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Food Radar won nordic prize for business presentation in Finland

The third Midnight Sun Pitch (MSP) took place in Finland, in Innopoli, Espoo on the 14 and 15 June 2004. MSP aimed to gather international investors and European Business Plan Competition (BPC) organisers together with their best teams. For the second year in a row the winner came from Chalmers Innovation.

The prize of 4.000 euros went to Food Radar Systems AB, a team of Venture Cup West, Sweden. Food Radar Systems AB will provide increased product safety within the Food Industry by developing, marketing and selling a unique system for non-invasive on-line detection of foreign objects in food. In the jury's opinion, Food Radar Systems Ab is a promising new technology that can be implemented soon. The revolutionary technology of the team has been thoroughly tested and has capability to reach market soon. The team has analysed the risks, markets and funding and has good knowledge in this business field. All in all the team has an idea that should meet the requirements of todays' venture capitalists. Moreover, the team is good in all parts of the business. The presentation was excellent and professional; the speaker was competent, natural and inspiring. The winner of Open Pitch and 1000 Euros was INAGEN from Denmark. INAGEN has created a novel method of developing new forms of therapies against viral diseases. The jury members of MSP 2004 expressed their concern regarding the early stage funding of the start-up companies in Nordic countries. There is an equity gap that is hard to cross for the start-ups in order to reach the level that interests the venture capitalists. This equity gap together with the lack of business knowledge in the early stage companies is seen as a threat to growth of potential in Nordic countries. Midnight Sun Pitch presented the best teams of the European Business Plan Competitions to the international investors and facilitated benchmarking and concept developing among the BPC organisers. Investor Jury was happy to see a lot of good, potential projects out of 13 finalists from Sweden, Norway, Denmark and Finland. The third MSP was organized by Venture Cup Finland. Sponsors of the international event were Nordic Innovation Centre and Technopolis.

Countries

Denmark, Finland, Norway, Sweden