As the world’s reliance on innovation escalates, the LES Foundation is helping to ready the next generation of industry professionals through mentorship and educational programs that build intellectual property (IP) and licensing know how.
Congratulations to our 2016 Winners!
$10,000 Grand Prize Winner
WarpSpec. North Carolina State University at Raleigh, USA. Every year the U.S. meat processsing industry loses $1.2 billion in holding cost and lost product shelf life due to delays in slow pathogen testing. We're developing an in-line system that scans meat products for pathogens like Salmonella in real time. It works by isolating the vibrational frequencies in reflected infrared light to identify the "spectral fingerprints" of pathogens of interest. Our platform technology was patented by the US Navy and allows our system to filter light faster than any product on the market, saving our customers billions.
$5,000 LESI Global Award Winner
Fruiti-Cycle Project. Makerere University, Uganda. Fruti-cycle is a biogas powered tri-cycle, with a 300kg carrying capacity refrigerated courier for conveniently and safely transporting fresh fruits and vegetable to the market. It is targeted at the 70% of small scale farmers in developing world. Fruti-cycle is half the price of our competitor Bajaj tri-cycle and easier to run in the long run. It will earn revenue through direct sales ($800) +licensing fee ($8/month). With 50,000$ initial cost, it provides a 15.6% return on investment in the second year. With subsidies from the government, partnerships with local farmers’ organizations and international organizations, fruit-cycle shall obtain a sustainable competitive advantage to create cheaper better model to supply the local market and scale to international market within five years.
LES Members' Choice Award and Best Student Team Award
Essential Biotechnology LLC. Medical College of Wisconsin, USA. Essential Biotechnology has a new approach to cancer therapy based on the discovery of a molecule, CRR9, that serves as a nexus in regulating tumor cell survival through multiple pathways- allowing the tumor cells to survive the stresses of their environment and chemotherapies. Essential Biotechnology has developed monoclonal antibodies that target this nexus and kill cancer cells by making them sensitive to stress once again. Preclinical work has shown that this approach to be highly effective, even on traditionally “undruggable” Ras-driven cancers, which have been highly sought after by the pharma industry for years.
The competition is now in its 12th year. It is designed to partner professionals and student start-up companies, which have received less than $200,000 of investment funding, with senior leaders in the licensing and intellectual property (IP) community as a way to provide mentorship and education about business basics and best practices in IP and licensing transactions. Approved plans submitted to the competition must include a core intellectual property component and strategies describing how the intellectual property will be used to achieve overall business plan objectives. Throughout the competition, participating teams work closely with seasoned professionals to discover concepts that could otherwise take many years of experience to learn.
Why Choose the LES Foundation Competition?
Frank Barnes Mentor Award
The Frank Barnes Mentor Award is an annual award given to a deserving executive, who has, like Frank Barnes, mentored many licensing executives. This award will be presented each year at the LES (USA & Canada) Annual Meeting.