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For Immediate Release
Invest•UK joins Fairfax County in the US to launch third annual Transatlantic Technology Competition
UK biotechnology companies compete for valuable assistance to access US market
March 4, 2003, London—Invest·UK, the Government’s worldwide economic development agency, has joined with the Fairfax County Economic Development Authority (FCEDA) in Virginia, USA in a competition that encourages technology companies to cross the Atlantic and expand into each other’s marketplaces.
Touchdown 2003, the third annual competition, will run from April 2 to July 21, and will be launched officially at a networking breakfast at PriceWaterhouseCoopers’ magnificent London offices above Charing Cross Station at 1 Embankment Place.
Principal UK Government speaker at the event will be Mr Ian Jones, Deputy Group Chief Executive of British Trade International.
As a result of the contest, one UK and one US winner will each receive a prize package of special assistance to support their first year’s expansion activities into the overseas market.
For the UK companies, this incentive, valued at £40,000 ($60,000) will consist of free housing and business development services in the FCEDA’s new BioAccelerator, a bioscience business incubator that opened in Fairfax County and has space for up to 12 companies. The business services include invaluable on-the-ground assistance to develop essential legal, business, marketing and government contacts and guidance.
The US winner will be eligible for an award package from participating UK incubators and science parks as well as services from Invest.UK that help companies make a soft landing in the UK.
Fairfax County, near Washington D.C., is the technology gateway of the US east coast and the ideal centre from which to access the US market. It is already the home to more than 4,600 technology companies and the US base for 38 British firms.
“The competition over the past two years has been hugely successful,” said FCEDA’s President Dr Gerald Gordon. “The Touchdown competition provides a unique opportunity for start-ups and smaller companies to position themselves in lucrative overseas markets well ahead of their normal schedule.”
Alastair Newton, Managing US Director of Invest·UK said: "From our point of view, the Touchdown competition is a great way for US technology companies to learn about opportunities available all around the UK that will help them expand into the dynamic British and European markets."
Joining with FCEDA and Invest·UK this year as competition organisers are ANGLE Technology LLC, the UK-based firm that operates the BioAccelerator, the UK Science Park Association (UKSPA), UK Business Incubation (UKBI), BritishAmerican Business Inc (BABi), the South East Economic Development Agency (SEEDA) and the Bio Industries Association (BIA).
Last year’s winners were SmartBead Technologies Ltd from Cambridge which plans to move soon into the BioAccelerator, and Enlightened Technologies Associates Inc (ETA) from Fairfax, which plans to soon move into the York Science Park.
SmartBead has developed a system that uses microparticles etched with barcodes no wider than a human hair to tag and track molecules. ETA is developing spectacles that help overcome sleep disorders, seasonal depression and jet lag.
Said SmartBead’s CEO Robert Booth: “Winning the UK-to-US side of the Touchdown competition has meant that we will enter the US market six to nine months earlier than planned. We have also had some excellent publicity. We can now hit the ground running.”
Sally Dobkin, Executive VP of ETA, commented: “Winning the competition has enabled us to move up our timetable for business overseas. Having rent-free incubator space for a year at the York Science Park will be immensely beneficial in kick-starting our British venture.”
Three of the 2002 competition runners-up from the US have since established contacts with science parks in the UK with a view to possibly seeking incubator space.
Qualifying technology companies seriously considering international business opportunities should visit www.FairfaxCountyEDA.org, www.investuk.org, www.FairfaxCountyEDA.co.uk, www.ANGLEtechnology.com, www.ukspa.co.uk or www.ukbi.co.uk for further information or to access application forms. They can also call Mick Ryan, Fairfax County’s UK Marketing Director, at 0800-085-0969 or e-mail him at FairfaxUK@dial.pipex.com.
Touchdown 2003 sponsors are BABi, Cyril Leonard, HSBC, Penningtons, PriceWaterhouseCoopers, Taylor Wessing, British-American Business Association (BABA), British Trade International (BTI), Confederation of British Industry (CBI).
The Fairfax County Economic Development Authority (www.fairfaxcountyEDA.org) promotes Fairfax County, Virginia, as a business and technology centre. The FCEDA offers a wide range of free services to help companies locate and expand in Fairfax County. The FCEDA has marketing offices in London, Frankfurt and Tokyo.
Invest·UK, (www.investuk.org) is the British Government's worldwide economic development agency, helping US companies set up in the UK or expand from a British base swiftly and smoothly.
Note to Editors:
For further information please contact:
Michael Ryan (FCEDA London), tel: 0800 085 0969,
Ross Clarke/David Wallen (LIVEpr), tel: 020 7630 1100,
e-mail: Fairfax@livepr.net
Alan Fogg (FCEDA), tel: 001-703-790-0600,
e-mail: afogg@fceda.org
Jenny Connorton, The MWW Group for Invest·UK, tel: 001-212-827-3762,
e-mail: jconnorton@mww.com
BACKGROUND INFORMATION:
Fairfax County Economic Development Authority (FCEDA)
The Fairfax County Economic Development Authority provides a wide array of services and information designed to promote Fairfax County, Virginia, as a leading technology hub and a world-class centre of commerce and trade.
