ImpediMed, representing the State of Queensland, was named winner of the 2009 Australian Innovation Shoot Out following a six-way competition.
Now in its sixth consecutive year, G’DAY USA: Australia Week 2009, which hosts and promotes Australian culture, business, fashion and food, granted each of the six State finalists an opportunity to present their innovation and investment potential to U.S. venture capital investors at the Innovation Shoot Out in Silicon Valley.
ImpediMed was selected winner of this year’s competition by a leading panel of judges made up of Deborah Magid, director of software strategy at IBM Venture Capital Group, Mark Fernandes, managing director of Sierra Ventures, and Harold Yu, partner at Orrick.
ImpediMed’s innovation – the L-Dex – is the only FDA approved medical device capable of detecting secondary lymphedema, a common side effect of modern cancer treatments at an early enough stage to prevent its onset.
The other five State finalists that competed in this year’s competition were E Ball Games from the State of Victoria, JadeLiquid Software from Tasmania, m.Net Corporation from South Australia, Nuix from New South Wales, and Sensear from Western Australia.
These companies carry on Australia’s dynamic and highly creative history of innovation. As a nation, Australians recognise the value of promoting new ways of doing things. From the black box flight recorder to the combine harvester and the world’s first bionic ear, Australia has remained a leader in innovations that have changed our lives and the world we live in.
Winner of the 2008 Innovation Shoot Out, Fermiscan, found that the award provided the company with a unique point of difference when seeking potential investors and commercial partners in the US. The business introductions, media presence and government support gained as a result of The Innovation Shoot Out allowed Fermiscan to develop relationships with investors and business partners in an international environment.
Previous Innovation Shoot Out participants have also included Implicit Bioscience, which signed a multimillion dollar deal with the U.S. Defense Threat Reduction Agency in 2008 to help fight the international war against biological weapons. Additionally, Scramjet Technology, which is being developed by the University of Queensland, is currently being used by NASA, Boeing, and the U.S. Air Force Research Laboratory. Its air-breathing, supersonic combustion ramjet engine makes two hour flights from Sydney to London possible.
“ImpediMed has developed very clever technology which will deliver a better quality of life for thousands of people,” commented Peter Beattie, commissioner for the Americas for the State Government of Queensland, Australia. “They deserve all the credit in the world for their smart solution, and also for their determination to bring it to market.”
G’DAY USA: Australia Week 2009 includes dozens of events taking place in Los Angeles, San Francisco, and New York from January 13-23. These activities serve to introduce Australian culture to the American public, and demonstrate the historic friendship between the two nations.
As winner of the 2009 Innovation Shoot Out, ImpediMed now receives a prize package designed to help them start their business in the United States. This will include legal, financial, and marketing consulting worth in excess of $25,000.
“It is an extremely humbling experience to have been selected winner of this year’s Innovation Shoot Out, and I thank all the other finalists for a spirited competition and wish them the best of luck for the future,” said Greg Brown, CEO of ImpediMed. “It is my hope that ImpediMed’s win here will help spread the word about this new technology and save thousands of cancer patients the pain and discomfort of lymphedema.”