The Launch Place received 79 applications for its 8th IdeaFest Pitch Competition from various start-up companies located in the US and abroad. The top competitors took the stage to present their innovative business ideas at 2 Witches Winery and Brewing Company in Danville, VA today.
The competition kicked off at 1:00pm, with a keynote from Patrick Gouhin, CAE, CEO of Angel Capital Association. Mr. Gouhin is presently serving in his fourth year as the CEO of the Angel Capital Association. ACA is a professional society for accredited angel investors, North America’s most prolific early-stage investment class. ACA represents 15,000+ member accredited angel investors, 250 angel groups, accredited platforms and family offices and more than 30,000 entrepreneurial companies that are in ACA member investment portfolios. Before joining ACA, Mr. Gouhin spent 12 years as the Executive Director and CEO of the International Society of Automation (ISA) and then 15 years with the American Institute of Aeronautics and Astronautics (AIAA). During his tenure at ISA he provided leadership toward the creation of many new initiatives and companies. At AIAA, Mr. Gouhin served as the Chief Operating Officer whereby his leadership contributions resulted in significant revenue growth and the successful management of 300+ project teams through development and delivery of multiple products and services.
The winner of this year’s competition was Tromml, who was awarded a $5,000 cash prize. Tromml helps eCommerce resellers, specifically in the automotive aftermarket industry, optimize profitability through “real-cost” monitoring that points eCommerce managers to timely actionable insights. When using Tromml, resellers get order-line profitability assessments to quickly identify pricing errors, poor shipping estimates, and even the status of distributor return credits. When it is time to grow, Tromml will provide resellers strategic insights on their contribution margin while allowing them to see what items, suppliers, and channels are driving revenue.
Second place and a $3,000 cash award went to Nanode Battery Technologies, Inc. Nanode Battery Technologies has developed a streamlined manufacturing process for battery anodes in a single step. Biosensys took home third place with a $2,000 cash prize. BioSensys’ mission is to bring medical technologies to realization to improve patient care in the area of vital sign monitoring.
The Launch Place, located in the River District of Danville, assists with business formation, job creation and retention through its business consulting services and investment funding, while having a dual responsibility to recruit and retain entrepreneurs to the Dan River Region. The IdeaFest competition exposes The Launch Place’s services and funds to start-up companies that are ready to launch, or are seeking early stage capital. The Launch Place could potentially invest in the company from its Seed and Pre-Seed Funds that were established from a grant awarded by the Danville Region Foundation.
IdeaFest Judges and Master of Ceremonies:
- Judge: Jan L. Davis, Retired CEO, ShopperTrak RCT Corporation; Investor and Vice-Chair, Triangle Angel Partners; Board Vice-Chair, The Launch Place
- Judge: Pat Gouhin, CAE, Angel Capital Association CEO
- Judge: Mark Granville, Screening Chair, RTP Capital; Board Vice-Chair, The Launch Place Seed Fund
- Judge: Robbie Hardy, Founder and Chair of xElle Ventures; Board Member, The Launch Place Seed Fund
- Judge: Marty Kaszubowski, Technology Mentor, Innovation Commercialization Assistance Program (ICAP), Virginia Small Business Development Center Network, George Mason University
- Master of Ceremonies: Mark Friedman, The Launch Place Seed Fund Portfolio Manager; President and Co-founder of RTP Capital Associates; CEO of Lakeview Business Advisory