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Internet business boom
By Lindsay Satterthwaite
Six recent University of Toronto graduates will be downloading their way into the future after developing revolutionary software which allows internet web addresses to be spelled out in Russian, Chinese and other non-Roman alphabets.
The breakthrough technology, announced by U of T Tuesday, was designed by their Toronto-based company, Neteka Inc., to help universalize the internet, said Edmon Chung, the 24 year-old president and chief executive officer.
"The idea was developed after I was unable to figure out the English name of a company while I was working in Hong Kong," Chung said. "I saw the need for an international system."
The software would be marketed to top level domains, or the companies where one registers web addresses, Chung said. Currently, domain addresses can only use the English language. This software will translate any character worldwide, allowing businesses to work on a more global scale, he added.
Carl Krasnor, business development officer for Information of Technology and Telecommunications at U of T, said the six students approached the university last summer with a strong idea but little knowledge on how to start their company or market it. "Through our vast network of people, we were able to help them start their business," Krasnor said.
"So far, this company is doing spectacularly and is already ahead of their milestones. Most companies don't show revenue for awhile Neteka will show revenue in a month or two," he added.
Krasnor said U of T now owns part of the company, after helping the students get started with their venture.
"There is a need for products like this on the market, however the problem is not the technology, it is getting systems like this adopted by everyone," said David Holtzman, chief technology officer at Network Solutions Inc., the company which registers all domain names with a ".com" ending.
"The internet is the future of business," said Bill Genn, assistant director of Information Technology Services at Western. Genn said the internet was an international phenomenon, so anything which would advance it was a good step forward.