For the last month, a core group of investors in the Bend Venture Conference (BVC) have met, challenged and vetted 24 Launch Stage applicants. That total field of submissions was narrowed to the top eight startups and now, the final five. Announced late in the day on October 14 one finalist will win an investment prize expected to exceed $200,000.
[As background, a Concept Stage category of competition was added to BVC this year. Its winner will be awarded a $10K grant while the Launch Stage winner will earn an investment prize of $200K or greater, $40K of which comes from Oregon Growth Account (OGA). In total, 50 applications were received for the Bend Venture Conference—26 Concept Stage and 24 Launch Stage companies—doubling last years’ applications.
Launch Stage companies typically have some revenue traction, have worked out most of their technology solution, and have gone through a proof of concept process. Concept Stage companies are, by definition, earlier in the entrepreneurial cycle and may still be working on technology and/or proof of concept.]
“One of the new elements we’re bringing to BVC this year,” said Jim Coonan, EDCO Venture Catalyst, “is greater investor involvement in the selection and screening process. That initiative was supported earlier in summer with angel workshops followed by a series of due diligence meetings.”
For each of the top eight companies, dedicated teams of investors investigated the company’s claims and its operations. “We’ve really advanced the due diligence process and involved investors this year,” said Steve Westberg, Manager of the BVC, LLC fund. “For BVC, our five finalists are now prepared to address why an investor would want to put money into their business.”
At the Bend Venture Conference, each finalist has ten minutes to pitch and another ten minutes to respond to investors concerns and audience questions. The selected five finalists in the Launch Stage category are:
Athletepath (David Embree; Portland www.athletepath.com)
This web based service provides event data aggregation, ticketing for event directors and monetization of amateur athletes. Launched in April this year, Athletepath quickly grew to serve 8,000 athlete profiles, is building a database of over 350,000 athletes, and works with major brands to sell products.
Indow Windows (Sam Pardue; Portland www.indowwindows.com)
Indow™ Windows are great looking, easy to install, thermal window inserts that deliver double pane window performance at a fraction of the cost. The company sells Indow Windows wholesale through home contractors and window covering retailers. In the mass customization business, Indow Windows says the key to its success is orchestration of the flow of information from customer locations into their IT system.
Pneu-Logic (Ned Dempsey; Portland www.pneulogic.com)
In the energy category, PneuLogic has developed patented products that increase industrial compressed air and refrigeration system efficiency. In addition to improving productivity, the company’s technology generates savings of 25% or greater. Pneu-Logic’s 2011 revenues will exceed $1.0M from customers in a wide range of industries.
RES Equine (Brett Mills; Redmond www.resboot.com)
In the consumer products category, RES Equine manufactures a complete line of equine protective products that use a patented replaceable hook and loop closure. The products have sizable margins (60-70 percent), a strong value proposition (2x the useful life of competitors’ products), and address a global market. RES has earned testimonials from top national rodeo, racing professionals, and customers and drawn the attention of several national and global firms.
CiviData (Andy Parks; Bend www.cividata.com)
CiviData has developed a web-based application that aggregates local government data (such as city utility rates, pay and compensation, fees and charges) and makes possible real-time comparative analysis and reporting. CiviData solves the problem many public services providers (cities, counties, utilities) face: data is frequently inaccessible, difficult to aggregate, and quickly dated.
“We expect competition at BVC to be informative, entertaining, and—as always—fast-paced fun,” added Jim Coonan.
Since its inception in 2004, nearly 100 companies have pitched their business ideas at Bend Venture Conference; prize winners have gone on to raise over $30 million in subsequent funding rounds. Known for a friendly, accessible atmosphere in a scenic setting, the Bend Venture Conference features five Launch Stage entrepreneurs and six Concept Stage hopefuls pitching their business ideas to a packed audience at the Tower Theatre in Bend, Oregon. To attend the conference, www.bendvc.com.
