OREANDA-NEWS.  October 15, 2012. The prototyping fund Prototron delivered the first funding amounts. In the first round, Prototron’s panel of experts decided to allocate funds to the three best teams to build working product samples to a total amount of 25,274 euros, reported the press-centre of Swedbank.

Priit Alamae, the Chairman of Prototron’s panel of experts, said that the level of applications submitted was very high. “In addition to the idea, most of the finalists had provided a clear vision for whom and why their product would be useful and how they planned to achieve their desired results,” he said. “The selection wasn’t easy. In particular, we evaluated the strength and motivation of the team, and the potential of the idea to be successful around the world. In the case of the projects we selected, I’m sure that the completion of the prototype will prove a strong impetus for the company’s breakthrough in future.”

Out of a total of 100 applications, Prototron’s experts evaluated these projects as worthy of funding:

1. Qminder (cost of prototype: 3100 euros), the idea of which is to build a portable stand that communicates with a smartphone, helping people avoid annoying waits in line. With the help of this stand, you can take a queue number and follow your place in the queue on your smart device in real time without being on the spot.

2. Shaka (cost of prototype: 11,640 euros), the idea of which is to build a wind meter connected to a smartphone’s audio interface, helping surfers and golfers to precise weather information (including air pressure and humidity).

3. Formula Battery Management System (cost of prototype: 10,534 euros), the idea of which is to develop a battery pack and battery management system that can be used to increase the effectiveness of, for example, electric vehicles, the renewable energy industry and security and control systems.

According to Robert Kitt, Head of the Corporate Banking Division of Swedbank, the first application round showed that young inventors have plenty of ideas. “We hope that providing tangible results for these ideas will lead to unseen products and foster Estonia’s smart business sector,” he said.

“All of the ideas submitted were worth further development,” said Pirko Konsa, a member of the board of Tehnopol Science Park in Tallinn. “I hope the teams that didn’t get funding this round will continue to work on their prototype ideas. As early as 15 December the panel will be meeting again to select the next prototypes worthy of funding.”

“Prototron is a unique business in Europe,” said Siemon Smid from Tallinn University of Technology. “Innovative intellectual property is being created in many countries, but their broader selection is lagging behind due to the lack of prototypes. That’s where the fund steps in to help and provides output for inventors.”

The experts who reviewed the applications were Priit Alamae (Nortal), Pirko Konsa (Tehnopol), Robert Kitt (Swedbank), Yrjo Ojasaar (Publification.com), Andrus Oks (Estonian Development Fund), Jaanus Tamm (Defendec) and Siemon Smid (Tallinn University of Technology).

The panel of experts reviews applications four times a year. The deadline for the next application round is 15 December. Prototron aims to give real form to innovative ideas. It was established by Swedbank, Tehnopol Science Park and Tallinn University of Technology. Over the next three years new smart ideas will be being funded to a total value of 120,000 euros. www.prototron.ee