UltraSoC is Finalist in ‘Running the Gauntlet’ 2007
Cambridge, UK, October 2007 - Competitiveness Minister Stephen Timms MP announced the ten finalists in the East of England Development Agency’s (EEDA) ‘running the gauntlet’ competition for entrepreneurs during his recent visit to Cambridge. ‘Running the Gauntlet’ is an investment competition and education programme which has helped over a thousand companies in the region, many in the technology sector, since it began in 2005. Over 300 companies entered this year with 50 being short-listed and 10 going through to the final. As one of the ten finalist CSTC spin-out UltraSoC now goes forward for further scrutiny by the programmes four investors – CREATE, Low Carbon Accelerator, NW Brown and SEP with a potential £2 million investment available. Stephen Timms commented ‘The ten ‘running the gauntlet’ finalists demonstrate vision and the determination to succeed. I am impressed by what I have seen and heard today and wish the finalists a prosperous future.’
The outcome of this years competition will be announced at EEDA’s flagship business event Destination Growth on November 6th 2007. Doug Richards, Chairman of the ‘running the gauntlet’ investor panel said ‘ Our ten finalists have shown that by grasping the opportunities offered by this programme they have been able to develop in a way that attracts investors, attention. However, they need to show a continued hunger for success if they are to secure the funding on offer.’
UltraSoC technologies was founded by CSTC Ltd and the Universities of Kent and Essex in 2005/2006, CEO Dr Karl Heeks stated ‘ We are very pleased to be one of ten finalists in ‘running the gauntlet’ and are gratified that are business plan and recent progress has warrented the attention of serious investors. We will be looking to secure appropriate finance for the next stage of the company’s development through the next couple of years.’
About CSTC
CSTC is based in Cambridge, UK and provides a range of consulting and business development services in the science and technology sectors. The Company has expertise in a broad range of technology disciplines and their exploitation. More information can be found at www.cstcltd.co.uk.
About EEDA
The East of England Development Agency (EEDA) is the driving force behind sustainable economic growth and regeneration in the East of England. EEDA’s task is to improve the region's economic performance and ensure the East of England remains one of the UK's top performing regions. One of nine regional development agencies (RDAs), EEDA has defined three key roles; setting and shaping the direction of economic development in the East of England, persuading and influencing others to bring resources together to find innovative ways to solve challenging economic issues and Investing in imaginative projects that challenge the norm and will have a significant impact on economic development in the East of England.
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page updated: 24-10-07 00:00:00
