Opportunities for innovators

A new awards scheme from Edinburgh BioQuarter is seeking to produce the medical research companies of the future.

The Innovation Competition 2011 is offering to prizes worth a total of £45,000 to medical innovations from University of Edinburgh and NHS Lothian staff.

MIT model

Based on a similar initiative held at Massachussetts Institute of Technology (MIT), the awards will be granted to new medical therapies, drugs or devices.

Researchers and academic staff from across the University and NHS Lothian are eligible to apply.

The competition closing date is 28 February 2011.

Business creation

Prizes will be awarded in three rounds.

A shortlist of 10 entries will each win £1,000 and will be put forward for the chance to win one of five £2,000 awards.

These second-round winners will then have the opportunity to receive the overall £10,000 Business Creation Prize.

The winners of this prize can also apply for matched funding from Scottish Enterprise's SMART scheme, providing them with a potential total of more than £20,000 to get their business started.

There will also be awards for the best patent application, best disclosure and best entrepreneurial idea totalling a further £15,000.

For details on how to enter, visit the competition’s website.

Scotland has some of the best medical research in the world, but historically it has also had one of the lowest rates of commercialisation. These awards will help us to identify great ideas that will form the companies of the future.