Newsletter Issue 1 Vol 1 Final Issn


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Entrepreneurship Insider is the Newsletter of Diogenes Business Incubator University of Cyprus / news of its portfolio startups

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Newsletter Issue 1 Vol 1 Final Issn

  1. 1. ISSN 1986-1923 Diogenes Business Incubator University of Cyprus Entrepreneurship Insider Newsletter Team Welcome! Publisher Volume 1, Issue 1 Diogenes Business Incubator University of May 2009 We are delighted to “welcome” you to the first Issue Cyprus 1 Welcome Message of Entrepreneurship Insider! EI aspires to be a medium 2 Portfolio Profile of communication on entrepreneurship and on Editor in Chief MedTechSol: Stavriana A. Kofteros Ιnnovate Technology entrepreneurship in and around the Diogenes for identification of Business Incubator of the University of Cyprus. Executive Editor Gynecological cancer Margarita Kyprianou 3 Business What would a reader expect to find in EI? In every Message from an Contributors issue we will be profiling one of our portfolio Andreas Prodromou, Co- Entrepreneur companies aiming to introduce our innovative Founder & CEO, EXA High 4 Technology startups to you, starting with MedTechSol in this Performance Computing Mobile Computing Ltd 5 Diogenes’ News issue. Additionally, you will be reading about issues of George Stylianou, MIT and Beyond interest from the entrepreneur’s side; the pros and Managing Director, VI Scientific Ltd cons of creating a startup in Cyprus in the current MedTechSol Team issue. The technology oriented can find Technology Stavriana Kofteros, CEO, news in every issue, making a start with mobile Diogenes Business Incubator University of computing. Cyprus Finally, Diogenes will be sharing its news with you; Publishing on EI what we are up to, what we did etc. In this first issue Submit manuscripts and you will get to know about our training at MIT and article proposals as Microsoft Send Word files news on my meetings with prominent organizations (max. words 500) to: on both coasts. We indent to keep EI multi-directional and would like Permission to to invite you to contribute to our next issues. reproduce or Together we can make EI a “platform” on republish EI’s articles CyBIA entrepreneurship. Cyprus Business To reproduced or Happy Readings! transcript one or more Incubator Association EI articles by electronic EI Editorial Team or mechanical means (including photocopying or archiving on any archival system) requires written permission. Diogenes Business Incubator University of Cyprus Obtain permission at Creating Business Value in Innovation 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:
  2. 2. Volume 1, Issue 1, Page 2 ISSN 1986-1923 DIOGENES’ PORTFOLIO PROFILE: MedTechSol: Innovative Technology for identification of Gynecological Cancer MedTechSol (Medical Technology Solutions) LTD was established in May 2008 by three experts in the medical informatics field. MedTechSol aims to become a leading company in gynecological endoscopy image processing and quantitative analysis, motivated from the huge new cases of Computer Aided gynecological cancer, especially in lower ages. MedTechSol supports that early diagnosis can help to improve the quality of life and reduce the mortality of Diagnostic suite of patients. products in Gynecological The statistics on gynecological cancer in the USA paint a grim picture: Endoscopy (CADs-  Every 64 minutes, a gynecological cancer case is diagnosed  It is the fourth most common cancer in American women today Gen) enabling the  In 2008, 40.100 women were diagnosed with endometrial cancer with automated analysis 7.470 deaths [Source: American Cancer Society] of gynecological tissue in MedTechSol’s business vision is to develop a Computer Aided Diagnostic tool gynecological supporting minimal invasive surgery in gynecology for the automated identification of suspicious areas of endoscopy. cancer, increasing thus the diagnostic accuracy in real time. The mission is to develop Computer Aided Diagnostic suite of products for Gynecological Endoscopy (CADs-Gen) that will enable the automated analysis of gynecological tissue during gynecological endoscopy resulting in the increase of diagnostic accuracy in each case and providing a first and direct opinion for the pathology of the ROI before the MedTechSol’ s Team histopathological examination. The system can also support telediagnosis between the Managing Director involved parts during the examination. Dr. Marios Neofytou Technical Director Three unique, highly innovative products Dr. Constantinos Pattichis based on image processing and analysis Medical Director technologies for supporting the physician in Vasilios Tanos (MD) real time during an endoscopic examination Solution Managers are developed: Ms. Christina Koumourou Mr. Ioannis Konstantinou 1. CAD_GEn software: An innovative diagnostic tool for the detection and characterization of gynecological cancer. This will be installed in endoscopy equipment 1. The CAD_GEn complete system platform: A unique innovative product providing a complete solution for the identification of difficult cases of Contact Details: gynecological cancer in real time, during an endoscopy examination T: +357 229 2229 2. CAD_GEn web based services: A web based platform for the processing +357 229 2225 and analysis of endoscopic images via the web. F: +357 22 89 2211 Furthermore, MedTechSol is involved as a partner in the European Project, E: “SAFETY” whose main scope is to provide standardized protocols for endoscopy examination and extract a solution tree for the management of the procedures. Finally, the company has specialist partners all over the world that cover the whole field of Biomedical Technology, such as telemedicine, medical image processing, data mining, medical data bases, medical equipment, patient medical record etc. MedTechSol Team
