This year’s contest results in UCF’s most ever in Cade Museum contest’s Sweet 16
The Cade Prize is recognized as one of the top competitions recognizing innovation in Florida. The program receives applications from hundreds of companies in Florida hoping to be named one of the leaders in innovative inventions.
This year, three UCF Business Incubation Program clients have been named as semi-finalists in the competition. They are:
- Capacitech, which has developed a method of increasing energy storage through cable-based capacitors,
- Nano Discovery, which develops, manufactures and sells bioassay products and diagnostic tests for infectious diseases control and health management, and
- Thor ORE, which has developed a system to extract rare earth elements and precious metals in one step in the mining process.
“It is remarkable to be recognized at this level for the innovation our incubation companies are developing here at the University of Central Florida,” says Carol Ann Dykes Logue, site manager, UCF Business Incubator – Research Park. “These three companies are leaders in their fields, using technology to improve industries and impact lives.”
This is the second time in the Sweet 16 for Nano Discovery. The company made the final four in 2012. Other UCF Business Incubation Program clients to reach this level in previous years are Hesperos, Feynman Nano, Hycarb, Rehoboth and I Media Reach.
The Cade Prize was started in 201o by the Cade Museum for Creativity & Invention in Gainesville to recognize Florida companies and individuals who are innovating solutions with the potential for significant societal impact. Judges review applications based on the following criteria:
- How innovative is the idea?
- What is the potential impact if the idea becomes successful?
- Does the invention have market credibility?
- What is the overall strength of team?
Each of the 16 companies will participate in the Sweet 16 Expo on April 10 at the Cade Museum. Cade Prize judges will then narrow the semi-finalists to four finalists who will present in a live pitch competition on Saturday, May 18th at Cade’s Inventivity Bash with the top company winning $25,000.
About the UCF Business Incubation Program: The University of Central Florida Business Incubation Program is a community resource that provides early-stage companies with the tools, training, and infrastructure to become financially stable, high growth/impact enterprises. Since 1999, this award-winning program has helped over 390 local startup companies reach their potential faster by providing vital business development resources.
With seven facilities throughout the region, the UCF Business Incubation Program is an economic development partnership between the University of Central Florida, the Corridor, Orange, Osceola, Seminole and Volusia counties, and the cities of Apopka, Kissimmee, Orlando and Winter Springs. For the 2016/17 and 2017 /18 fiscal years, the activities of these participating firms have helped sustain more than 6,275 local jobs and have had a cumulative impact of more than $888 million on regional GDP and more than $1.59 billion on regional sales. During the same period, the program has returned $12.03 for every $1 invested in the program. For more information, visit www.incubator.ucf.edu