Aurora Biofuels Team Wins Intel, Berkeley Tech Challenge

Aurora Biofuels, a Berkeley-based team whose technology promises to make bio-diesel a mainstream energy source, won the second global Intel+UC Berkeley Technology Entrepreneurship Challenge on Thursday, October 26 at the UC Berkeley campus. The global business plan competition invited entrepreneurial teams from 19 Arab, Chinese, Indian, Mexican, Russian, Singaporean, and US universities. The competition sponsored by Intel and hosted by the Lester Center for Entrepreneurship & Innovation at UC Berkeley is designed to promote the unique combination of technical innovation and entrepreneurial skills at higher education institutions around the globe. The Challenge brings together the best research institutions around the world in partnership with regional business plan competitions to find teams and technologies with the potential for positive global impact. Aurora Biofuels won the Intel Foundation’s grand prize of $25,000 for presenting technology which confronts consumer demand for green energy. Biodiesel is gaining acceptance as a practical alternative to petroleum-based fuels, as it can be distributed via existing infrastructure and can be used in unmodified diesel engines. Intel Foundation with UC Berkeley awarded a second place prize of $10,000 to Richcore Lifesciences, from Bangalore, India. The company has developed a proprietary technology which imparts hygroscopic properties to ordinary paper, enabling it to absorb moisture from the atmosphere and remain moist perpetually. Chilight from Peking University, China and Watel Solutions from Arizona State University were awarded the third place prize of $5,000. Chilight developed a next-generation lighting source in the form of energy saving LED chips while Watel Solutions created a unit that produces potable water by condensing humidity from the air. The Humanitarian Prize went to Gravitonus, a medical device company that developed an Alternative Computer Control System (ACCS) that helps paralyzed individuals resume active lives. The People’s Choice Prize of $5,000, decided by audience members at the forum’s concluding ceremonies, was awarded to Watel Solutions, with their innovative idea to provide fresh drinking water to those in rural areas with few resources. "Intel and Intel Capital seek to foster technology innovation and create an atmosphere where the entrepreneurial spirit can thrive," said Arvind Sodhani, president of Intel Capital, Intel’s venture capital organization. "We are impressed by the level of dedication and sophistication demonstrated by this year's teams. Education should foster an entrepreneurial culture that encourages a wealth of visionary ideas." "This event gathers the sharpest entrepreneurs from around the world; it's very stiff competition,” said Jerome Engel, executive director of the Lester Center for Entrepreneurship & Innovation. "We are thrilled that Intel has recognized this unique setting -- the Haas School and its Lester Center -- which works to promote global innovation in both technology and business.” The 19 finalist teams in the challenge were selected as the best technology-based ventures that emerged from 10 affiliated business plan competitions around the world: the UC Berkeley Business Plan Competition; the Business Innovation Technology competition, a collaboration of six Russian universities; Tec de Monterrey's Premio Intel competition in Mexico; National University of Singapore's Start-Up@Singapore Enterprise Launcher; India Learning Links Foundation; China College Technology Entrepreneurship Competition; Brazil 1st GV-Intel Challenge of Entrepreneurship; NOVATECH Com (covering Poland, Czech Republic, Hungary, Romania, Bulgaria, Turkey), Pan Arab University Technology Biz Plan Competition and Arizona State University's Technology Entrepreneurship Challenge. The finalist teams presented their technologies and business plans to a panel of judges drawn from venture capital firms with global reach – Intel Capital, Partech International, Newbury Ventures, Capital Valley Ventures and Alloy Ventures. In addition to cash prizes and experience in a global competition, this access to potential funders is a major reward for participating teams. The winning team, Aurora Biofuels, consisted of CEO Matt Caspari, Vice President of Engineering and a recent Haas School graduate, Guido Radaelli; Vice President of Research and Development Bert Vick, also a Ph.D. student in molecular and cell biology; and CFO/COO David Hansmann. For more information, visit the web site at www.entrepreneurshipchallenge.org/. About Intel Programs Through its global education initiative Intel works to inspire and educate students in communities around the world in the areas of science, mathematics and engineering. As part of this initiative, Intel’s Higher Education Program is a worldwide effort focused on advancing technology innovation and developing a diverse pipeline of technical talent. For more information, visit www.intel.com/education. Intel Capital, Intel’s venture capital organization, makes equity investments in innovative technology start-ups and companies worldwide. Additional information is available at www.intelcapital.com Intel, the world leader in silicon innovation, develops technologies, products and initiatives to continually advance how people work and live. Additional information about Intel is available at www.intel.com/pressroom. About the Haas School of Business The Haas School of Business at the University of California, Berkeley, is one of the leading producers of new ideas and knowledge in all areas of business and is also influenced by its proximity to Silicon Valley. In 1970 Haas became one of the first business schools to teach entrepreneurship. In 1991 it established The Lester Center for Entrepreneurship and Innovation to foster academic programs, community outreach and campus wide collaboration in new venture creation, entrepreneurship and venture capital. This emphasis on entrepreneurship, coupled with the Haas School's commitment to the social and environmental ramifications of business, which date back to its founding in 1898, creates a unique learning environment that gave birth to the National Social Venture Competition in 1999. The Lester Center has fostered the creation and development of the competition since its inception, and provides on-going support and guidance as part of its core mission to enhance entrepreneurship at the University and in the business community. http://entrepreneurship.berkeley.edu/