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Diogenes Business Incubator University of Cyprus
Volume 1, Issue 2 EI is back from the summer recess and ready to face Publisher
the new challenges ahead. The second Issue of Diogenes Business
September 2009 Incubator University of
Entrepreneurship Insider is wishing you a fruitful and Cyprus
1 Director’s Message effective autumn!
Editor in Chief
2-3 Portfolio Profile In this issue you will get introduced to SAFE, one of Stavriana A. Kofteros
our innovative startups, that has succeeded in raising
Safe Ltd additional funding from the US Department of Margarita Kyprianou
4-5. Diogenes’ News Defense and the European Commission to
complement its product suite. Additionally, you will be
International reading VI Scientific LTD’s news as they attended their
VI Scientific Team:
Venture Capital Forum
first commercial exhibition, SightCity2009, in Stavros Papastavrou
Vi Scientific Ltd at Frankfurt, Germany an endeavor marked with success. Pavlos Antoniou
SightCity 2009 This exhibition is essentially VI Scientifics’ official Zinon Zinonos
Exhibition Safe Team:
introduction to its European target market and the
6. Cyprus first contact with interested distributors. GIorgos Papaioannou
Entrepreneurship Stavriana Kofteros, CEO,
Competition 2009 Diogenes will be sharing its news with you; what we Diogenes Business
are up to, what we did etc. In this issue you will get to Incubator University of
CyEC passport for Cyprus
SDS Company takes know about the 10th International Venture Capital
off Forum that took place in Athens, Greece. Publishing on EI
Submit manuscripts and
With the opportunity of the completion of this year’s article proposals as
Cyprus Entrepreneurship Competition the award Microsoft Send Word files
(max. words 500) to:
winning team we mentored will be sharing its firstname.lastname@example.org
experience with you.
We indent to keep EI multi-directional and would like reproduce or
to invite you to contribute to our next issues. republish EI’s articles
Together we can make EI a “platform” on
CyBIA entrepreneurship. To reproduced or
transcript one or more
Happy Readings! EI articles by electronic
Incubator Association or mechanical means
EI Editorial Team (including photocopying
or archiving on any
Diogenes Business Incubator University of Cyprus archival system)
Creating Business Value in Innovation permission.
Obtain permission at
or call +357 22 892220
for more information.
91 Aglandjia Avenue, Green Park, 2112 Nicosia , P.O. Box 20537, 1678 Nicosia, Cyprus
Tel.: +357 2289 2220, Fax: +357 2289 2211, Email: email@example.com
Volume 1, Issue 2, Page 2
DIOGENES’ PORTFOLIO PROFILE:
The limited company was formed
under the “Program for the
creation of new enterprises of high
technology and innovation through
The R&D efforts of
the institution of business
SAFE resulted in incubators” of the Ministry of
an expert pressure Commerce, Industry and Tourism
management and received a €200.000 grant for
system consisting the development of a high
of a smart fabric technology innovating idea (SAFE surface).
and an intelligent The R&D efforts of SAFE
adaptable surface resulted in an expert pressure
interface used for management system consisting
skin tension relief. of a smart fabric and an
intelligent adaptable surface
interface used for skin tension
relief. It is designed so that it
can be applied for different uses
SAFE’ s Founders: (car seat, wheelchair seat,
Dr. George (Yiorgos) specialty pressure ulcer
Papaioannou management bed, intensive
Mr. Christopher Bafas care bed etc).
SAFE has developed and
ADDITIONAL FUNDING: patented the minimum
individually operated unit of the
US Department of SAFE surface (SMARTsurface).
Defense, US Medical Two proprietary software based
Research And Material products were also produced
Command -TATRC. and are marketed with the hardware component (SMARTsurface) as part
Total Funds:$1,141,000; of its architecture comprising a unique wound management hospital suite
2007-2010 for diagnosis, treatment and prevention.
EU, Small or medium-
scale focused research The SAFE Technology
project (STREP) proposal
ICT Call 2 FP7-ICT-2008-1 SAFE Ltd developed a
Project Title: Intelligent “Smart” surface interface
Adaptable Surface with for SKIN TENSION
Optical Fiber Sensing for RELIEF using
Pressure-Tension Relief. VISCOELASTIC
Total Funds: 1,100,000 CONTROL and
Euros; 2009 - 2011. AUTOMATIC-CONTOURING technology based on adaptable subunits
(multi-contact-Self-shaping Pin Elements).