Domestic and international marketing staffs work with U.S. and foreign companies interested in expanding or relocating operations. A market research and real estate division help clients learn more about office space opportunities. The FCEDA also runs a capital attraction program to link entrepreneurs and start-up firms with venture capitalists and angel investors. Another program assists small, minority- and women-owned businesses. The FCEDA has marketing offices in London, Frankfurt and Tokyo. For more information call 001-703-790-0600. www.FairfaxCountyEDA.org
Invest·UK
Invest·UK is the British Government's worldwide economic development agency, helping US companies set up in the UK or expand from a British base swiftly and smoothly. Invest·UK's headquarters in the United States is in New York City with regional offices in Atlanta, Boston, Chicago, Houston, Los Angeles, San Francisco and Washington DC; and branch offices in Phoenix and Seattle.
Invest·UK provides information on all aspects of establishing a presence in the UK; arranges site visits; advises on local, regional and national incentives; provides information on the availability of labour, transport, proximity to customers and to suppliers etc; facilitates contacts with key private and public sector companies; and saves potential and current investors valuable management time and costs through its free and confidential service.
BritishAmerican Business Inc (BABi)
BritishAmerican Business Inc of New York and London (BABi is the leading transatlantic business organisation, dedicated to helping its 1,000 member companies build and expand their international business.
BABi provides its members directly with a range of targeted business services focused on business development, business intelligence and networking, and with access to broader business networks in more than 60 other major cities throughout North America and Europe.
BABi incorporates the British-American Chamber of Commerce (New York/London) and the American Chamber of Commerce (UK), which merged in September 2000 to create a stronger transatlantic business organisation. www.babinc.org
Cyril Leonard
With an unbroken tradition of Partnership involvement at all levels of business and proven property expertise in depth, Cyril Leonard & Co, Real Estate Leasing & Broking, is ideally placed to address the challenges of the 21st Century. Drawing on strengths developed over 60 years of successful business practice, the firm continues to offer the very best contemporary advice to private, commercial, industrial and financial clients. www.cyrilleonard.com
HSBC
Headquartered in London, HSBC Holdings plc is one of the largest banking and financial services organisations in the world. HSBC’s international network comprises some 8,400 offices in 81 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.
The Innovation & Technology Unit co-ordinates HSBC's support in the UK for early stage technology-based firms.
Such support includes the HSBC Chairs of Innovation at Brunel University and University of York, providing us with an initial appraisal of technology proposals, and Technology Banking Managers in major technology clusters throughout the UK. For information, email innovationtechnology@hsbc.com.
Penningtons
Penningtons is a commercial law firm which provides legal services tailored to individual requirements. We offer a partner-led service with the emphasis on team working. Our aim is to exceed our clients’ expectations in the quality of advice we offer, our speed of delivery, and always to add value to their business.
Our principal office is in the City of London. There are further offices throughout the UK. Penningtons also has close links with law firms worldwide. In this way, we are able to offer flexibility in the scope of specialist commercial and private client services we deliver to a wide range of clients. www.penningtons.co.uk
PriceWaterhouseCoopers
PwC is the largest firm of accountants, tax and business advisors in the world. They have grown with their clients many of whom started as young entrepreneurial companies and are now household names. In order to help companies with extraordinary potential expand their operations internationally PwC has developed their Pathfinder Service. This is an holistic approach to helping companies set-up and grow in an overseas jurisdiction.
All of the above means that they are very keen to support both US and UK companies wishing to go from one of these countries to the other and thereafter grow throughout the US/Europe. They are very pleased to be one of the main sponsors of the competition. www.pwcglobal.com
South East England Development Agency (SEEDA)
SEEDA was established by the Government through the Regional Development Agency Act 1998, and came into operation on 1st April 1999 to take the strategic lead in promoting the sustainable economic development of the region.
Our mission is to work with our partners to make the South East of England a world class region, achieving sustainable development and enhanced quality of life as measured by:
- Economic Prosperity
- Environmental Quality
- Social Inclusion – ensuring meaningful employment for all
www.seeda.co.uk
Taylor Wessing
Taylor Wessing is a premier, full service law firm based in London with offices in Cambridge and Brussels. Recognised as a market leader in many of its practice areas such as technology, intellectual property, and inward investment from the US. Constructive, commercial advice offered through a partner-led service with a total, long-term commitment to our clients around the world—these are our hallmarks. www.taylorwessing.com
British-American Business Association (BABA)
The British-American Business Association is the premier UK-US business and cultural forum in the mid-Atlantic region. The British-American Business Association has worked since 1987 to foster transatlantic trade links and strengthen UK-US cultural ties. BABA's membership has grown to more than 200 members, and has become the premier forum for British and American business professionals in the mid-Atlantic area.
Through a variety of programs, BABA members exchange valuable information, establish networks, and pursue mutual interests. www.babawashington.org
Confederation of British Industry (CBI)
The Confederation of British Industry is the UK's leading employers' organization. It represents companies from every sector of UK business: small and large, from manufacturing to retailing, agriculture to construction, hi-tech to finance, transport to consultancy. Membership of the CBI is corporate: organisations and companies are members, not the individuals nominated to represent them. With direct corporate membership employing over four million and a trade association membership representing over six million of the workforce, the CBI is the premier organization speaking for companies in the UK. www.cbi.org.uk
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