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Nanochallenge Competition to Promote Nanotechnology Use

18 February 2005

Veneto Nanotech have devised a Nanochallenge competition which aims to uncover nanotechnology new business ideas, with an award of 300,000 Euros.

The competition aims at uncovering breakthrough nanotechnology applications and attracting the best entrepreneurial talents, in order to create an active environment enhancing the nanotechnology innovation process.

Nanochallenge is designed to give participants an actual opportunity to create a start-up company by:
Providing seed capital to a promising business idea based on nanotechnology applications
Giving participants the possibility of presenting a business plan in front of potential investors
Fostering networking with venture capitalists and angels as well as prominent researchers

Anybody from anywhere who has an innovative and high-growth Nanotechnology business idea can participate and try to win the Grand Prize of about 300,000 Euros.

With such a prize, Nanochallenge is intended to forward participants to go on to form innovative start-ups in the field of Nanotechnology. Twenty teams will be selected to compete at the final event of Nanochallenge, hosted in a two-day venue in Padua. Each of the twenty selected teams will receive an Admission prize of 1,000 Euros as well as free lodging. Moreover, teams will have the chance to receive mentoring from business professionals of a world leading consulting company.

Nanochallenge develops upon two main phases: the business idea selection and the final contest.

In the first phase, entry teams must submit an executive summary of their business idea. The jury will select the best twenty. In the second phase, those teams selected for the final contest will be asked to submit a complete business plan. Based on live presentations of plans, judges will finally select the winner of the competition.

Teams competing in Nanochallenge have the opportunity to meet and network with venture capital principals, early stage investors, successful entrepreneurs and/or senior business leaders who will serve as judges for the competition. Furthermore, a specifically appointed scientific jury will evaluate the characteristics of the technology presented.






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