  3. 3. Volume 1, Issue 1, Page 3 ISSN 1986-1923 Message from an Entrepreneur: Starting- up an R&D company in Cyprus The Cypriot economy is based on services. Why then The governmental support offered to start-ups, or would someone attempt to set up a the industry in general, in other European countries is technology/R&D based export oriented company not to be found in Cyprus. Lastly, another major here? Well, let us look at the pros and cons of doing obstacle is the lack of financial support. Venture so. capital is practically nonexistent in Cyprus and the government has yet to take advantage of European Cyprus offers a pool of highly educated individuals. Investment Fund measures for example to create a The literacy rate of 97%is one of the highest in the Venture Capital Fund geared to investing in world with 25% of the population above 20 years of technology / R&D start-ups. Banking instruments to age holding tertiary education qualifications. More support start-ups are extremely limited as well and than 5,000 students are studying engineering, competitive RTD funding which is the lifeline of start- computing and the sciences. Commercially Cyprus ups in North America is constricted in Europe and offers a number of benefits. The salaries of Cyprus. engineers with advanced qualifications (master’s and doctoral degrees plus practical experience) are low compared to their counterparts in North The absence of an America or Western Europe. In terms of taxes the “establishment” allows for corporate rate of 10% as well as the VAT (15%) are the lowest ones in Europe. Personal income tax significant flexibility in setting up ranging from 20% to 30% of all income is among the and developing a new company. lowest in Europe making it an incentive to attracting talent. Add to that low corporate-industrial- laboratory real estate rental costs and computing, software and experimental devices costs which are on par with those in Western Europe. Why then, you might ask, would somebody set up a technology/R&D based company in Cyprus? The local environment seems hostile to such pursuits. It is The local environment, although exactly this environment which makes Cyprus an ideal place to set up a new export oriented hostile, makes Cyprus an ideal place technology based company. The absence of an to set up a new export oriented “establishment” allows for significant flexibility in setting up and developing a new company. This is technology based company. evident in the small but continuously increasing number of start-ups which are being set up. An Now, what about the negatives? For starters it can increasing number of start-up companies active in take months to register a new company. This, in sectors such ICT, health/biomedical, and some cases, might be detrimental to ones business nanoengineering are being set up in Cyprus. The good plans. Additionally, being in a service oriented news is these companies that start up in such an economy with no major industrial associations environment where they have to triumph over the means that there is no real support framework. above difficulties build on this experience and University level institutions in Cyprus are still in their become resilient and lateral in their thinking. This is infancy and as such they are unable to provide any considered a plus by the international investment significant long term support to high community. technology/manufacturing companies. The government, in theory, supports the creation of technology based companies. In practice, this Dr Andreas Prodromou support is restricted to words and no real action up Co-Founder & CEO to now. EXA High Performance Computing Ltd
  4. 4. Volume 1, Issue 1, Page 4 ISSN 1986-1923 Introducing Mobile Computing Today, the mobile phone is undoubtedly the most comprehensive and widespread device. It has Point and Find (Nokia): autonomy for quite a number of hours, it is small, It applies to the and it has a camera, it has wireless communication tourist and the technologies such as Bluetooth, infrared and Wi-Fi local. While and most importantly it can be programmed. traversing the city Statistics reveal that each European citizen carries at the user comes least one mobile phone, there are more than one across film billion mobile phones in use worldwide, and posters, statues, smartphones are so popular that their number is restaurants or larger than the number of toothbrushes. In addition, unknown but interesting buildings for which he seeks experts forecast that by 2020 the mobile phone will for more information. Using Point and Find he takes a be the mainstream internet device. photo and sends the photograph to a server. The server returns the answer that could be the history of a building, information on the quality of restaurant or even information on the film. Something that is usually ignored is that last generation Location based Services (UbiSafe): This technology uses GPS and allows you to track the mobile phones are very fast location of family, for security purposes, without miniature computers. invading their privacy. In addition, it allows a company or even police to track its fleet in real time. The user can also get information about the surrounding environment including landmarks, Even though there are thousands of software nightlife, banks or special offers. applications available, unfortunately the mainstream user is still using the mobile phone for Forecasted calls, text messages or as a camera. Also, something mainstream that is usually ignored is that last generation mobile applications phones are very fast miniature computers. Their are linked to hidden capabilities make possible the development the internet of a vast number of applications that include, among with the others, e-wallet, in class helper, navigation systems assumption or location-based services, vision applications, that every augmented reality or even e-voting. mobile phone user is always Some examples of mobile computing are: on-line. With regards to this possibility the number of plausible applications is multiplied. Examples include e-wallet (ViVOwallet). a user knowing at all times the location of its friends This technology and family, social networking at all times, digital allows the user to television, watching online videos or uploading store its credit card videos, or even receiving information with regard to information in the the history, attractions or nightlife of its surrounding mobile phone and environment. pay for any transaction in restaurants, Dr. Georgios Stylianou supermarkets, Lecturer, Computer Science, airports or vending machines wirelessly. Since the European University Cyprus credit card or in this case the mobile phone is not Managing Director, handed to anyone, it becomes quite harder to steal VI Scientific Ltd credit card information or copy the credit card.
