Fostering the spirit of entrepreneurship is critical for
European competitiveness and job creation, especially in light of youth unemployment
NEWS HIGHLIGHTS
- Total of $120,000 in prizes (($50,000 cash prizes and $70,000 for travel to global finals) awarded to five teams from Denmark, Bulgaria, Sweden and France for projects in biochemicals, image processing, infrared chemical analysis, solar technology and body heat energy
- Top 24 teams from 15 countries chosen from 4,000 submissions to attend the European Finals in Sopot, Poland. The five winners will now compete at the Intel® Global Challenge at UC Berkeley in November 2012.
- Biosyntia from Denmark won the top prize of $25,000 for a patent pending project to help chemical manufacturers move from chemical to biological production while reducing both costs and CO2 emissions.
- Prizes were awarded by Jerzy Buzek, former President of the European Parliament during the European Forum for News Ideas and Christian Morales, VP and General Manager Intel Europe, Middle East and Africa.
SOPOT, September 26, 2012 – Intel Corporation today announced the winners of the Intel Business Challenge Europe 2012, a technology business plan competition that helps identify and support Europe’s strongest entrepreneurial students and graduates. Set alongside the European Forum for New Ideas (EFNI), which brings together politicians, academics and business leaders to discuss the future of Europe, the Intel Business Challenge Europe aims to shape the next generation of entrepreneurs and feed the innovation culture by identifying and nurturing talented young people that have the passion needed to turn a good idea into a great business.
Five winners were awarded a share of the $50,000 cash prize money by Jerzy Buzek, former President of the European Parliament and Christian Morales, VP and General Manager Intel Europe, Middle East and Africa, and will now represent Europe at the Intel Global Challenge 2012 Finals at UC Berkeley in November 2012. Chosen by a jury of venture capitalists, business leaders, academics and industry experts at the European finals, winning teams had to demonstrate a technology-based solution capable of becoming a real-world business by articulating a clear value proposition, business plan and potential market.
The first prize of $25,000 was awarded to Biosyntia from Denmark for their work in helping chemical manufacturers move to biochemical methods while reducing costs and CO2 emissions. Imagga from Bulgaria won the second prize of $15,000 for developing a series of products that automate image processing in the cloud. In third place with prizes of $5,000 were Black Silicon Solar from Sweden for a nanotechnology manufacturing system for solar cells that may make the cost of solar energy competitive with fossil fuels within the coming years and IRSee from Denmark for an infrared chemical analysis system. SmartSwitch from France received the investor’s award for a wireless and battery-free switch powered by body heat energy.
“Innovation is the competitive and social corner stone of the 21st century so it’s vital that we find new ways to spark entrepreneurial momentum,” said Christian Morales, Vice President and General Manager, Europe, Middle East, Africa, Intel Corporation. “Now in its seventh year, the Intel Business Challenge Europe shows that collaborating with NGOs, academia and government across Europe can catalyse entrepreneurialism and set young people on their way to becoming tomorrow’s job creators and innovators.”
The winning teams were amongst the initial 4,000 submissions received for the Challenge and had competed at more than 20 affiliated national competitions reaching 20.000 students in Europe and Israel. They then successfully completed two rounds that selected the final 24 teams for Sopot. All participating teams received coaching and support throughout their preparations to refine their ideas, create viable business plans and hone their presentations to attract interest and investment.
The Intel Business Challenge Europe was organised in cooperation with Junior-Achievement-Young Enterprise and Investin. This year’s winners will now go on to compete against US and APAC finalists for the international title at the Intel® Global Challenge at UC Berkeley, based in the global technology hub, Silicon Valley. In addition to the prize money and spot in the global finals, the contestants will get the opportunity to meet with some of Silicon Valley’s most prestigious investors.
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Note to Editors
Images and photos from the Intel Business Challenge Europe 2012 are available at: http://www.facebook.com/IntelBusinessChallengeEurope
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