[14 June 2002]
Singapore Management University Awards Imago Scientific Instruments Winners of Inaugural Lee Kuan Yew Global Business Plan Competition

Winning Start-up to Specialize in New Technology for Chip Industry

After eight months of intense competition, the Singapore Management University (SMU) is proud to announce Imago Scientific Instruments winners of the inaugural Lee Kuan Yew Global Business Plan Competition. The winners were awarded US$20,000 in prize money at a dinner and awards presentation ceremony yesterday evening at the Shangri-La Singapore with guest-of-honour, Dr Vivian Balakrishnan, Minister of State for National Development.

From the University of Wisconsin-Madison, Imago Scientific Instruments' award-winning idea was to provide three-dimensional atomic-scale imaging and analysis for nanotechnology industries through the Local Electrode Atom Probe microscope.

Coming in second was Securamed from Purdue University, receiving US$15,000 for their proposal, whilst University of Manitoba's BioCoil Technologies won the third prize of US$10,000.

Venture capitalists, sitting in the afternoon's presentation sessions as the teams pitched their way in front of a seven-member panel of judges, have been invited to fund the winning projects. In addition, the Economic Development Board (EDB) will match any investment received from other parties for potential start-ups. This matching grant from EDB is conditional to the start-up being physically located in Singapore.

The final six teams represented a diverse group from universities in USA, Canada, Australia, Indonesia and Singapore. Selected from an overwhelming record-breaking total of 203 entries, the thrilling and stimulating afternoon saw Imago Scientific Instruments and the other five competing finalist teams presenting their business plans to a panel of international judges including AOL Time-Warner's Executive Vice-President and Chief Technology Officer Dr William Raduchel and - Professor Raphael (Raffi) Amit. Dr Amit is the Robert B. Goergen Professor of Entrepreneurship and Professor of Management at the Wharton School, University of Pennsylvania.

Launched by SMU in October 2001, the competition is the first-ever international business plan competition to be organised at the undergraduate level, targeting students from universities, colleges and polytechnics internationally. It received an unprecedented 203 business concept outlines from 74 universities, colleges and polytechnics, spanning 19 countries, by far the largest number of submissions received in an open global business plan competition. All submissions received were filed and judged electronically, via an online mechanism specially developed for the competition.

Major sponsors for the LKY Global Business Plan Competition are Citigroup, Cisco Systems, Egon Zehnder International, Government of Singapore Investment Corporation and Shangri-La Hotel Singapore. Supporters for the competition are EDB and the Infocomm Development Authority.