SPEED VENTURE SUMMIT: SUPER SUCCESS!
Brought to you by the New Hampshire Small Business Development Center and the New Hampshire High Technology Council.
“A BIG SUCCESS: The Speed Venture Summit™ was designed to leverage the benefits of speed-dating. On October 28, it whisked investors and business together for 10-minute meetings, giving entrepreneurs behind the region’s hottest companies REAL TIME with REAL INVESTORS™.” – Tim Platt, SVS Chair
How do you “jump start” the economy for early stage companies? That’s easy, connect them with prospective investors for a 10-minute speed venture! The summit was run and staffed by over twenty dedicated volunteers and organized in a cooperative venture between the New Hampshire High Technology Council, the MIT Enterprise Forum of NH, the NH (SBA) Small Business Development Authority, UNH’s Whittemore School of Business and Economics, the U.S. Small Business Administration, the State of NH (DRED) and the private sector.
In a ballroom across elegant card tables, investors met with prospective venture partners for a 10 minute meeting before the bell rang to change tables. Over 100 companies applied for the privilege, but only 50 were chosen to meet with 25 private investors. Speed Venturing is an understatement, the investors listened to 12 pitches over the course of three hours. If you have $100 million burning through your pocket, you want to be sure that your time isn’t wasted. Tim Platt, chair of the event said, “The Speed Venture Summit™ was designed to leverage the benefits of speed-dating. We whisked investors and business together for 10-minute meetings, giving entrepreneurs behind the region’s hottest companies REAL TIME with REAL INVESTORS™.”
According to investors, the favorite picks were from Animetrics, Inc., for its facial recognition software that uses facial triangulation like a fingerprint to identify people, and Foneshow Inc., they eneable audio and radio clips to be played on a mobile device. Other popular vote getters were National Meter Industries, electric utility metering, Signal Insight, a sonic device that detects inflammation in deep tissue, and Single Digits, looking for a cool $1 million for guest wi-fi internet services.
After the marathon speed venturing in the ballroom, the cocktail hour and networking event had an element of Dancing with the Stards when the top five picks were asked to pitch for 1 minute to the crowd. The judges used an “applause meter” to gauge who should walk away with the prize, a new eletronic device, or next generation BlackBerry. Paul Schuepp from Animetrics had an enthusiastic fan club and walked away with the goods. What a great way to showcase the top five vote getters in a fun venue after a long and intense day with investors. The greater business community showed up to celebrate and had a great time.
Where there any second “dates”? We think so! Stay tunned for next year’s Speed Venture Summit on October 28, 2009. See you there.
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Catherine Blake, President, Sales Protocol International and Marketing Chair, NHHTC/MIT Enterprise Forum of NH.