Young researchers reach final of Entrepreneurs scheme

Innovative Business plan designed by Biomedical Engineers - News

Friday 3 November 2006
By Naomi Weston

A team of young researchers from Imperial College London have fought off stiff competition to reach the final of the Biotechnology Young Entrepreneurs Scheme (YES) in London, to be held on Monday 4 December 2006.

This innovative national competition aims to develop and raise awareness of the commercialisation of bioscience ideas among postgraduate students and postdoctoral scientists.

The team from the College consisted of two PhD students and three postdoctoral researchers, all from the Institute of Biomedical Engineering. They developed a business plan for a fictional company, Aptinostics, based on technology which uses short DNA sequences called aptamers to perform rapid microbial diagnostics. Their first product would be called 'TruSense™', a home test kit for sexually transmitted infections, similar to a home pregnancy test.

The group spent six weeks planning and drawing up the business plan with a weekly business breakfast meeting to ensure they had time for the project away from their usual studies. In their regional heat, the group took part in a two-day workshop followed by the presentation day. In the ‘Dragon’s Den’ style, the Imperial researchers presented their business plan to a panel of judges.

Leila Shepherd, one of the young competitors, explains, “What distinguished us from the other teams was our interdisciplinary backgrounds. We had two biochemists, a chemist, a physicist and an electronic engineer, allowing us to come up with a technology that was truly unique and novel.”

The team also benefited from a strong support network at the College with help from Tanaka Business School, including advice from Dr Tim Meldrum, and from Dr Tim Knott, from Imperial Innovations. They asked a number of academics with commercial experience in the Institute of Biomedical Engineering, including Professor Tony Cass, Dr Rob Fenton and Dr Sanjiv Sharma, for feedback on the technology used and their business strategy.

None of the group had any previous business experience, but what have they learnt from the experience so far? “I learnt how science is not always everything, it is also about explaining your idea and how it will make money,” says Mei-An Sung, communications officer for the project.

Prof Chris Toumazou, Director of the Institute of Biomedical Engineering, said “It is very satisfying to see the team working together, drawing on their own research from a range of disciplines to achieve success. They are demonstrating the principles on which the Institute was established; the application of knowledge and understanding from across science and engineering to develop devices and sensors to improve personalised healthcare.”

The competition final will involve re-presenting their business plan with added improvements for a chance to win the prize of £1000 and a trip to the USA for another business plan competition.

Team members include Leila Shepherd, Mei-An Sung, Katie Wood, Nir Grossman and Chris Johnson. The competition is organised jointly by the University of Nottingham Institute for Enterprise and Innovation and the Business and Innovation Unit at BBSRC.