A biotech firm which has developed a sustainable material designed to revolutionise the production of medical devices has been named the winner of a competition for businesswomen.
SymbioTex came out on top in the Women Entrepreneurs Pitch Competition which is run by Greater Birmingham Chambers of Commerce.
Founded and run by chief executive Olivia Simpson, the Wolverhampton-based company uses sustainably cultivated seaweed to produce home compostable filaments and pellets for the creation of cosmetic pots and medical devices such as inhalers.
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Official figures suggest the cosmetic packaging sector produces 120 billion units a year, of which less than 14 per cent reach recycling plants and less than nine per cent are recycled. This results in a large volume of cosmetic packaging and single-use medical devices ending up in landfill.
Ms Simpson says she wants to disrupt this cycle by revolutionising the production of such items which are currently made from single-use plastic.
The competition's judging panel praised her "clear and well delivered pitch" and the company's "amazing area of action".
More than 40 SMEs and start-ups led by women entered the competition which was run in partnership with NatWest and British Business Bank, leading to four finalists being chosen to pitch to a panel of judges.
The panel comprised Paul Faulkner, the chamber's former chief executive and now chief of staff and operations at RCL Partners, Mercia Asset Management's investment manager Hannah Tapsell Chapman and Elizabeth Hobster, investment associate with Midven.
The competition's other finalists were Cytecom, a University of Warwick spinout which has created an innovative bacteria detection device and Essench, an ethical manufacturing service for the cosmetics sector.
Completing the finalists was Safe Queen, a tech platform which allows members of the public to rate the safety of hospitality venues.
Chamber chief executive Henrietta Brealey said: "Greater Birmingham Chambers of Commerce is here to unleash the potential of the city-region's businesses.
"We know how important access to investor networks and platforms to celebrate our innovative and high-growth potential businesses are for ensuring business success.
"We also know there's still a great big gender gap in entrepreneurship and access to investment. The businesses presenting on the night were all phenomenal emerging leaders in their fields.
"We look forward to continuing to champion entrepreneurship and connect businesses to our networks, expertise and partners."
