Tony Valenti, Jeremy Capello and Michael Knipp have a dream, one that is very personal.

Each has family members facing health issues, including both of Capello’s parents. His dad has diabetes, and his mother has multiple sclerosis.

So the three Nebraska residents came together to develop an idea that they feel will not only affect those closest to them, but provide a benefit for people all over the world. It’s called the Emergency Stick, a microchip bracelet that can hold critical medical history and provide emergency, real-time feedback about recommended treatments. The bracelet, an encrypted USB device, is compatible with PDAs, cell phones, Tablet PCs and desktop computers.

“Anyone can benefit from this, from an elderly person with an extensive medical history to a kid with a peanut allergy,” says Valenti.

Valenti and his colleagues will have a chance to demonstrate their idea this week at the U.S. Finals of the Microsoft Imagine Cup, held at the Microsoft campus in Redmond, Washington. Now in its fourth year, the Imagine Cup is the world’s premier student technology competition. It is designed to show students the real-world opportunities that are available through technology, and to have them develop projects that have practical applicability.