Toolspinner wins Towson business plan competition

ToolSpinner wins Towson business plan competition. (May 3, 2012)

A website that helps people rent their tools to make money and another that offers a low-cost way for diagnosing causes of fevers were the top two winners of the TowsonGlobal business plan competition yesterday, the university announced

The first place winner ToolSpinner, designed by two brothers -- Daniel and Steven Cole -- who graduated from Towson, bills itself as an online rental marketplace for tools. People who have tools -- i.e. a circular saw, a palm sander -- can rent them out for several dollars a day. ToolSpinner charges a 20 percent fee for facilitating the transactions.

The second place winner was Innovostics, a startup coming out of Johns Hopkins University. Their illness diagnosing tool can be used cheaply in poor regions of the world where pneumonia and malaria claim millions of lives.

According to Towson: The first place award was valued at $17,000, and includes a monetary prize of $4,000, a 90-day Resident membership to TowsonGlobal and executive coaching from CEOIQ. The second place winner also receives a prize package valued at $5,200 which includes a monetary prize of $1,000, 90-day Associate Membership to TowsonGlobal and one year membership to the online community and resources of CEO IQ.

This year’s judges were from the Baltimore region and included leaders from PayPal eBay, Inc., M&T Bank, G.1440, Planit, SC&H Capital, Renegade, and Towson University