Winner of Venture Cup business plan competition attacks Internet piracy
Viralg Inc's overwrite technology protects against illegal copying of music
Finnish universities and polytechnics awarded Viralg Inc's "overwrite technology against Internet piracy" as the business plan of the year in the Venture Cup Finland business plan competition on Wednesday.
Viralg Inc. is a Helsinki-based company, whose services are based on a software that prevents illegal copying and sharing of copyright-protected material on the Internet.
Viralg Inc's technology is aimed at protecting music, films, games, and other software from being spread in the so-called peer-to-peer networks, such as KaZaA and LimeWire.
Peer-to-peer networks make possible the sharing of any kind of software with others. Viralg Inc. believe their technology will put a stop to this if the shared copies are illegal.
It is estimated that Internet piracy causes damage in excess of ten billion dollars yearly in uncollected copyright fees.
The winning Viralg Inc. team consists of managing director Jaakko Happonen, 47, and founder Juha Natunen, 37.
Venture Cup Finland is a business plan competition for aspiring growth companies bringing together the best business ideas from Finnish universities and polytechnics.
The second prize was awarded to Team RiTEC from Tampere. RiTEC's technology is used to develop medicine for virally-transmitted illnesses. The third prize went to the CWP Team of Lappeenranta for their new method for integral colouring of wood.
The fourth Venture Cup was sponsored by the National Technology Agency of Finland (TEKES), the Ministry of Trade and Industry, and McKinsey&Company.
Venture Cup Finland