March 22, 2006
By: by The Business Review
A team of instructors and students from the state University at Albany's College of Nanoscale Science and Engineering have been named one of three finalists in the Materials Research Society's Entrepreneurship Challenge, beating 23 teams.
UAlbany's team used nanotechnology to develop a new power source for implantable biomedical devices, such as pacemakers.
The Entrepreneurship Challenge is an annual competition designed to help develop the entrepreneurial skills to put ideas out of the lab.
The UAlbany team focused on the use of thermoelectric generators, created through the development of multi-layered nanostructures, to power implantable biomedical devices. The team was led by Haralabos Efstathiadis, an instructor at the nanocollege.
The team now travels to San Francisco to present its entry in the final round of competition, competing against teams from MIT and the University of Michigan for a $3,000 grand prize.
In its business plan, the team identifies annual growth of nearly 9 percent in the demand for implantable cardiac medical devices, with the market growing to $15.6 billion by 2009.
Some of the initial technical work was funded by a grant from the New York State Energy Research and Development Authority.