Budding entrepreneurs win £25,000 for their innovative business plan

Students win Imperial’s New Business Challenge with plan to revolutionise design and safety in medical practice - News

Friday 30 March 2007
By Naomi Weston

An innovative product which could reduce needle stick injuries in hospitals and embed safety in medical practice was the idea behind the winning entry to the College’s biggest multi-disciplinary business plan competition. The New Business Challenge, run by the Entrepreneurship Centre at the Tanaka Business School, held its prize-giving ceremony last week.

THE LIFT, a group of five students from the Industrial Design Engineering (IDE) course and the Tanaka Business School, won the first prize of £25,000. When launched, this company will commercialise a portfolio of products which will initially focus on infection prevention in healthcare. The first product, outlined in their business plan, is the StickSafe hospital tray. The product uses a simple method to load and unload needles safely, which would reduce the risk of transmitting diseases such as HIV and Hepatitis B and C from the used needle to the clinician by over 50%.

Michael Korn, second year IDE student, came up with the original idea. He said: "We are delighted to have won the New Business Challenge. This is the third year running that a team from IDE won the prize, but the first time that a successful team has brought together students from Imperial, Tanaka and the RCA. Our interdisciplinary team truly combines design, business and technology. It seems that the possibilities are endless."

Rector of the College, Sir Richard Sykes, announced the winners. He said: "The enthusiasm and work put in by the students amazes me. This competition really epitomises what Imperial is here for. In our Centenary year we are celebrating 100 years of working with industry and commerce, a key part of our original mission statement."

The two runner-up prizes of £5,000 were awarded to Dynamic Therapeutics Ltd. and VIRITIDE. Both teams were made up of present or graduate MBA students and technology PhD students. Dynamic Therapeutics is currently developing a product to administer oxygen therapy for sufferers of respiratory diseases, using a proprietary system which adjusts the oxygen flow to match the patient’s measured oxygen need at any given time. VIRITIDE aims to apply a new platform technology developed at Imperial College to produce therapeutic proteins to treat patients suffering from diseases such as multiple sclerosis.

In addition, this year saw two new prizes being awarded. The Tanaka Centenary Prize of £500, awarded by Professor David Begg, Principal of the Tanaka Business School, was given to VIRITIDE. The Voller Energy Sustainability prize of £2,000, awarded by Stephen Voller, went to the greenest business plan. Treadsonic, a group of undergraduate students from Physics won this prize with their business plan to provide an innovative solution to vehicle CO2 emissions and safety, centred on detecting tyre inflation levels and tread depth.

The New Business Challenge has been running for seven years and is one of the biggest cross College events. It is part of the Entrepreneurs Challenge, an annual business plan competition open to all Imperial students, which is divided into two stages: the Ideas Challenge held in the Autumn term, and the New Business Challenge held in the Spring term.

Dr Tim Meldrum, Manager of the Entrepreneurship Centre, said: "Education is at the heart of this competition. The Centre runs a series of lectures, events and seminars to help students develop the business acumen needed for success in the Challenge. The knowledge and expertise that the participants of the Challenge acquire will stand them in good stead in their future careers, whether or not they decide to launch their own business products."

The ten business plan finalists were announced on 14 March and included Dynamic Therapeutics, SpineStrength Ltd, hera.miko, THE LIFT, SWALE Umbrella, Pollegraphix, VIRITIDE, Treadsonic, Student Barber Shop, and Cabin Fever.

A total of 35 teams from Tanaka Business School and right across Imperial College entered the competition this year, and 21 judges including entrepreneurs, professional investors, intellectual property lawyers, and innovation managers evaluated the teams as they presented their business ideas, giving vital feedback to help students improve their plans.

For more information about the Entrepreneurs Challenge please visit the website, www.imperial.ac.uk/entrepreneurship