Fri, Mar 12 2010
A revolutionary hi-tech laser-etching firm has dazzled the judges to clinch the prestigious Alba Innovation Challenge top prize.
Optoscribe, headed up by Nicholas Psaila, has been named outright winner of the national business competition launched last year to attract innovative new businesses to West Lothian, walking away with the award and a fantastic prize package of up to £50,000. OptoScribe products target high growth global markets in high-speed data transfer, optical sensing and bio-photonic lab-on-a-chip markets estimated to be worth ¤160 billion by 2015. According to Nicholas, OptoScribe's technology "provides the only cost effective means of three dimensional micro-manufacturing of integrated optical systems, augmenting existing technologies and enabling new design freedoms." Nicholas said: "We were thrilled to win the Alba Innovation Challenge, because this is exactly what the company needs right now. "It will enable us to establish the company, and give us an ideal base for developing in the future. "We were surprised to win as we were up against some very strong competition in the other finalists, but we're absolutely thrilled." In a surprise announcement, the judges also made a second, special award to Dan Arnold and his company Epistemy, a developer of intuitive and novel software for fast and accurate estimates of risk in producing oil and gas fields. Dan Arnold said: "The oil industry has always been a risk-based industry. With the prospect of Peak Oil, and with the North Sea already in decline, oil companies need to accurately quantify the risks in reservoir management decisions". The Alba Innovation Challenge was taken up by 25 aspiring companies, each one vying for the chance to win substantial business support to develop their idea in West Lothian. The 25 were whittled down to a shortlist of seven and the awards were presented at Livingston's Alba Innovation Centre on 11 March. The competition was launched by West Lothian Council's Business Gateway last summer in a bid to attract the country's best innovators to West Lothian - Scotland's Capital of Enterprise. It is sponsored by the Alba Innovation Centre, Scottish Enterprise, MBM Commercial and Springfords.The sponsors are providing a compelling prize package worth £50,000 - a combination of finance and business support, including a year's free accommodation at the Alba Innovation Centre. Project chair Alice Sinnet, Business Gateway manager at West Lothian Council, said: "We have been absolutely delighted with the high calibre of entries which have exceeded all expectations for the first year of the challenge. As a result, this made the short listing to seven extremely challenging for the Project Board." Among the shortlist were innovations that spanned the energy, IT, biotechnology and healthcare sectors - testament to the range of skill and entrepreneurship that exists in Scotland. Carol Wright, partner of Springfords accountants, one of the competition's sponsors, added: "It is terrific to see such great talent and ideas coming through the applications." A final judging panel of four led by Iain McCabe of Bank of Scotland had the task of naming the outright winner. Iain McCabe was joined on the judging panel by Ian Stevenson, consultant to a number of technology companies; Alan Blunt of Blunt Business Development Ltd; and Sam McKay, managing director of Elite Control Systems Ltd, established in West Lothian since 1992 and one of Scotland's leading system integrators of process critical software. West Lothian's Executive Councillor, Development Transport, Martyn Day spoke at the awards about the potential of the area for new businesses: "West Lothian's reputation for being a business-friendly location with a highly skilled workforce has given the area an excellent track record at attracting and retaining business investment. "West Lothian wants to encourage new businesses, especially those in innovative technology sectors, to start up and locate in the area, and can deliver a full package of support to help them through the start up, early stages and growth processes." The competition's Project Board has offered support to all the finalists from Business Gateway and the Alba Innovation Centre. Stephen Morris, Alba Innovation Centre manager explained: "Many of the applicants have businesses with huge potential. We hope to be able to work with them and help them grow and expand their idea in West Lothian". Alba Innovation Challenge prize package comprises: - Free accommodation for a year in a fully-serviced suite in the Alba Innovation Centre in Livingston;
- An Innovation Grant cash prize of £10,000;
- Low-interest loan funding of £20,000 (West Lothian Loan Fund);
- £7,500 worth of accountancy services;
- £7,500 worth of legal services.
- Links to advisory support;
The Special Award prize package comprises: - Free accommodation for six months in a two-desk office in the Alba Innovation Centre in Livingston;
- An Innovation Grant cash prize of £2,000;
- Eligible to apply for low-interest loan funding of £20,000 (West Lothian Loan Fund);
- £2,500 worth of accountancy services;
- £2,500 worth of legal services.
- Links to advisory support.
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