Profitero has been named as the winner of the 2011 IBM (NYSE: IBM) SmartCamp London. They help retailers maximise profits by analysing online competitive information on thousands of products and dozens of competitors, helping to build smarter retail solutions. Profitero was selected from more than 80 entries and won due to its outstanding technology, innovative business plan and alignment with IBM’s Smarter Planet strategy. They will receive three months of mentoring from IBM and go on to square off against other SmartCamp winners from around the globe to compete for the title of “IBM Global Entrepreneur of the Year.”

Today, 83 percent of midmarket CIOs surveyed by IBM have identified analytics, the ability to extract actionable insights from “Big Data” as their top-priority investment area. Profitero represent a new generation of entrepreneurs who are entering the market with technology and business model designed to capitalise on this trend.

“We are delighted to have won the London IBM SmartCamp award for 2011 and are looking forward to working with IBM on delivering completive intelligence to retailers and manufacturers.” said Volodymyr Pigrukh, CEO and Co-Founder of Profitero.

Business Minister, Mark Prisk, said: “Congratulations to Profitero. Businesses continually tell us they want to get advice from other experienced business people and we know that those seeking support are more likely to succeed.

“Innovative projects such as this one are very encouraging because they bring together entrepreneurs wit h venture capitalists, academics and other industry leaders to provide coaching and critical industry support and advice. This will enable growing businesses to gain the mentoring and insight needed to continue to drive growth and innovation in their markets.

Now you may be asking, why do ambitious companies need business coaching? Mentoring or coaching can deliver significant economic benefits from just a small commitment of time and resources. Building a relationship with a mentor can have a positive effect on your business, whether you are just starting up or are already established.

“Entrepreneurs are critical to driving the next era of innovation and growth. I’ve been hugely impressed by the range and quality of startups we’ve seen entering the London IBM SmartCamp programme this year. Congratulations to Profitero and all the finalists. They’ve showcased solutions that seize major growth opportunities in the market to help make the world work smarter.” said Stephen Leonard, Chief Executive, IBM UK & Ireland.

All the finalists in the London SmartCamp are developing new technologies in critical areas such as healthcare, energy and environment, and other services that improve the life of citizens around the globe. IBM SmartCamps bring together innovative entrepreneurs with venture capitalists, academics and other industry leaders to provide coaching and critical industry support and advice.

Driving economic growth
Small and medium sized companies have long been the engines driving economic growth. They are responsible for nearly 65 percent of the global GDP – representing more than 90 percent of all businesses and employing over 90 percent of the world’s workforce. This group of entrepreneurial companies faces stiff competition, not only in their local markets, but also with larger enterprises across an increasingly global marketplace. (Source: Organization for Economic Cooperation). The IBM SmartCamps are designed to provide these entrepreneurs with the mentoring and insight needed to continue to drive growth and innovation in their markets.

In addition to Profitero, 2011 London SmartCamp Finalists included:

·    PageHub, a young and fast moving company based in Brighton. They have developed an easy to use, powerful analytics tool for brands to more effectively manage their presence on Facebook and other social media sites.
·    Radisens Diagnostics whose analytics device platform is helping to drive a step change towards a single device for point-of-care medical testing, helping to build smarter healthcare systems.
·    RSM, the creators of FITS, an analytical and traffic management software system for cities, helping to build smarter transport systems.
·    Visible Light Communications Ltd, a spin-out company from the University of Edinburgh. They are developing smart lighting driven by high efficiency LEDs, which delivers high speed data communications over visible light.

Visible Light Communications Ltd won the People’s Choice Award.

About IBM Global Entrepreneur Programme:
www.ibm.com/isv/startup

About Profitero:
www.profitero.com

About PageHub:
www.pagehub.co.uk