In continuing traditions of technical innovation, Ames business Iowa Powder Atom-ization Technologies was named winner of the John Pappajohn Iowa Business Plan competition. 

This contest occurs every year for individuals or companies to submit their business plans in hopes of creating a growth of entrepreneurs in Iowa to stimulate the economy.

Last Friday, Iowa Powder Atomization Technologies was named the winner out of 43 other business plans that were submitted. The company will receive $25,000 to help expand its business plan. 

The company’s director of business development, Doug Moore, said Iowa Powder Atomization Technologies plans to use the prize money toward their business plan as well as toward additional tests to perfect their technology.

A manufacturer of titanium powder, the company specializes in efficient and cheaper-than-normal methods for production of the powder. Titanium forms  into solid metal easiest when it is in its powder form. Known to be a strong, lightweight and corrosion-resistant, titanium is mainly used for artificial limbs, military vehicle parts, biomedical implants and aerospace parts.

The company’s application for the contest didn’t go unnoticed. Several manufacturers for car and airplane frames have already contacted the company.

To enter the John Pappajohn competition, a business must present an original idea for a business that has been in operation for four years or fewer; have its the main office in Iowa; make sure its members are U.S. residents 18 years or older; and must not be previous recipients of the first, second or third prize, as they are ineligible.

The seven finalists of the original 43 had to present their plans at a conference.

The plans were judged on the following criteria: reasonable opportunity for the success of the business, meeting an identifiable need and a strategy satisfying this need, utilizing resources effectively, potential to raise additional capital as well as a realistic time frame for company growth, with a strong and experienced management team.

John Pappajohn graduated from the University of Iowa in 1953 and immediately started up his own insurance firm, and in 1969 he started Equity Dynamics Inc. and became one of the early venture capitalists. Since then he has been involved in over 100 start-ups and has served as director of 40 publicly owned companies. Today, he is one of the most recognized business leaders in the Midwest.