The medical device start-up takes first place in the Global Venture Labs Investment Competition.
Innoblative Designs, a start-up from Northwestern University, has won the Global Venture Labs Investment Competition, worth $78,000. The company has also won a chance to ring the closing bell at the Nasdaq stock exchange in New York City and a launch package worth $25,000 from the Austin Technology Incubator.
Innoblative, which currently employs eight people, is commercialising a technology designed to improve the treatment of early-stage breast cancer. Their product is a handheld radio frequency ablation probe designed to generate heat from electricity to eliminate cancerous cells remaining after breast cancer surgery.
The annual Global Venture Labs Investment Competition is now in its 31st year. Innoblative was awarded this year’s first price at Texas University’s McCombs School of Business on May 3, 2014.
In April 2014, the start-up won $15,000 in the Women’s Health category at the Rice University Business Plan Competition in Houston, Texas. In 2013, it was granted $19,300 from the National Collegiate Inventors and Innovators Alliance.
Innoblative is still an early-stage company and as such is yet to gain medical approval for their device and to launch sales of the product.
