Organizers of a third-annual tech conference unveiled a newly transferred technology Friday at an event bringing venture capitalists, angel investors, representatives from national laboratories and entrepreneurs together at the Imax 3D Theater.
The Enterprise Center, which organized the Technology Transfer Conference, partnered with area entrepreneur Ray Slatton and Oak Ridge National Laboratory to option an government-developed technology called the Aqua Sentinel, President and CEO Wayne Cropp said.
"Secure Waters has optioned this technology from Oak Ridge National Laboratory, and they're in discussions for full licensing," Mr Cropp said. "This is our third match. It's our first with Oak Ridge, and we have two others with Y-12."
The suitcase-sized device, originally created to protect homeland security, is designed to monitor for contaminants in water and remotely informs people what substances it detects, he added.
Chris Daly, director for technology development and transfer at the Enterprise Center, said that as the technology improves, the Aqua Sentinel can be upgraded to detect new contaminants.
"If something gets dumped in the water that's bad, you'll find out in 120 seconds, as this device is continuously monitoring for toxins," he said.
The Aqua Sentinel will likely be marketed to water utility companies that wish to prove compliance with environmental regulations, to general polluters who need to monitor their output and to governments to guard against terrorist attacks, Mr. Daly said.
Conference keynote speaker John Freisinger, director of project management at Technology Ventures Corp. in Albuquerque, N.M., kicked off the Friday event in an address exhorting Chattanoogans to foster an entrepreneurial community spirit.
"Entrepreneurs in the wild will seek out areas with a lot of research going on, places like Chattanooga," Mr. Freisinger said. "What we need is resiliency built into the local economies brought on by small business, so they're not dependent on any one industry."
The conference also featured a panel discussion with noted researchers and money managers who agreed that in addition to having a commercially viable idea, having a solid plan with built-in milestones is key to getting venture capitalists and angel investors interested.
Yogi Dougher, managing partner of the Angel Capital Group, said that when looking for a $20 million idea, it's all about balancing risk with reward.
"You want a good marketing plan, and you want to see good management, good people behind the idea," he said. "Big companies don't invent stuff anymore, they're much more likely to go buy it."