan Challenge on March 23.
Sponsored by Ball State University, the Nascent 500 is a unique business plan competition that pits competitors and their ideas against not only each other but also the clock while circling the famed 2.5 mile oval of the Indianapolis Motor Speedway.
Tomasik and Kempson were among 12 teams of finalists selected following a preliminary round in January. The opening round consisted of 23 teams from colleges and universities that included Loyola Marymount, Vanderbilt and Michigan.
Tomasik, Kempson and a panel of judges will cruise the Indianapolis Motor Speedway in a limousine for 500 seconds. According to Kempson, the team will attempt to present its business plan coherently, proving it will be a successful moneymaker.
After the limousine round, the judges will select four of the 12 teams to present their full business plans in Gasoline Alley, home to team garages for speedway events. The winning team earns $10,000, another lap in the limousine and – in Indianapolis 500 fashion – the victor’s traditional quart of milk.
“I am very excited about the chance to gain this type of experience,” Tomasik said. “[I] would be thrilled to walk away from this with some extra money for the business.”
Tomasik created Tiergan Technologies LLC, a company focused on research and commercialization in the chemical manufacturing of single-walled carbon nanotubes, which could be used in hydrogen fuel cells. By raising the quality and lowering the price, Tiergan said he hopes to move single-walled carbon nanotubes from the laboratory to the living room.
“Tiergan Technologies is developing cutting edge materials that could revolutionize the weight-to-strength ratio for building materials, enabling transformation changes in construction, aeronautics, paint, electrical conductivity and coatings,” said Mick Bates, Director of the Innovative Enterprises Program and the project’s faculty adviser.
Tomasik became interested in nanotubes while doing research for a high school science fair project.
“I kept coming back to the idea of carbon nanotechnology,” Tomasik said. “I found myself researching the application and production methods of carbon nanotubes … and then came up with the crazy idea that I could possibly make them.”
Tomasik invited Kempson to work on the financial aspect of his business venture.
“I feel really positive about our chances,” Kempson said. “Tiergan Technologies is definitely one of the most innovative and cutting-edge businesses that the judges will see.”
The competition also provides the opportunity to network with entrepreneurs, bankers and venture capitalists. According to Bates, this means Tiergan Technologies could receive some investments.
Tomasik and Bates both view this competition as an opportunity to represent Taylor and Christ.
“I believe that having a Taylor student involved in a national competition like this gives our school great exposure and can serve as a very positive witness for Christ,” Tomasik said.
Tomasik and Kempson also plan to participate in a business competition in Evansville, Ind., following the Nascent 500.
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