Main office & labs : Additional layers of control at the level of seat/bed ergonomics are possible
using separable control units that provide improved shaping to comply with
91 Aglantzia Ave. subject/patient specific anthropometry and the dynamics of the task
performed. The SAFE surface is developed in different forms to be used in
P.O. BOX 20537,
1678, Nicosia, the manufacture of Car seats, cushions for use on a wheelchair seat, a
CYPRUS specialty pressure management bed and for use on an operating table.
Tel1: +357 22 89 2220 During the incubation SAFE Ltd fabricated, produced and validated three
Cell 1: +306948070727
generations of prototypes.
cell_2:+1 414 326 0665
fax: +357 22 892211
Additional work has been partially completed from EC FP7 funded project
firstname.lastname@example.org “IASiS” related to fiber optics shear sensing mat for the bed and seating
** US branch and Recently the SAFE team
laboratories : incorporated a three
625 W. Montclaire Ave
Glendale WI 53217 dimensional (3D) shape and
texture analysis component in
* Greek office and the WDT software, a unique
laboratories: clinical tool for the volumetric
Ch. Katsari 18 Ioannina
45521 Greece diagnosis of wounds, burns and
The validation methodology involved a full iterative cycle of extensive
testing of the SAFE SMARTsurface as part of a wheelchair seating
system, and iterative clinical testing of the final bed prototype and WDT
software with actual pressure Ulcer patients in several different protocols.
The treatment and diagnostic software product (WOUND DIAGNOSIS
TOOLKIT- WDT) can be marketed independently as part of a large Picture
Archive Communication Systems (PACS) in Health Care systems
SAFE is an International
Company with a worldwide
Network of significant
strategic alliances and strong
managerial lobby. It is an
“Added Value” Company and
Company. The company aims
at the Global and large scale
markets. The main focuses of
the SAFE’s product R&D line
of work are the areas of
Biomedical and rehabilitation
engineering, comfort, sensor and mechatronics related technologies.
SAFE uses Platform leveraging Strategies in Hi-tech making it a unique
technology transfer vehicle for Southeastern Europe.
Volume 1, Issue 2, Page 4
10th International Venture Capital Forum
Diogenes’ CEO, Stavriana Kofteros, participated in the 10th International Venture
Capital Forum which took place on 16th and 17th of June in Athens Greece.
The International Venture Capital Forum is a two-day event dedicated to raising
financing for ambitious and dynamic entrepreneurs, business oriented
researchers and new technology-based firms in Southeast Europe.
The Forum brought together more than 500 representatives from the business
and financial scene. Businessmen, researches, policy makers and Venture
Capital firms of Southeast Europe had the opportunity not only to present their
business ideas but also to discuss venture opportunities in more than 150
dedicated two-sided meetings.
Participants included entrepreneurs from Greece, Bulgaria, Cyprus, FYROM,
Israel, Romania, Turkey, Serbia-Montenegro as well as from any party interested
in doing business in S.E. Europe, investors from leading venture capital funds,
top managers from already operating and outperforming companies and policy
makers from National, Regional and European Institutions.
During the last 10 years, entrepreneurs who are ambitious and dynamic,
researchers who are business oriented and firms which are based on new
technology are supported by the Forum in order to complete successfully their
endeavors. The Forum is co- organized by the Invest in Greece Agency, the
New Economy Development Find (TANEO) and PRAXI/HELP- FORWORD
Network under the auspices of the Greek Ministry of Economy and Finance.
Mr. Yiannis Papathanassiou, Minister of Finance declared: “[Greece’s] legal
setting for Venture Capital companies is already one of the most competitive.
Greece is among the highest ranking countries in the EU to offer favorable tax
and institutional benefits. At the same time, we collaborate with related EU
institutions and with the Hellenic Venture Capital Association to monitor and to
contribute to the configuration of governing lines. Our ultimate goal is for Greece
to constitute a regional pole for investment capital”.
The Vice Chairman & CEO of TANEO, Mr. Nikolaos Charitakis, declared that,
“we have to place special weight on the effort of all new investment opportunities,
OpenCoffee.gr aims to which come mainly from new researchers, new businessmen, youth who begin
be the single point of their efforts and in fact struggle to absorb capital from the market.”
reference for Greek
Approximately 150 closed business meetings were held on the second day of the
start-ups. In this
conference between 12 venture capital companies and businesses from Greece
context, we cover and other Southeastern European countries. Of the 95 investment proposals
existing and, mainly, submitted, aiming at the worldwide and domestic market (46% and 34%,
new developments on respectively), 86% of them emanated from Greece and the remaining 14% from
Greek start-ups, as Cyprus (4%), United Kingdom, Belgium, etc, requesting a financing totaling €415
well as the relevant million Euros. Funds sought were 55% for expansion and 45% for Early Stage /
topics of Seed.
