Home > Press > Nanotechnology Business Idea Competition to Award $150,000
Competition seeks to encourage the development of business ideas that will commercialize nanotechnology research being done around the world
Nanotechnology Business Idea Competition to Award $150,000
Cleveland, OH | June 16, 2005
Organizers of the second annual International and North Coast Nanotechnology Business Idea Competitions today announced they are accepting submissions for the 2005 event, which will award winners $150,000 in prize money at the conclusion of NANO Week in October. The competition seeks to encourage the development of business ideas that will commercialize nanotechnology research being done around the world.
The International and North Coast Nanotechnology Business Idea Competitions is the culminating event of NANO Week, October 17-21, which this year will focus attention on the next generation of nanotechnology-based products and applications from the aerospace, automotive and consumer products industries.
QD Vision Inc., a Cambridge, Mass., startup that had the idea of using nanotechnology to develop the next generation of liquid crystal displays, won $50,000 in the inaugural International Business Idea Competition in 2004.
Organizers have introduced a new entry category to this year's competition in hopes of finding the best nanotechnology business idea from Northeast Ohio. The North Coast Competition will award $75,000 to the best entrants from the region or the entrant that is willing to locate in the region. The International Competition will again award $75,000 to top teams.
"Northeast Ohio is an emerging nanotechnology research center, and we want to encourage local researchers to commercialize their ideas here. That's the motive for our offering this local prize," said Gary Wnek, co-director of The Institute for Management and Engineering (TiME) at Case Western Reserve University.
Organizers of the competition include TiME; InTICE: the Institute for Technology Innovation, Commercialization and Entrepreneurship; and Science Entrepreneurship Program, all of Case Western Reserve University; and the Nano Network. Sponsors include the Partnerships for Innovation Program of the National Science Foundation and the Joseph P. & Nancy F. Keithley Foundation.
"This year's NANO Week is highlighting the applications and products that are being developed with nanotechnology, and we are glad to help stimulate the next generation of products through this competition," said Cyrus Taylor, professor of physics at Case Western Reserve University and co-director of InTICE.
An awards ceremony for the winning teams will be held October 21 in Cleveland.
The winners will be chosen by a panel of judges from the entrepreneurship, business, financial, and academic communities. The panel's decision will be based on the ability of the business ideas to fill a market need and be commercialized.
There is a fee of $100 for each entry a team submits, and there is no limit to the number of submissions a team may enter. The deadline for submissions is September 15. For more information and detailed rules about the competition, visit the TiME Web site at www.tiime.case.edu.
NorTech, the Northeast Ohio Technology Coalition, which is leading the development of a technology-driven economy in Northeast Ohio, and the Nano Network, a consortium of nanotechnology-minded scientists, entrepreneurs and supporting agencies in Northeast Ohio, are the driving forces behind NANO Week. For more information on NANO Week visit www.nano-network.org.
For more information on NorTech visit www.nortech.org.
About the Institute for Management and Engineering (TiME):
Combining the resources of Case Western Reserve University's School of Engineering and its Weatherhead School of Management, TiME is uniquely positioned to help students and technology-based companies integrate engineering and management to achieve superior organizational performance.
About the Institute for Technology Innovation, Commercialization and Entrepreneurship (InTICE):
Building on the formidable strengths of Case Western Reserve University, InTICE fosters the practice, study and teaching of technology innovation, commercialization and entrepreneurship through the development of unique academic programs. InTICE works to make the process more effective and more efficient, and to create a transformative culture in all of its partners.
NorTech (The Northeast Ohio Technology Coalition) is a diverse group of 50 regional leaders committed to ensuring economic growth and leadership in Northeast Ohio by promoting entrepreneurially based, globally competitive technology development, innovation and commercialization.
About The Nano Network:
The Nano Network was formed by scientists, entrepreneurs and financiers to improve and expand the nanotechnology research and commercialization activities and capacities in Northeast Ohio and throughout the nation. More information about the Nano Network and NANO Week is available at www.nano-network.org
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