2008 Woodie Awards
NanoTect takes home grand prize
By: Yann Ranaivo
Staff Reporter
Issue date: 4/4/06 Section: News
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It was all smiles Saturday afternoon for Todd Banner and Eugene Pinkhassik.
The two students, co-founders of NanoTect, posed for pictures on front of the FedEx Institute of Technology's Methodist Presentation Theatre while holding a $20,000 check. NanoTect won over Deep Web Analytics and Ablitech to become the Business Plan competition's inaugural winners.
During his presentation, Banner joked about the practicality of NanoTect's product, which specializes in the application of nanomaterials that protect metal products and act as water repellants.
"Now you can have jewelry that won't smear green stains on your wife's wrist, but at the same time she won't know it's not really gold," he said.
Nanotect's product will protect industrial metals including copper, gold, aluminum and steel. The water repelling nanomaterials also protect glass and do not add weight or cost to the protected items, according to Banner's slide presentation on the company's marketability.
The three metal industries mentioned in Banner's presentation are copper pipe, gold jewelry and aftermarket kits manufacturers. In more detail, Nanotect's product creates coating for copper pipe and gold jewelry, seals metals, repels rust, prevents corrosion and extends life. He said this need derives from different manufacturing industries' demand for un-rusted metals, which in turn would save costs on corrosion.
"Corrosion costs about $50 billion a year," he said.
NanoTect also plans to expand its market by developing partnerships with select manufacturers. Manufacturers will build the brands with the company and distribute their product.
Staff support for NanoTect is also growing. Its infrastructure includes using partial lab space from The University of Memphis and winning "support from everyone in Memphis," Banner said. It also plans to use start-up resources from federal funding and Memphis Bioworks.
With a $500,000 seed investment, Banner hopes NanoTect will eventually rival large retailers.
The two students, co-founders of NanoTect, posed for pictures on front of the FedEx Institute of Technology's Methodist Presentation Theatre while holding a $20,000 check. NanoTect won over Deep Web Analytics and Ablitech to become the Business Plan competition's inaugural winners.
During his presentation, Banner joked about the practicality of NanoTect's product, which specializes in the application of nanomaterials that protect metal products and act as water repellants.
"Now you can have jewelry that won't smear green stains on your wife's wrist, but at the same time she won't know it's not really gold," he said.
Nanotect's product will protect industrial metals including copper, gold, aluminum and steel. The water repelling nanomaterials also protect glass and do not add weight or cost to the protected items, according to Banner's slide presentation on the company's marketability.
The three metal industries mentioned in Banner's presentation are copper pipe, gold jewelry and aftermarket kits manufacturers. In more detail, Nanotect's product creates coating for copper pipe and gold jewelry, seals metals, repels rust, prevents corrosion and extends life. He said this need derives from different manufacturing industries' demand for un-rusted metals, which in turn would save costs on corrosion.
"Corrosion costs about $50 billion a year," he said.
NanoTect also plans to expand its market by developing partnerships with select manufacturers. Manufacturers will build the brands with the company and distribute their product.
Staff support for NanoTect is also growing. Its infrastructure includes using partial lab space from The University of Memphis and winning "support from everyone in Memphis," Banner said. It also plans to use start-up resources from federal funding and Memphis Bioworks.
With a $500,000 seed investment, Banner hopes NanoTect will eventually rival large retailers.