First International Business Idea Competition Winners Announced

Total of $80,000 Awarded to Eight Promising Nanotechnology Ideas

Oct 29, 2004, 01:00 ET from Nano-Network

    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.

SOURCE Nano-Network