Monday, 12 May 2014 12:00:00 EST
Raleigh, NC (PRWEB) May 09, 2014
At a news conference yesterday, SEAL Innovation, Inc. (SEAL), Triangle Aquatic Center (TAC) and iX3 Sports announced ambitious goals for their new partnership, including the sponsorship by SEAL of the professional swim team created by iX3 Sports training to qualify for the 2016 Summer Olympics. The Seal Innovation Team will train exclusively at TAC in Cary, North Carolina.
With organizational missions aligned around swimming, the partnership will encourage four key ‘S.W.I.M.’ goals: Safety, Winning, Information and Market benefits.
In his opening remarks, news conference moderator and SEAL corporate finance, operations and development officer Justin Calvillo said that the partnership “in the works for a while” brings together three organizations that individually focus on different aspects of aquatics, but together will “think differently” about ways to advance their common goals of swim safety, enjoyment, economic benefit and competition.
“We are excited to kick off this partnership during National Water Safety month to bring awareness to the importance of aquatic safety,” said Mike Curran, President of TAC. “Learning how to swim does save lives, and promoting safe swimming is one of the most important goals of our partnership” he added.
Curran continued that “three swim teams nationally ranked in the top 25 of more than 2500 U.S. swim teams train in the Triangle. With promoting competition and winning as part of our new partnership’s goals, we want to encourage the Triangle as a destination for training elite Olympic swimmers.”
While calling swimming “one of his greatest life pleasures,” emergency physician Dr. Graham Snyder acknowledged the sadness and frustration he feels in the ER when a swimming accident causes loss of life. He created SEAL Innovation and has become a vocal champion for using wearable technology to enhance swim safety and early rescue; reduce loss of life; and encourage more people to learn to swim.
Said Snyder: “We need to spread the message that early learn-to-swim lessons; parental and lifeguard vigilance; excellent pool and safety protocols; facility standards; and technology together provide the best defense. Promoting safety and information are key reasons we formed our partnership. I am honored to associate with a leading aquatic center and some of the world’s greatest swimmers to accomplish this.”
“Our announcement today highlights what we think competitive and recreational swimming as well as safety can be,” said John Payne, TAC senior director of coaching and SEAL Innovation Team coach. “In addition to competing at a high level, our athletes are excited to join TAC and SEAL in creating awareness for swim safety,” Coach Payne added.
Payne introduced SEAL Innovation Team athletes in attendance, Charlie Houchin, Alex Meyer and Ashley Twichell, all accomplished world-class competitive swimmers; Chloe Sutton, in California participating in a learn-to-swim event for underprivileged children at the time of the press conference, also trains on the team. All team athletes have their sights set on participating in the 2016 Olympics.
Payne mentioned that promoting swim safety is personal for Alex and Ashley, who lost a close friend and fellow competitor in a drowning incident during an open water race. “It’s not just emerging swimmers that can benefit from SEAL’s technology; all swimmers can. Drowning affects everyone, and we are proud to participate in this partnership. ” Payne added. Immediate initiatives for the partnership include launching the SEAL Innovation Team website (http://www.sealinnovationteam.com) within the next 30 days to advance swimming enjoyment through safety and provide information about the partnership’s activities. SEAL Innovation Team members will have opportunities to work at SEAL and will advance the partnership’s goals of promoting swim safety through social media and at personal appearances.
The partners believe that their alliance also will benefit each organization and create economic impact in the Triangle and beyond.
“TAC currently employs over 100 people and through competitions and other means provides $5 million of economic benefit to the Triangle,” said Curran. “Partnering with SEAL and having the SEAL Innovation Team train exclusively at TAC will strengthen us,” he predicts.
Said Snyder: “Investing in the Triangle by creating SEAL Innovation here made perfect sense for many reasons including the robust technology footprint and talent here.”
“Wearable technology is a fast-growing industry, and we could not be more proud to have our company in North Carolina. Our partnership with iX3 and TAC will help create awareness for how wearable technology contributes to a safer swimming experience. We plan to make our product available internationally; as our company grows, it is our hope that SEAL’s investment in the Triangle, North Carolina and beyond also will grow,” he added.
