The two companies advancing from the Chicago ‘Newpreneur of the Year’ semifinal competition, held last week at the W Hotel in Chicago, are Wolf Technologies & Costume Works .

Wolf Technologies is a company managed by Paul Wolf, who invented Light Check, a self-contained, portable device that connects directly to the trailer light wiring and allows one person to quickly and easily check the trailer tail and clearance lights, brake lights and turn signal lights without a towing vehicle or second person.

As one of six semifinal events held throughout the U.S. in October, the Chicago regional competition sets the stage for the finale event in San Francisco on Nov. 18, where a total of $100,000 in business grants is up for grabs.

During the Chicago regional event, five entrepreneurs came together in a competition to present their business ideas to a panel of noteworthy judges and an audience of well-known members of the local business community.

The other finalist, Costume works, is an online party supply and costume store with a customer first attitude and the ability to dress up any party or situation. The online store plans to build a community on their site and offer recipes, games and how-to guides as well as products for sale.  

“This is an important event for the Chicago area, which was hit very hard by the financial collapse last year. The competition highlights individuals who are overcoming the challenges of this difficult economic time,” said Kelly Sang, general manager, IBDM, Alibaba.com Americas.

Alibaba.com established the Newpreneur of the Year contest to help people with creative ideas and a need for financial backing to promote and sell their products.

Following the semifinalist events, the 12 finalists, including Paul and Ryan, will be profiled online at inc.com/newpreneur/vote.html, where the public can vote for the businesses that they think have the most potential to revive the economy. Online voting is open now through Friday, Nov. 6.

Based on online voting, the top five Newpreneurs will be invited to the finale event in San Francisco on Nov. 18, 2009, where the grand prize winner will take home $50,000 to invest in their business.

The four remaining finalists will receive awards totaling an additional $50,000.

-Brian L. Gray