And the 2008 Winners are...

Disruptive Indoor Tracking Solution wins title of most promising security startup in 2008

Dr. Carole Teolis, CEO of TRX Systems on the left. Karina Drees, CFO of TRX Systems in middle. Jeff David from TSWG (US DOD) on the right.

Click here to view more pictures of the event

TRX Systems was awarded a $500,000 grant sponsored by TSWG of the U.S. Government for winning the 3rd annual Global Security Challenge (GSC) today. Six security startups, who were chosen out of hundreds of entrants, pitched their inventions at an event hosted by London Business School.

A Judging Committee comprised of leaders from government, venture capital and industry selected this year’s most promising security startup in the world.

TRX Systems, a spin off from the University of Maryland in the USA is a leading innovator in the development of personnel tracking solutions. TRX Systems created an advanced personnel tracking system that provides first responders with accurate and real-time locations of individuals deployed inside a building. TRX’s technology is self-contained, requires no pre-existing infrastructure and can even create virtual floor maps in real-time. (www.trxsystems.com)

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Speaking at the awarding ceremony, John Reid, MP and former Home Secretary of the U.K. stated:

“The healthiness of our appetite for risk is so important. Overcoming behavioural barriers is the virtue of leadership; enabling people to innovate and creating the confidence to embrace innovation as a continuous rather than an intermittent process.

What I would ask of you – and advise – is that you always consider the capacity of organisations to make innovation happen.”

Homergent Corporation wins the $10,000 "Best Security Idea" Award 2008, sponsored by Accennture.

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Jeff David, the Deputy Director of TSWG at the U.S. Department of Defense and Chairman of the GSC Judging Committee said:

“Disruptive technology is the key to staying ahead of international
threats to our airports, enterprises and infrastructure. The Global Security Challenge is so important because it reaches the new, small, non-traditional players that so frequently drive innovations. We are proud to sponsor the award for the GSC winner because the GSC is an effective launching pad for security entrepreneurs."

Before coming to London, the six finalists had already made it through two rounds of judging. The last of which were regional competitions held in Washington DC, Singapore and Brussels. The other finalists have developed technologies that can remotely protect sensitive data, detect concealed information in the human brain, enable real-time decision making, translate Arabic-language documents with “artificial intuition” and more accurately predict earthquakes.

The judges at the Grand Final were:

Jeff David - Deputy Director of TSWG at the U.S. Department of Defense;

Stephen Bonner – Group Head of Information Risk Management at Barclays;

Mike Chalfen - General Partner at Advent Venture Partners

Dr. Alastair MacWillson - Global Managing Partner of Global Security Practice at Accenture;and

Jon Wills – Director of Security & Resilience Programmes at BAE Systems.

The Global Security Challenge runs an international business plan competition and was founded by MBA students at London Business School and is supported by Accenture, Booz Allen Hamilton, BAE Systems, ONR Global, PegasusBridge Fund Management, Smiths Detection, TSWG, Cap Vista and the US Department of Homeland Security, amongst others.

The winner of the $10,000 "Crowded-Places Idea" Competition is Crowd-Vision from ETH Zurich.

The directors of the GSC, Simon Schneider and Janeen Chupa, commented:

“The entrepreneurial companies that pitched in the GSC Final are all winners as they were selected from hundreds of applicants and already went through three stages of screening. The GSC has become an effective launching pad for security start-ups, as our top contenders from the previous two finals multiplied TSWG’s $500,000 into over 40 million Dollars in needed investments.

According to our research, over 500 million Dollars have been invested in security start-ups by venture capitalists from around the world so far in 2008, indicating the continued need for innovation in this sector and hence the strength of this market.”

For more information on the start-ups, speakers or for more pictures, email us at press@globalsecuritychallenge.com

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Soundbites

"The kind of creativity, innovation and drive on display at the GSC Security Summit is the key to keeping ahead in the technological race with terrorists and others who want to harm our citizens”

Robert Hannigan, Security Adviser to the UK Prime Minister and Head of Security Intelligence and Resilience

"The Global Security Challenge is able to provide business perspectives and insights that help organizations build viable and sustainable businesses.”

Dr. Alastair MacWillson , Managing Director of Accenture’s Global Security Business

"The GSC is a unique platform that is recognising innovation and entrepreneurialism within the wide domain of Global Security - an arena that is constantly changing."

John Backhouse, Non-Executive Director, Smiths Detection Group

"We are glad to sponsor the grant award for the winner of the Global Security Challenge to further encourage innovators worldwide to continue to act on their dreams."

Jeff David, Deputy Director of TSWG (U.S. Department of Defense)

"We are delighted to be associated with this exciting global initiative."

Stephen Phipson, Group Managing Director of Smiths Detection

"I applaud the mission of the Global Security Challenge that understood this principle of fostering innovation and the innovative entrepreneurs who competed in this competition with their high-quality technologies."

Jay Cohen, Under Secretary for S&T, U.S. Department of Homeland Security

"The Global Security Challenge offers a chance for entrepreneurs to overcome hurdles and find partners and customers."

Dr. Uwe Albrecht, Managing Partner at Siemens Venture Capital

“At the Summit, we were able to make new contacts with potential investors, government officials, and press representatives on an international scale in one single day. That is truly a remarkable opportunity for a start-up!"

Matthew Dowling, CEO, Remedium Technologies

"Thank you for your feedback. Preparing our submission for the Global Security Challenge was a worthwhile exercise for us, even though we weren't successful."

Anonymous Start-Up

"The entrants in this year's Global Security Challenge illustrate how technology should rather be used to enhance our collective security..."

Sir Richard Dearlove, fmr. Chief of British Secret Intelligence Service (MI6)

"The GSC is an example of the innovative thinking we need to stay ahead of the security curve."

Bill Frist, fmr. U.S. Senate Majority Leader

"The high standard of exciting entries in today's Global Security Challenge is proof that competition is often a vital catalyst in driving that process forward."

Lord Drayson, fmr. U.K. Minister for Defence Procurement