Southern Innovation Takes Out $100,000 Award

Southern Innovation Takes Out $100,000 Award

Southern Innovation has taken out the prestigious Enterprize 2010 business planning competition, a $100,000 award sponsored by University of Queensland Business School.

The company beat a field of seven finalists from over 100 entrants with our SITORO® technology, a digital pulse processing technique which dramatically improves the detection and measurement of radiation.

A high profile judging panel recognised the quality of the technology and its potential applications across a wide range of industries including homeland security, material science, medical imaging and mineral exploration.

Southern Innovation managing director David Scoullar said he was delighted with the win, particularly as the company prepares to negotiate and draft its first licensing agreements.

“The timing of the win is really perfect for us because after more than10 years of development SITORO  is market ready and currently being evaluated by numerous large international equipment manufacturers,’’ Mr Scoullar said.

Southern Innovation received the award on October 20 in Brisbane following the final stage of a rigorous judging process.

As well as submitting a concept plan and detailed business plan, David and his brother, Technical Director and inventor Paul Scoullar, were required to make a presentation to a panel of experienced judges.

The pair, along with recently appointed non-executive director Adam Lewis, made a final pitch to the judges and an audience that included angel investors and venture capitalists.

The Enterprize competition was judged by experts including UQ Vice-Chancellor Professor Paul Greenfield AO, Venture Capital Fund Director Bob Christiansen, NBC Capital Managing Partner Bruce Scott, Manager of Venture Capital Attraction with the Queensland Government Stuart Gow, and OneVentures Executive Director, Anne-Marie Birkill.

Paul Scoullar said the vote of confidence in Southern Innovation and the SITORO technology from such a high profile judging panel was as welcome as the $100,000 cash prize.

“The win is attributable to both the quality of the technology and the high calibre and support of the Southern Innovation team including Adam and non-executive chairman Martin Hosking,’’ he said.

About Southern Innovation:

Southern Innovation develops, markets and licenses patented pulse processing technologies for the rapid, accurate detection and measurement of radiation. The company was born out of research to review suitable technologies for the accurate and rapid detection of legacy landmines. Southern Innovation’s multi-award winning SITORO® technology provides a quantum leap in the efficiency of radiation detectors, with wide application in areas such as airport baggage screening, oil exploration, mineral analysis and the early detection of cancer. For more information contact info@southerninnovation.com