Primority Wins Prestigious Stage in Chinese Innostars 2017 Competition
October 17th 2018
Primority Ltd, through our investor Harvest Water Cooper, were announced winners of the Innostars 2017 competition in the Agriculture and Food Safety category. The award of first prize came with a cheque for $10,000 and the opportunity to meet investors and to return trip to China for the overall final early in 2018.
Founder and CTO of Primority Ltd, James Flynn, was up against stiff international competition from 8 other entrepreneurs in their category. Each entrepreneur presented a short 5-minute pitch of their business idea followed by a 5-minute Q & A session challenging the business and the idea. The contestants were scored by an international panel of judges, many of whom were professional investors.
James Flynn from Primority pitched their existing 3iVerify food safety business and explained that by allowing the sharing of food safety information to the blockchain it is possible to transform the perceived lack of trust in Chinese food businesses and boost export business for Chinese food manufacturers. As Primority already has dozens of customers in the food import business, particularly in the USA, it became clear that their business model is ideally placed to ‘match make’ exporters from one country to importers in another in a safe and transparent way by using the blockchain to build transparency and trust.
Flynn explained how the blockchain has the potential to engage everyone along the food chain, including the consumer, in understanding and trusting the provenance and safety of food products from China. During the Q & A he was questioned rigorously about the business model and how this might work in China, benefiting both Chinese exporting companies and US and European food importers.
The award came hot on the heels of signing a strategic partner agreement with FDAImports.com, a major player in the USA import and customs market place. This alliance combines food safety and regulatory compliance expertise and will facilitate, and be at the heart of, Primoritys’ China strategy.
Flynn said “We are very happy to receive the Innostars 2017 award in the Food Safety category. It is positive validation for our business model from a prestigious network of international judges and investors. The trip to China has confirmed and emphasized the opportunity available and illustrates how much the Country has progressed in recent years. China is open for business China is open for business and is keen to bring in technology, talent and expertise from the West to continue its progress at pace. I’m very much looking forward to the next steps on that journey and look forward to competing in the grand final next year.”
The 2017 InnoSTARS Competition is a platform that connects U.S.-based innovators and companies with Chinese investors, corporates, and strategic partners. The goal of the Competition is to provide U.S.-based innovative technology companies with resources to enter the Chinese market. Hosted by the US China Innovation Alliance (UCIA), China Science and Technology Exchange Center (CSTEC), China Association for International Science and Technology Cooperation (CAISTC), and supported by the Ministry of Science and Technology of People’s Republic of China (MOST), the competition aims to provide U.S.-based innovators and companies a better understanding of the opportunities available to companies interested in doing business in China as well as interfacing directly with qualified Chinese partners and investors.