IVCF 2009 closed with a special session of OpenCoffee.gr that hosted 5-
minute investor pitches from all start-ups that have presented and were
distinguished during the year in Open Coffee events around Greece, and
are considered fundable.
Volume 1, Issue 2, Page 5
VI Scientific Ltd at SightCity 2009 Exhibition
VI Scientific Ltd, a
solutions for the blind and the visually impaired,
presented its products at SightCity this year. VI
Scientific’s products are vision software applications
that run on mobile phones and utilize their on board
cameras to provide their users with information about
objects, colors, lights etc.
VisionHunt™, the company’s flagship product was Dr. Georgios Stylianou, CEO of VI Scientific
debuted at the exhibition. The software is capable of
recognizing colors on objects and identifying euro SightCity was a valuable experience for VI Scientific.
notes, two functions that blind users find The exhibition offered the opportunity to meet with
tremendously useful. The software runs on mobile hundreds of blind and low vision individuals from all
phones based on the Symbian Series 60 platform, over the world who were eager to try our products.
which includes extremely popular phones mainly Their comments and suggestions provided great
shipped by Nokia. feedback that is currently utilized. VI Scientific’s
founders had the chance to meet with distributors and
In addition to gain experience in what it takes to promote and sell a
VisionHunt™, product to such a specialized target group of blind and
the company visually impaired people.
previews of At SightCity 2010, VI Scientific Ltd will be
upcoming presenting new products as well as
products such upcoming versions of its current ones.
VisionHunt The major benefit is the direct relation established with
Pro™. In addition to the basic functionality of potential distributors of our products that enabled us to
VisionHunt™, the Pro version adds extra functionality open a direct channel of communication and
by identifying dropped objects such as money or negotiation to reach distribution agreements.
shoes, and identifying the contents of tables such as VI Scientific Ltd is planning of presenting again its
glasses and bottles. products at SightCity 2010, guided by the experience
The SightCity annual exhibition that takes place in of this year’s exhibition. What changes next year? A
Frankfurt is the biggest display of aids for the blind lot! VI Scientific Ltd will be presenting new products as
and the visually impaired in the world, offering a well as upcoming versions of its current ones.
broad range of information to its visitors with See you all at SightCity 2010, May 2010, Frankfurt.
manufacturers from all over the world presenting their
products in the field of specialized aids for the blind
and visually impaired.
Volume 1, Issue 1, Page 6
CyEC passport for SDS Company takes off
The Cyprus Entrepreneurship Competition, CyEC, is a Business Plan Competition, organized
on an annual basis since 2003. CyEC aims to nurture entrepreneurial culture among young
scientists in Cyprus and challenge them to transform their ideas into real business
opportunities and to leading companies of tomorrow.
Smart Devices and Services, an innovative and dynamic team of 2 young people, Zinon
Zinonos and Pavlos Antoniou, took this opportunity to propose products and services for
smart home automation market. SDS primarily aims at designing and developing high quality
house monitoring/control solutions (e.g. for house fire prevention or energy consumption
minimization) based on simple-to-use, plug-and-play sensor devices. Due to the guidance
and mentorship of the Diogenes’ experienced CEO Stavriana Kofteros who was the mentor
of our team, SDS won the 3rd place in the CyEC competition.
Zinon Zinonos - CEO
Paul Antoniou - CTO
The President of the House of Representative, Marios Karoyian and Professor Skevos
Evripidous present the SDS Team with the prize
Home Automation: The basis of the SDS business idea
Over the last few years, there is an increasing interest for home automation systems. People
are discovering that an improved lifestyle with less stress and worry may be realized by
automating and simplifying different routines within the house. Home automation can be
mainly used for security and energy-saving purposes. The basic idea of a smart home
automation is to employ sensors and control systems to monitor a house, and accordingly
adjust the various mechanisms that provide heat, ventilation, lighting, and other services.
Before the increasing interest of the industry and the market for home automation, the
concept of intelligent human habitat managed by machines has left the science-fiction
domain to become, in the last years, a necessary investment-area for the-companies that try
to lead the sector in the mid term. Intelligent appliances are starting to appear on the market,
appliances we can communicate with on both a functional and emotional level, appliances
which use voice recognition and synthesis, software agents, fuzzy logic and virtual reality.
But, is this kind of home automation really a necessity for consumers?
The majority of applications intended to be used in contemporary smart houses offer more
likely a luxury service than a necessity. From this perspective, the over-whelming majority of
people are not willing to pay a relatively large amount of money for a product or a service that
is not a practical necessity. We at SDS believe that simple-to-use, affordable, but high
quality solutions focusing on people’s basic needs are expected to stimulate people’s
interest on home automation.