U of S BioVenture Challenge $50,000 Grand Prize Winner Announced
|From left: Patrick Mah, Zafer Dallal Bashi, and Karthikeyan Narayanan (Photo credit: Peter Wilson, The StarPhoenix).|
Saskatoon, SK— Two teams have come out as co-winners and will share the $50,000 grand prize in the University of Saskatchewan Industry Liaison Office (ILO) BioVenture Business Plan Challenge.
The winners were announced today by Karen Chad, Acting U of S Vice-President Research. Saskatchewan Agriculture and Food sponsored the BioVenture Challenge $50,000 grand prize.
“The U of S is pleased to work with young graduates who are furthering the value of their research through potential entrepreneurial enterprises,” says Chad. “Their scientific knowledge and business skills have been honed by participating in this competition, which will open the door to great opportunities.”
The winning teams are:
- Patrick Mah is a 2006 U of S commerce graduate who has been working on developing an “in situ bioremediation” process for use on contaminated soil known as “brownfields.” His target market is municipalities and companies that require economically viable remediation solutions. His company, Wave Environmental Technologies Limited, will enable these brownfields to become productive, useful and valuable once again.
- Karthikeyan Narayanan and Zafer Dallal Bashi are U of S PhD students in food and bio-product sciences who are developing a biodiesel plant that utilizes waste vegetable oil as a feedstock. Their company Eco-Oil is based on building a network for waste oil collection and conversion to biodiesel, thereby fostering the development of biodiesel production in local communities.
The five BioVenture Challenge finalists spent the fall receiving coaching and mentorship to refine their business plans. The completed plans were judged by a panel of experts from the ILO and industry.
“We congratulate all five of this year’s finalists for their outstanding effort and exemplary business plans,” said Glen Schuler, ILO managing director. “The ILO looks forward to continuing their support for Patrick, Zafer and Karthi and the other three finalists.”
New Wave Technology and Eco Oil will each receive $25,000 to proceed with their venture while all the finalists will submit their plans to the Saskatchewan Angel Investors Network (SAINT) to consider for future funding.
For more information on the five finalists and their business ideas, visit: http://www.usask.ca/research/ilo/bioventure.php
About U of S: Located in the heart of Saskatoon, the University of Saskatchewan is one of the leading medical doctoral universities in Canada. With 58 degrees, diplomas and certificates in over 100 areas of study, the University is uniquely positioned in the areas of human, animal and plant studies. World-class research facilities, renowned faculty and award winning students make the U of S a leader in post-secondary education.
For more information or to arrange an interview, contact:
Company Start-up Specialist
U of S Industry Liaison Office
U of S Research Communications
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