Joined: 03 Oct 2005
|Posted: Wed Nov 16, 2005 10:36 am Post subject: Singular ID Wins 300,000 Euros in Nano Challenge Competition
|Singular ID Wins the Nano Challenge Competition and Now Plans to Open an Office in Europe
Singular ID Pte. Ltd., the brand protection solution provider, announced today that it has won the Nanochallenge 2005 international business plan competition organized by Veneto Nanotech SCPA and held in Padua, Northern Italy on the 11 th and 12 th November 2005.
The business plan competition received more than seventy entries from about twenty countries worldwide. This was short-listed to twenty finalists who traveled to Italy to compete in front of a prestigious panel of judges, including nanotechnology experts as well as financial advisors of a number of respected international venture capital and management consultancy firms. During the two days of the competition, elevator pitches, presentations and detailed question and answer sessions were used to eliminate the teams.
Dr Peter Moran, Singular ID’s Chief Technology Officer comments, “we have presented our business plan many times previously, but this was an occasion when the technology, the business strategy and the market opportunity for Singular ID was closely scrutinized by a very diverse and capable panel. To have won their approval in this way is extremely encouraging for all of our stakeholders.”
The prize is €200,000 in cash and €100,000 in support to cover incubation, laboratory access, accommodation and business advisory services for a nanotechnology start-up operation that locates in the Veneto region of Italy. “For Singular ID, this means we can set-up our European operation ahead of schedule. We will be drawing up the detailed plans over the coming months, but Singular ID Europe will comprise a business development office and applications laboratory that leverages on the nanotechnology facilities that have recently opened in the region.
We have often been told by potential customers in the luxury goods sector that they would like to interact with us through a European facility, and now we are in a position to offer this from a prestigious and accessible location,” states Dr Adrian Burden, Singular ID’s Chief Executive Officer.
Singular ID Europe, the working name for the operation planned for the Veneto region of Northern Italy will come together over the next 6-8 months, once the evaluation kit that is already being developed for manufacturing in Singapore is ready for shipping. This will allow the European facility to develop new business quickly and support the applications laboratory as it comes on line.
The Singapore operation will remain focused on integrating the high technology system components, coordinating the manufacturing scale-up, and developing new business opportunities in new sectors.
Source: Singular ID.
This story was posted on 15 November 2005.