  5. 5. Volume 1, Issue 1, Page 5 ISSN 1986-1923 MIT and beyond: Fulbright Sponsored Networking and Educational Trip to the US Early this year Diogenes’ CEO Stavriana Kofteros received the Entrepreneurship Development Certificate from the … Regardless of your role, whatever you Massachusetts Institute of Technology. The program was attended by 136 entrepreneurs and entrepreneurship venture into you have to development practitioners from all over the world and was taught by MIT Professors and collaborators from Think BIG and DARE! companies like Innovate4Growth Consulting, Ascend Strategy, Split Rock Partners, Z Corporation, Entrepreneurship Ventures, Highland Capital Partners, The great aim of Diogenes is to be on the international Polaris Ventures, Wolf Greenfield, Flagship Ventures and map of startup creation and entrepreneurship Goodwin Procter. Both the MIT Entrepreneurship development for the benefit of its portfolio companies. Professors and practitioners have a long history in supporting and helping start ups. While in the US, Stavriana had also the opportunity to meet with the Directors of Yale’s Entrepreneurship MIT has span-off over 5.000 start ups with cumulative Institute at Yale University, Columbia’s New Ventures, revenues exceeding $230 billion; with a record like this, if Columbia University; the Chief Scientific Officer of th MIT was a nation it would be at No. 17 in the world Harvard’s Technology Development Accelerator Fund, (Kauffman Foundation). Yes, we are talking about one Office of Technology Development and the Director of institution! Did anyone say Cyprus was small? Technology & Entrepreneurship Center at Harvard Technology & Entrepreneurship Center, Harvard These important connections create the grounds for a Engineering and Applied Sciences at Harvard University. working relation that can be utilized when it’s needed by While on the west coast she had meetings with Stanford’s Diogenes and/or its portfolio companies. The Cambridge - Technology Ventures Program and Office of Technology Boston area in Massachusetts is considered to be the Licensing and Office of Technology Licensing of Stanford Health / Biomedical hub of the US; as the majority of University. Diogenes’ companies are in the health industry these connections become even more important. Equally important were the meetings with the Band of Angels, a business angel’s network in Silicon Valley, Draper Fisher Jurvetson, an early stage Venture Capital firm in Menlo Park California with a global network of Partner Funds, and Rose Tech Ventures, an early stage investment fund, incubator, and all-around support infrastructure in New York. If there is one think Diogenes takes from this experience is that regardless of your role (entrepreneur, investor, University, Incubator, facilitator, Government, politician) whatever you venture into you have to think BIG and DARE. So we come from a small island on the Med. So Stavriana A. Kofteros at MIT What? The only think stopping us from achieving our potential is us - our mind. The rest can be conquered. After Taking networking to the next step through meeting with all Success is 5% Inspiration and 95% Perspiration. So arm MIT’s Venture Mentoring Service, Sloan Venture Capital yourselves with a good deodorant and move forward. & Private Equity Club, Industrial Liaison Program, Deshpande Center, Entrepreneurship Center, and Center for Biomedical Innovation, Diogenes accomplished to establish links to these organizations that deal Stavriana A. Kofteros comprehensively with entrepreneurship and is proud to CEO be in their network. Diogenes Business Incubator University of Cyprus