This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

IBM Backs Anti-Counterfeiting Startup

BOSTON (TheStreet) -- IBM (IBM) selected a Boston-area startup that aims to rid the world of counterfeit medicine in a business-idea competition.

Sproxil won the Boston installment of IBM SmartCamp, a competition that provides networking opportunities to a select group of technology startups.

To qualify for SmartCamp, a startup must be younger than 3 years old with maximum annual sales of less than $1 million. Throughout the year, IBM will be running one-day SmartCamp programs in Paris, Tel Aviv, Silicon Valley, Boston, Stockholm and London.

At the end of each event, Big Blue chooses a company from each city to attend SmartCamp week in Dublin (Nov. 15), where the worldwide winner will be named. There's no direct cash prize -- the grand prize is a few months of mentorship from IBM officials -- but of the five startups that made it to the finals last year, four received significant funding offers from angel investors.

Sproxil uses cell-phone-based authentication technology to help prevent counterfeit drugs in developing countries. Consumers scratch off a security code on the medicine bottle -- like with a lottery ticket -- and then they text the code to Sproxil from their cell phones. If the code is legitimate, consumers immediately receive a confirmation message. The technology will work with any phone that supports texting.

Drug counterfeiting is, by some estimates, a problem that generates tens of billions of dollars annually for criminals. Recent counterfeiting schemes resulted in sales of fake and ineffective versions of the Genentech (DNA) anti-obesity drug Xenical and the anti-malarial drug Metakelfin, according to the World Health Organization.

-- Reported by Carmen Nobel in Boston.

Stock quotes in this article: IBM 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,514.37 +65.12 0.40%
S&P 500 1,879.55 +7.66 0.41%
NASDAQ 4,161.4580 +39.9120 0.97%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs