Another quite exceptional night where the Converge Challenge exceeded all expectations.
Thirty ideas crystallised and crafted by staff and students from across the Scottish University landscape went head to head in the Elevator Pitch – just one minute each to convince a panel of judges that the ideas presented had the potential to transform lives and kick start a business reality.
But wait! Why was there a need for a Fire Engine to show up at the venue? Many of the 130 guests may have been right to assume the elevator pitch process was about to deliver a 'roll call' of 30 red hot pitches ... so hot in fact that Edinburgh's finest fire fighters were on standby to dampen down the flames! However, the reality was much more down to earth. The fire Engine was there because an automatic smoke alarm was triggered! Even a smoke detector couldn't bring our networking to its knees as it continued on the street! Networking is networking!!
So, to matters in hand. The Elevator Pitch process, is arguably the most daunting element of the Converge Challenge. Intensive business mentoring and training has been completed and now you have 130 pairs of eyes upon you as 30 stunningly good ideas are delivered in a 'magic minute' - just 60 seconds to influence a panel of expert judges made up of Alister Minty from the Entrepreneur Business School ; Gordon Stark, Chief Operations Officer, Edinburgh, of Murgitroyd; Alex Tait, partner at Baker Tilly; and Eleanor Mitchell, High Growth Ventures Director at Scottish Enterprise. One minute to pitch your compelling, well-rehearsed time against the clock to convince the panel that you are the cream of this particular esteemed crop of nascent talent. And last night, it all came good for.... Daniel Good!
Daniel who is a Research Fellow at the University of Edinburgh, together with Steven Hammer, a post doctoral researcher at Heriot-Watt University has developed The E-Finger - a probe which can measure the stiffness of the prostate gland in men which determines diseased areas of the prostate and aid screening and diagnosis of prostate cancer and benign growth. This project is a joint collaboration between Heriot-Watt University, the University of Edinburgh and the NHS – an example of collaboration in practice leading to the development of a great business proposition.
Daniel commented: "It has been a very insightful 3 days Converge Challenge entrepreneurial training for me as we try to bridge the gap between academic research and a spin out company. The pitch was nerve racking but gave us a great platform to present our business idea to a large group of interested parties. I was delighted to win the pitch and hope this spurs us onto further success in the Converge Challenge. Thank you very much to all the speakers, sponsors and organisers for putting together such a great few days."
Just think of the many lives a medical device like this could potentially save globally? The great thing about the Converge Challenge is its brilliant ability to continually push the boundaries of a raft of technologies which can have a profound impact on our lives - enhancing them...or saving them!
Certainly, the runner up last night should see a similar impact in protecting lives. This technology has been created with personal safety for women very much in mind -Personal Guardian developed by Rebecca Pick, a student from University of Strathclyde. This has the potential to revolutionise the personal attack alarm market. This product is discreet (worn on a bra strap) and is activated through smart phone technology to a receiving station who can pass the GPS location to the police. The device can even record proximity sounds for use as evidence in court.
Third place last night went to Ramya Bhatia from the University of Edinburgh with Edinburgh CINck, a molecular diagnostic test to improve cervical cancer screening particular for women who may be infected with Human Papillomavirus (HPV) who are at a higher risk of cervical cancer.
This upholds the Converge Challenge 'tradition' of attracting health -related ideas that have the potential to find their way from the lab to a very proper business and commercialisation proposition.
What's more though, is by looking through the list of the 30 elevator pitch participants last night you will see a broad spectrum of ideas - not just in healthcare, but in construction, food, digital technology, smart devices and media.
Scotland's universities remain a beacon for transforming lives and this was very much part of the enlightening address by our principal keynote speaker last night - renowned Scottish entrepreneur and chairman of Entrepreneurial Scotland, Chris van Der Kuyl.
Immediately after hearing the pitches, he praised the participants in front of the 130 strong audience with his opening remark ; 'if pitching was an Olympic sport, we have just won the 100 metres'!
He also went on to discuss the changing face of technology, stating that 'we are living in an era where things are changing faster than at any point in history, but right now is the slowest it will ever change again. That's because technological innovation will come at us much quicker, harder and faster than ever before in the future.
He also applauded finance secretary John Swinney's support for enterprise, saying that he was among a number of politicians who were beginning to get a better understanding of the perils of business creation and stated that young entrepreneurs "should not be afraid to make mistakes, or to fail" and should see it as a learning process.
Kerry Sharp, Head of the Scottish Investment Bank at Scottish Enterprise, also addressed the event and offered guidance on how the government-backed fund can help young growth firms.
Of course, we cannot do any of this without a strong backbone of support and we would like to thank the Scottish Institute for Enterprise (SIE), Informatics Ventures, Enterprise Campus, Launch.ed, Young Enterprise Scotland and RSE and many, many others for their involvement in the competition so far. In fact we're delighted to report that six of the Converge Challenge Top 30 came from SIE, showing the strong entrepreneurial ecosystem of support that exists in Scotland.
All eyes are now on the Top 30 as they move on to the next stage in the competition which requires them to complete a robust business plan before they are shortlisted to just 10. An external judging panel will then choose which 6 concepts go through to The Converge Challenge final on 29th September at the Barony Hall at the University of Strathclyde.
