Young scientists test entrepreneurial skills
9 December 2008
A team of young scientists from the University of Reading has won the annual Biotechnology Young Entrepreneurs Scheme (YES) competition. The Medical Research Council is one of the 24 sponsors of the competition.
The Reading team impressed the judging panel with their proposal for a hypothetical biotechnology company called Ovega; the lead product being vegetarian Omega-3 oil produced from food industry waste.
Ovega: The winning team from the University of Reading.
Winning team members are Dr Nadia Abed, Federico Dorati, Joao Lopes, Dr Abby Thompson and Cristina Fante. Their mentor was Dr Samantha Decombel of the University of Reading Technology Transfer Office.
Biotechnology YES is an annual competition organised by the Biotechnology and Biological Sciences Research Council and the University of Nottingham Institute for Enterprise and Innovation. Now in its 13th year, the competition aims to help the UK's early career bioscientists gain the skills and contacts they need to turn research into commercial reality. Young scientists competed for places in the final via regional heats and were mentored by a team of advisors including financiers, intellectual property experts and spin-out company directors.
In total 73 teams took part in the 2008 competition. Ovega won against business ideas from 13 other teams in the final that included a gel that indicates the presence of skin cancer cells; a food additive that fools you into feeling full and lowers cholesterol; a hair removal cream that prevents hair re-growth for three months; and a kit for allergy sufferers to detect traces of peanuts in their food.
Minister of State for Science and Innovation, Lord Drayson, said: "I would like to extend my warmest congratulations to Ovega. This scheme is producing a generation of commercially-aware scientists who will be crucial to the UK economy by generating new businesses, jobs and wealth for the UK. In addition to scientific talent, the development of entrepreneurial skills and ability to understand the commercialisation of research are key tools for young researchers today whether they stay in academia or move into business."
Abby Thompson, Operations Director of Ovega, said: "We have learnt so much through this experience and are very grateful for the opportunity to develop the skills we would need to bring a real product to market one day. To win the competition is a huge bonus on top of an amazing journey. We have definitely benefited individually but we have also grown as a team and are looking forward very much to working together in the future."
The Ovega team won the Biotechnology YES 2008 title, £1000 prize money, sponsored places at the Bioindustry Association dinner and the opportunity to give their presentation at a premier regional US Business Plan Competition.
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