Newsletter Issue 2 Vol 1 Final Issn


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Entrepreneurship Insider is the Newsletter of Diogenes Business Incubator University of Cyprus / portfolio start up news

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Newsletter Issue 2 Vol 1 Final Issn

  1. 1. ISSN 1986-1923 Diogenes Business Incubator University of Cyprus Entrepreneurship Insider Newsletter Team 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 Executive Editor Safe Ltd additional funding from the US Department of Margarita Kyprianou 4-5. Diogenes’ News Defense and the European Commission to Contributors complement its product suite. Additionally, you will be 10th International reading VI Scientific LTD’s news as they attended their VI Scientific Team: Georgios Stylianou Venture Capital Forum first commercial exhibition, SightCity2009, in Stavros Papastavrou SDS Team: 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 Akis Bafas 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 experience with you. Permission to 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 Cyprus Business 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) requires written 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:
  2. 2. Volume 1, Issue 2, Page 2 ISSN 1986-1923 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).
  3. 3. 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 2nd floor, 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 e-mail: Additional work has been partially completed from EC FP7 funded project “IASiS” related to fiber optics shear sensing mat for the bed and seating systems. ** 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 pressure ulcers. 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 worldwide. SAFE is an International Company with a worldwide Network of significant strategic alliances and strong managerial lobby. It is an “Added Value” Company and Technology licensing 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.
  4. 4. 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, 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. entrepreneurship and IVCF 2009 closed with a special session of that hosted 5- technology. 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.
  5. 5. Volume 1, Issue 2, Page 5 ISSN 1986-1923 VI Scientific Ltd at SightCity 2009 Exhibition VI Scientific Ltd, a software company specialized in developing software 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. offered sneak 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. as the 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.
  6. 6. Volume 1, Issue 1, Page 6 ISSN 1986-1923 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. SDS Team Zinon Zinonos - CEO Paul Antoniou - CTO paul.antoniou@cs.ucy. 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.