[22 July 2004]
Singapore Management University Awards DermaTech, Inc
Winners of the second Lee Kuan Yew Global Business Plan Competition 2003/2004

Winning Plan from Singapore features first non-invasive, transdermal drug delivery system for animals

The Singapore Management University has announced DermaTech, Inc as the winner of the second Lee Kuan Yew Global Business Plan Competition 2003/2004 at an awards presentation ceremony held at the Shangri-La Singapore this evening. The ceremony was graced by Mr Chan Soo Sen, Minister of State, Education & Community Development and Sports.

For the first time, a local Singapore team has clinched the top prize of the Lee Kuan Yew Business Plan Competition, the first-ever international business plan competition to be organized at the undergraduate level, targeting students from universities, colleges and polytechnics internationally. Imago Scientific Instruments from the United States was the winner of the inaugural round of the competition held in 2002.

DermaTech, Inc’s winning business plan was on DermaSystem™, a unique transdermal (‘through-the-skin’) system for cattle vaccination that is faster, easier, more consistent and safer than current methods, and allows users up to 60% cost savings. The team walked away with US$20,000 in prize money.

Awarded second and third place were TMD Corporation from Singapore and AIUMA MDT from the United Kingdom, receiving US$15,000 and US$10,000 respectively.

Launched in 2001 by SMU, the inaugural Lee Kuan Yew Global Business Plan Competition saw the participation of 203 teams from 74 universities spanning 19 countries. The number of submissions has since more than doubled in this second year of the competition to over 500 teams from 117 universities spanning 30 countries, reflecting the intensity of the competition and its international reach.

“As an extension of SMU’s education philosophy, we believe in creating a larger platform to encourage the spirit of entrepreneurship. This is the very basis for the establishment of the Lee Kuan Yew Global Business Plan Competition which transcends the institution level to help create and incite the entrepreneurial spirit amongst tertiary students internationally. We are highly encouraged by the keen response and the superb quality of the submissions received for this competition. This is an accomplishment that signals a growing interest in entrepreneurship at the undergraduate level worldwide” said Prof Ronald Frank, President, SMU.

“In organizing the Lee Kuan Yew Global Business Plan Competition, SMU seeks to play a part in contributing in the area of entrepreneur education, as well as helping in the advancement of entrepreneurial spirit both locally and globally” added Prof Frank.

The six final teams, consisting of 3 teams from Singapore, 2 teams from the United Kingdom and 1 team from the United States, have been selected from fifteen semi-finalist teams from Singapore, United Kingdom, United States, Hong Kong, India and Australia. The competition was judged by a panel of international judges including venture capitalists, academia, businesses and representative from the Singapore Economic Development Board (EDB).

Cerebos Pacific is the presenting sponsor and HSBC as the supporting sponsor of Lee Kuan Yew Global Business Plan Competition 2004. The competition is also supported by the Economic Development Board, Shangri-La Hotel Singapore as the official hotel; and Channel NewsAsia as the official media station.