“My goals for our partnership are simple: through advancing our ‘S.W.I.M.’ mission, I want more children to develop a passion for swimming leading to increased opportunity for one of them to become the next Alex, Ashley, Charlie or Chloe,” Payne added.
To kick off the partnership, all three organizations will support the USA Swimming Foundation’s ’31 Days of #MakeaSplash’ social media campaign this month to promote learn to swim and water safety.
About SEAL Innovation, Inc.
SEAL Innovation created The SEAL SwimSafe™ wearable technology for swimmers of all ages. If the system detects a swimmer in potential distress, the SEAL band worn by the swimmer triggers a high intensity visible, audible, and vibrating alarm so that rescue can begin quickly. The state-of-the-art system was designed for use as part of an aquatics safety plan to include parental and lifeguard vigilance; learning to swim; and facility safety measure implementation.
About Triangle Aquatic Center
The Triangle Aquatic Center (TAC) builds and operates public aquatic facilities for the health, safety, recreation and competition needs of Triangle-citizens and aquatic organizations. The SEAL Innovation Team trains exclusively at TAC.
About iX3 Sports, LLC
Born from a desire to nurture talented swimmers into world-class athletes, iX3 Sports created and manages the SEAL Innovation Team comprised of professional athletes training to individually qualify for and compete at the 2016 Summer Olympics. The team trains exclusively at TAC.
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Additional news from one of The Launch Place's portfolio companies, SEAL Innovation, Inc.
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3F, LLC, captures first place and $15,000 in The Big Launch Challenge
Friday, 23 May 2014 12:00:00 EST
Larry Dickinson of 3F, LLC, captured first place and $15,000 in the area’s first joint Virginia and North Carolina Big Launch Challenge organized by The Launch Place and First Flight Venture Center. Second place went to Liz Morris of Sanitation Creations with a cash prize of $12,000.
Pictured are Dickinson and Morris.
3F makes and sells high-performance yarns to companies in the $4 billion hand protection market. Its nano-engineered cut-resistant fibers enable customers to make protective gloves that are lighter weight, more comfortable, longer lasting and enable greater dexterity; while providing the same level of cut protection at better value.
Sanitation Creations offers environmentally-friendly, hygienic sanitation solutions that are odorless, waterless and economical. Sanitation Creations has created Dungaroo – an odorless, waterless, easy-to-empty toilet that can be used anywhere. The patent-pending system seals waste in specially lined bags which block odor and treat the waste. The individual bags are collected in a containment bag in the base of the Dungaroo and can be disposed of without special equipment.
Finalists in the order that they presented were:
Jame Joseph and Brandy Callanan of Nano Brew Laboratories
Keval Mehta of InRFood
Tim Reynolds and Gretchen Clark of EvapStack
Ricky Spero of Rheomics
These presenters pitched their technology-related business ideas to a panel of judges yesterday at the Institute for Advanced Learning & Research in Danville.
The top six contenders were selected from a submission of 31 applications. The top 15 semi-finalists were vetted jointly by The Launch Place and First Flight Ventures staff. Six contestants were selected by The Launch Place’s Seed Fund Advisory Board in early May.
The Launch Place’s Seed Fund Advisory Board is comprised of individuals who are extensively experienced in technology assessment, commercialization and early-stage investment.
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Virginia's Secretary of Technology visits The Launch Place
Wednesday, 30 July 2014 12:00:00 EST
On July 29, Virginia's Secretary of Technology Karen Jackson visits The Launch Place to learn more about the organization's efforts to attract and sustain entrepreneurs to the Danville region. While visiting, Jackson gave good advice to one of The Launch Place's portfolio companies, CirrusWorks.
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Entrepreneur Network Event Series
Monday, 04 August 2014 12:00:00 EST
Your New Business:
Considerations Before Saying “I Do” to a Business Partnership
About the Topic and Presenters:There is more to launching your new business than choosing a business entity. While entity selection may be important, there are other important considerations, such as: organizational documentation, buy-sell agreements and preserving the benefits of limited liability status. Clement Wheatley business attorneys, Michael Guanzon, Jennifer Burnett and Ted Hodges, will provide you with an overview of these considerations and how to avoid common pitfalls in launching your new business entity.
