Ipswich tech company wins award

PSYTECHNICS, the Ipswich-based BT Brightstar spin-out, was voted winner of the corporate venturing award at the inaugural National Business Awards 2002 held in London.

PSYTECHNICS, the Ipswich-based BT Brightstar spin-out, was voted winner of the corporate venturing award at the inaugural National Business Awards 2002 held in London.

The telecommunications voice-quality specialist beat strong competition from four other shortlisted companies, including Ipswich firm Venation, its former Brightstar incubator sibling, to take top prize.

The success of both Psytechnics and Venation in these awards is an excellent endorsement of both Brightstar and of Suffolk as a growing centre of hi-tech excellence.

The judges said Psytechnics was a "supreme example" of a successful corporate venture and a great ambassador for the hi-tech industry.

Tim Thorne, vice president of ventures at Edengene who sponsored the award, said: "Psytechnics demonstrated the qualities required to be a successful venture when the funding environment becomes tough and there is a downturn in your major market – in this case, telecoms.

"The company successfully re-focused its products and sales efforts in order to win contracts from major customers and obtain further funding based on real, rather than projected, business success."

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Dr Mike Hollier, Psytechnics chief technical officer said he was delighted and "bursting with pride" on behalf of the team. The other finalists included high calibre companies who had attracted substantial initial funding."

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