A student team from the University of Glasgow have won a national competition to find the most promising technology student entrepreneurs.

Dynamic Innovations, a four-strong team whose business plan was developed to exploit their 'hearing test' device technology, have taken first prize in the Scottish Institute for Enterprise's (SIE) national Business Plan Competition 2002.

The Glasgow students were presented with the top prize of £10,000 in start-up finance by Andrew Bissell, CEO of Voxar at a ceremony in Edinburgh on 22 May.

One of the team members, PhD student Roderick Sutherland, has already won the Business a.m.'s Student Entrepreneur of the Year award earlier this year. He started work on his hearing test project while serving in the Balkans with the Territorial Army.

Dr Cathy Garner, Director of Research & Enterprise at the University of Glasgow, said: " We are thrilled that Roderick and his team Dynamic Innovations have won the Business Plan prize. All credit to the team for their achievement and best wishes for their future developments. This is also a credit to the teamwork between the inventors, the Scottish Institute for Enterprise, and Research and Enterprise at the University. Wai Wong worked hard with the team and stimulated a terrific level of interest among students at the University."

Connect Scotland, who managed the competition on SIE's behalf, will also offer the winners and runners-up the opportunity to present at their prestigious early stage investment conference, Springboard, in Dundee on June 17.

Commenting at the awards, Carl Togneri, Director of SIE said: "The success of our first national Business Plan Competition is testament to our belief that there are many nascent technology student entrepreneurs in Scottish universities with the talent and ambition to start-up and succeed in business.

"High standards have already been set by this year's competition entrants, many of whom we expect to see running successful businesses in the near future. Our hope for next year is that more students rise to the challenge and continue the trend of successful technology start-ups emerging from the university base."

After having met for a day's analysis and deliberation on the 21 May, the SIE Business Plan Competition judging panel were unanimous in their opinion. The panel's Chair, business angel Martin Ritchie said:

"Our task in selecting only a few teams to receive awards here today was not an easy one. The quality and range of business plans submitted are representative of the massive entrepreneurial potential that exists within Scotland's thriving student population.

"We are confident that many of the talented individuals that have come this far will go on to be the driving force behind successful young companies spinning out into the Scottish marketplace."

SIE's competition judging panel was made up of leading lights from the entrepreneurial and investment communities - Martin Ritchie, business angel and Chair; Nelson Gray, Director of Gap Fund Managers; Iain Macdonald, an investor and founder of ComputerGroup; Kevin Dorren, technology entrepreneur and founder of Orbital; Peter Hookham, private investor; and Brian Gray, ex Senior Vice President of Adobe Inc and technology business investor.

Concluding the evening, Carl Togneri said: "We'd like to thank Scottish Enterprise for sponsoring this year's competition, and also the many people from the entrepreneurial and professional business communities who have willingly participated and lent their expertise. We also appreciate support from the Wall Street Journal Europe, whose prestigious profile has benefitted us greatly. We hope to see many of the faces here today entering the next SIE Business Plan Competition, for a chance to win vital start-up finance that will help them to turn their technology business ideas into a reality."

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Media Relations Office (media@gla.ac.uk)

Contact: Joanna Downie at TVI T: 07771 773 699

Alison Gilfillan at TVI T: 07780 604 538

Or University of Glasow Press Office 0141 330 3535

Background:

Round 1

* Executive Summaries were submitted by a total of twenty-nine teams in Round 1 of the competition

* Three teams were chosen by a judging panel to win awards at the close of Round 1 of the competition (Feb 13), with a team of five called Intelliflame Systems from Dundee University taking the top prize of ?1000. The two runners-up who were each awarded ?500, were ReacTec from Edinburgh University and Gulil1 from Glasgow University

* A total of twenty-three teams were selected to proceed to Round 2

Round 2

* In Round 2 of the contest, the teams participated in a workshop programme delivered by leading entrepreneurs and business professionals to help them to:

- Develop an understanding of the principles and concepts relating to the development and management of high growth ventures

- Develop practical entrepreneurial skills and know-how, learning from the experience of other entrepreneurs, investors and business professionals

- Access the support, guidance and finance required to start a new technology business in Scotland

First published: 23 May 2002