CLEVELAND, Oct. 29 /PRNewswire/ -- QD Vision, Inc. of Cambridge, Mass., was awarded the top prize today in the first International Nanotechnology Business Idea Competition for its idea to produce the next generation of flat panel displays. The startup company received $50,000 in cash, plus business plan writing assistance and additional business advisory services. "We couldn't be happier," said Greg Moeller, vice president of sales and marketing for the company. "Winning this competition is going to allow us to secure the intellectual property [behind the company's flat panel displays]." Seth Coe-Sullivan, the company's acting chief executive and chief technology officer, is a graduate research assistant at the Massachusetts Institute of Technology, where the technology was developed. QD Vision's flat panel technology uses quantum dot light emitting diodes to produce images on flat panel displays. The company will initially target its technology for the hand-held device market. The competition was organized by InTICE: the Institute for Technology Innovation, Commercialization and Entrepreneurship at Case Western Reserve University; the Nano-Network, a consortium of nanotechnology-minded scientists, entrepreneurs and supporting agencies in Northeast Ohio; and Purdue University (West Lafayette, Ind.). The competition was the concluding event of NANO Week in Cleveland. The competition received sponsorship support from: NorTech; Nanofilm, LLC; Forest City Enterprises, Inc.; Draper Triangle Ventures; the David and Lindsay Morgenthaler Foundation; and the Mixon Chair of Entrepreneurial Studies at Case's Weatherhead School of Management. Judges from the ranks of nanotechnology research, venture capital and business reviewed entries from 14 states and four countries. Twenty-five teams were selected to participate in a semifinal round of judging, which took place Thursday, October 28. Eight teams competed in today's finals at Case. "The judges were very impressed by the overall quality of the business ideas presented," said Robert D. Hisrich, co-director of InTICE. "There were several ideas that will draw the interest of venture capitalists. And we look forward to having all the contestants back next year for the second annual International Nanotechnology Business Idea Competition." "I developed the idea for this competition out of frustration that nanotechnology was accused of being either hype or science -- not a business," said Mark Brandt, managing partner of the Maple Fund and co-founder of the Nano-Network. "This competition has demonstrated that there are many nano ideas that are ready to be commercialized. This competition will drive innovation in the nanotechnology sector." The following is a complete list of winners: First Place - $50,000 QD Vision, Inc. of Cambridge, Mass., is developing the next generation of flat panel displays using quantum dot light emitting diode devices and associated manufacturing techniques. Second Place - $15,000 General Lighting Inc. of Boston designs low-power, low-cost carbon nanotube-based lighting elements for backlighting in mobile communications products. Third Place - $10,000 Cornell DNA Nanobarcodes of Ithaca, N.Y., is using DNA to build nanostructured materials that can be used as bar codes. Five runner-up awards of $1,000 each were also presented to: Clinical Nanotechnologies Corp. of Columbus, Ohio, is developing the Buccal Patch, which will deliver fast pain relief to cancer patients, and other drug delivery systems. Y-Carbon of Philadelphia is developing supercapacitors using nanoporous carbon material that can be used to store energy in hybrid vehicles. Applied Standard, Inc. of San Francisco is developing nano-based sensors that detect the presence of hydrogen in electrical transformers. The company plans to locate research and development and manufacturing operations in Northeast Ohio to take advantage of existing relationships with the NASA Glenn Research Center/Glennan Microsystems Initiative. Magnetic BioSystems of Philadelphia has developed a minimally-invasive, targeted drug delivery system that uses stents and magnetic materials. Alpha V, Inc. of Chapel Hill, N.C., is commercializing an extremely long-lasting microbattery to power low-data rate wireless sensors and other small devices. About InTICE: the Institute for Technology Innovation, Commercialization and Entrepreneurship at Case Western Reserve University 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. About the Nano-Network The Nano-Network was created to discover the activities in and around nanotechnology by bringing together scientists, entrepreneurs, funding sources, and support agencies to catalyze the activities of each into a "win" for the region. It is currently focusing on fostering these connections in the Northeast Ohio region with a goal of developing a national presence.