Advanta Corp. (NASDAQ:ADVNB; ADVNA) announced today that Matt Allison of State College, PA has been named April's $10,000 ideablob.com monthly contest winner for the best business idea, as voted on by the ideablob community.
Allison's idea is a portable touch-screen device - equipped with a heart rate monitor - that acts as a personal trainer. Once fully developed, the device will upload workouts from his company's website and display progress charts, advice for future workouts and daily nutrition information. In addition, device users will be able to create their own workouts based on their fitness goals. Allison plans to use the $10,000 contest prize to put the finishing touches on his website and to ensure it syncs properly with the touch screen device.
Slated to graduate later this month, Allison, a State College, PA native, has a technology innovations company called M.R. Innovative Solutions, LLC. He is majoring in Economics and minoring in Engineering Entrepreneurship. The concept for his idea came as he and his business partner, Ron Humer, discovered that many people go to the gym without knowing how to properly exercise or structure their workout routines. The decision to submit his idea to ideablob.com also came from a local source.
"I heard about the ideablob competition through my professor at Penn State, Khanjan Mehta. He has been extremely helpful in my current venture," explained Allison.
Professor Mehta is closely connected to two ideablob winners from Penn State. Aaron Fleishman, February's monthly contest winner, won for Mashavu: Networked Health Solutions for the Developing World, a social entrepreneurial telemedicine venture that aims to connect orphans in Tanzania with medical professionals across the world.
"It's extremely satisfying to see another Penn State student that survived my high-tech entrepreneurship class win a national competition," said Mehta. "As the guest advisor on ideablob this week, I hope to provide feedback on ideas and share my passion with aspiring entrepreneurs."
"This month the ideablob community picked a young inventor as its winner," said Ami Kassar, Advanta's Chief Innovation Officer. "We have been impressed with the quality of business ideas and ambition of the students at Penn State."
Ideablob.com is a vibrant and active community where small business owners and entrepreneurs are sharing business ideas in exchange for feedback, advice and votes from the community. Advanta, one of the nation's largest credit card issuers (through Advanta Bank Corp.) in the small business market, awards a $10,000 monthly prize to the best eligible idea, as determined by the votes of the ideablob community. To date, Advanta has paid out prize money to a software developer, non-profit founder, and several social entrepreneurs.
Allison was one of eight finalists competing for April's $10,000 prize. The eight finalists who will compete for May's $10,000 contest prize will be posted on ideablob.com on May 22, and the ideablob community will have 10 days to vote for May's best business idea. To review the ideas submitted by past ideablob winners, please visit www.ideablob.com.
There is no purchase necessary to enter the ideablob.com contest. Contest began on 9/24/07 at 12:00:00 am CT and ends on 9/30/08 at 11:59:59 pm CT. Open to legal residents of the 50 U.S. states and D.C. who are of the legal age of majority in their state of residence at the time of entry. Void where prohibited. Official Rules are available online at www.ideablob.com. Sponsored by Advanta Bank Corp., PO Box 30715, Salt Lake City, UT 84130-0715. Ideablob and ideablob.com are registered service marks owned by Advanta Bank Corp.
About Advanta
Advanta is one of the nation's largest credit card issuers (through Advanta Bank Corp.) in the small business market today. Advanta's exclusive focus on this market, as well as its size, experience and commitment to developing meaningful product offerings and a high level of service tailored to the needs of small businesses, differentiates the company from other issuers. Founded in 1951, Advanta has long been an innovator in developing and introducing many of the marketing techniques that are common in the financial services industry today. Learn more about Advanta at www.advanta.com.
