[news 2005-2006]

Queen's researcher's award offers seed funding to young entrepreneurs

Atherton Award offers up to $34,000 in early-stage financing for promising new scientific or engineering ventures

For immediate release

April 4, 2005

KINGSTON, ON -- A Queen's University engineering physics professor's patented electromagnetic technology for inspecting prestressed concrete water supply pipes has sparked the establishment of an award worth up to $34,000 in seed funding for aspiring Queen's University entrepreneurs.

The Atherton Entrepreneurship Award was set up earlier this year as an incentive to assist Queen's students, postdoctoral fellows, adjunct professors or research associates under the age of 35 who have been at Queen's for more than 18 months in the potential formation of an entrepreneurial scientific or engineering business in Canada. The prize is financed by proceeds donated by Prof. David Atherton and the Pressure Pipe Inspection Company (PPIC) of Mississauga, ON.

"This award provides early seed money, which is the hardest money to find when you are trying to launch a promising idea," explains Prof. Atherton. The prize arose out of his own experiences as a researcher-entrepreneur. A specialist in magnetics research and superconductors who came to Queen's after working in the private sector, Prof. Atherton's patented pipe-inspection method and apparatus formed the basis for PPIC. He co-founded the company in 1997 after convincing one of his former PhD graduates, Dr. Brian Mergelas, to lead the commercial development of the company, while Prof. Atherton continued with research and training.

"Good ideas often start off as research between a student and a professor, with the student taking it up as a commercial venture," he says. The success of that approach inspired
Prof. Atherton to encourage similar partnerships through the Entrepreneurship Award. It requires that the recipient, known as "champion," pair up with a Queen's professor or research associate, known as "mentor," who will assist the champion in advancing his or her commercial venture.

The award also requires both champion and mentor to make a commitment to their enterprise in the form of up-front cash or in-kind investments of $10,000 each.

Applicants may request up to $34,000, including funds for salary for one year, costs related to prototype development and demonstration of concept, and travel expenses. PARTEQ Innovations, the technology transfer arm of Queen's, will administer the Atherton Award, including providing a selection committee for awards.

"Young entrepreneurs need help, and this award aims to get them started in several different ways," says Prof. Atherton. "It ensures they are paired with someone more experienced in their area of expertise, and it introduces them to PARTEQ, which ensures they get good advice on legal and business matters early on. It also helps get them introduced into the right networks.

"The award also provides enough to develop a good business plan, and to do some market research to see if your idea is saleable."

"It is a great honour to manage such an award for Prof. Atherton," says Anne Vivian-Scott, Director of Commercial Development at PARTEQ. "PARTEQ has had a tremendous relationship with Prof. Atherton over the years and he is a marvelous role model for young entrepreneurs. We commend him for making this critical resource - cash - available for early stage enterprises, and we look forward to meeting with prospective recipients and helping them to move their business forward."

There is no deadline for applications, which will reviewed on an as-needed basis. Normally one award per year will be given.

Interested applicants can contact Anne Vivian-Scott, Director of Commercial Development at PARTEQ, for more information. Award guidelines and application information is also available in the "Research and Inventors" section of the PARTEQ website, at www.parteqinnovations.com.

Information:
Anne Vivian-Scott
Director of Commercial Development
PARTEQ Innovations
533. 6000 ext. 75513
avivianscott@parteqinnovations.com