The CEOs of three Louisiana startups faced questions about their exit strategies, business models, competition and growth potential Thursday at PitchBR’s first entrepreneurial pitch event this year.
The startups—Ambici Wooden Watches, PatentDive and The ICT University—are vying for a spot in the Baton Rouge Entrepreneur Week grand pitch night held in November.
The CEOs made their presentations in front of a live audience and a panel which also offered feedback and asked questions. The panel consisted of Solid Ground Innovations CEO Sevetri Wilson, Innovation Catalyst CEO Louis Freeman and entrepreneur Trey Godfrey.
If offered the opportunity, in November the companies will stand in front of investors with a chance to win up to $250,000 in investment and have private due diligence with Innovation Catalyst, Baton Rouge’s venture organization.
Jared Loftus, chief operating officer of MasteryPrep and a past winner of the BREW pitch night, said the event has generated so much interest that at least two more sessions will be held, one possibly in July and another for sure in September.
Companies are still encouraged to sign up to pitch their companies online, Loftus said. http://www.pitchbr.org
“The way that it works is for you to be able to pitch at BREW you will have to have had pitched at one of these PitchBR events,” Loftus told a live audience gathered at Club 1913 for the five-minute pitches Thursday.
The CEOs of the companies pitched last night and others will find out in late September or early October if they will move on to the grand event.
Up first last night was Ambici Wooden Watches, a luxury watch concept founded by Mandeville brothers Reed and Riley Stephens. In April, the startup took home the first place award and $8,250 at the LSU Student Incubator’s Venture Challenge.
PatentDive was pitched as a company that alleviates the pain and costs of getting through the patent submission process, especially for design patents. The company also connects customers with patent attorneys and agents who can walk customers through the submission process and promises to get the patent back to customers within a day.
The ICT University rounded out the night. Founded here in Baton Rouge by Southern University professor and Cameroon native Victor Mbarika, the for-profit offers a U.S. education to students in developing countries. It’s fully accredited in the Ministry of Higher Education in Cameroon.
—Alexandria Burris
