Navicore selected as the incubator business of 2005 — MobileMonday Global: Industry News

^{CEO Vuorela to speak at Helsinki MobileMonday} Navicore selected as the incubator business of 2005

2 Nov 2005 at 05:00 GMT Timo Poropudas

The network of Finnish technology incubators announced the 2005 Incubator Business of the Year award at a seminar in Helsinki on 31 October 2005. The award went to Navicore Ltd., which specialises in GPS navigation technology.

The grounds for selecting Navicore were the company’s swift growth and its excellent products. In two years, the company has attained the market leader position in Finnish consumer markets and is among the leading three companies in Europe.

Panu Vuorela, CEO of Navicore Ltd., is happy with the services provided by the business incubator.

“The incubator and the infrastructure and office services it provides have been a tremendous support for a growth company such as Navicore. The premises are highly suitable for international business, and help us present a reliable and modern image to our partners, although we are still in the early stages of development,” says Vuorela.

Vuorela will speak at November 7 MobileMonday in Helsinki. He says that Navicore’s navigation application provides a useful platform for new services and helps to spearhead the next generation LBS. Navicore offers a stand-alone navigation application for mobile phones.

FogScreen Inc and Genestia Group (Neoxen Systems Inc.) received honorary mentions. FogScreen has presented in MobileMonday’s in past events. The company’s live vapour screen was displayed at the Helsinki Global MobileMonday event in May. The unique concept and innovation of the fog projection screen, a product that has been enthusiastically received around the world.

Second year

The Incubator Business of the Year award was presented for the second time. The winner is selected from the eight companies shortlisted by Finnish technology incubators.

“The general criteria are innovativeness, competitive factors, growth potential, market potential, company development during the incubation period, and the financial status of the company,” says Olli Mankonen, Department Manager, Business Development, Turku Science Park Ltd, and a member of the jury.

Third wave of technology incubators

The Finnish technology incubator field is undergoing a third wave. On the initiative of the Ministry of Trade and Industry, a joint project directed at the public sector, the Development Programme Business Incubators Yrke, was launched in 2003. The project further strengthens the Finnish network of technology incubators, unique by international standards, and aims at doubling the number of new competence-based companies that emerge through business incubators.

“The network works as a team. We don’t need to reinvent the wheel, as the best practices are shared with all those involved. As an example, the incubators have developed a national programme for the best new companies which helps them enter international markets,” says Keith Silverang, CEO of Technolpolis Ventures Ltd.

The Finnish incubator companies are:

Jyväskylä Science Park
Technology Centre Kareltek
Oulutech Ltd
Technopolis Ventures Ltd
Lahti Science and Business Park
Prizztech Ltd
Professia Ltd,
Finn-Medi REsearcj Ltd
Technology Centre Teknia Ltd
Joensuu Science Park
Seinäjoki Technology Centre Ltd
Technology Centre Oy Merinova Ab
Turku Science Park Ltd.