Lord Stafford announced the winners in front of the short listed finalists, business leaders, university representatives and the region's top innovators.
Distinguished guests included the awards sponsors Advantage West Midlands, BT and Winning Moves.
Patron of the awards Lord Stafford said,
"Once again the standard of entries this year has been very high. There appears to be an increasingly upbeat innovation culture growing across the region.
"The judging process was very hard. All entries had elements to their applications that shone through. The winners are excellent examples of how a business can extract a universities unique approach to developing new and better ways of doing things."
John Edwards, Chief Executive at Advantage West Midlands said,
"All the judges enjoyed visiting the short listed companies to see where the cutting edge of innovation really starts.