Lunch will be provided.
RSVP:
Regina Haynes
434.799.5491 or rhaynes@thelaunchplace.org
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The Launch Place Announces Pre-Seed Investment Program
Wednesday, 20 August 2014 12:00:00 EST
To help innovative entrepreneurs expedite the early stages of their start-up development process, The Launch Place announced today a new investment initiative called the Pre-Seed Investment Program to further these entrepreneurs’ market and product validation and/or business model refinement.
Start-up companies may secure a maximum investment of the following:
$25,000 for product and market validation
$50,000 for business model refinement
According to The Launch Place officials, this investment strategy may become a precursor to the organization’s Seed Fund, where a larger round of early stage funding is available to eligible start-ups.
Since this Seed Fund’s establishment less than a year ago, The Launch Place has invested $250,000 in three companies for a total investment of $750,000. These companies are:
KSI Data Sciences, LLC
CirrusWorks Venture, LLC
SEAL Innovation, Inc.
“We have received many promising start-up ideas, but they were not quite investment ready as defined by our Seed Fund Investment Guidelines. We often feel that further testing to obtain more assurance around customer validation of the product, or refinement of the company’s business model, or further development of the company’s management team could allow these entrepreneurs to qualify for more substantial funding through either The Launch Place Fund, angels, venture funds or some combination thereof,” The Launch Place President & CEO Eva Doss said.
For investment consideration, Doss said there are eligibility requirements, such as:
Be currently located or willing to locate to Danville, Pittsylvania County or Caswell County, N.C.
Have an innovative and cutting edge technology, new product or new technology application that advances high growth industries, such as: Advanced Manufacturing, Alternative/Advanced Energy, Advanced Materials, Healthcare IT, Medical Devices, Software and Electronics and Controls.
Be willing to accept entrepreneurial business consulting, training/mentoring/coaching and support services from The Launch Place.
Give preference to resources in the Danville region such as Danville Community College, Institute for Advanced Learning & Research and Danville Regional Medical Center to validate the technology and business model.
Be willing to put an Advisory Board in place that will provide oversight and guidance during the validation process. Agree to accept a Launch Place designee to serve on the Advisory Board.
Agree to public disclosure of involvement with The Launch Place.
Enter an agreement including provisions and conditions for the funding.
Depending if the investment is for market or product validation or business model refinement, additional requirements will be needed, said Doss.
For consideration, go to www.TheLaunchPlace.org to fill out the Pre-Seed Investment Program Application. Additional information on the program also is available.
Awarded a $10 million grant from the Danville Regional Foundation in July 2013, The Launch Place increased its capacity to offer business-consulting services and expanded to include entrepreneurship recruitment, development and retention resources and assistance.
As an 501 (C) 3 nonprofit organization, The Launch Place strives to energize and diversify Southern Virginia’s regional economy through entrepreneurship development and business consulting services.
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WSLS 10 TV Features The Launch Place
Wednesday, 27 August 2014 12:00:00 EST
DANVILLE (WSLS) - The Launch Place received a $10 million grant from the Danville Regional Foundation to help start-ups in Danville. They have a "seed fund" from which businesses can receive up to $250,000. Other perks the non-profit provides are consulting and mentoring.
CEO of "The Launch Place" Eva Doss says this could help attract other businesses to the area.
"By recruiting these companies perhaps we are encouraging the creation of an entrepreneurial culture and also the revitalization of downtown," Doss said.
Certain criteria must be met before a start-up is awarded money from the fund. It must be willing to relocate to the River District in downtown Danville for three years and expect job growth within five years.
Graham Snyder is the CEO of Seal Innovation. It's a start up that created the swim monitoring and detection system. Snyder has taken away tools that will help his business succeed.
"The guidance to support things like referrals to other investors to manufacture even to consumers," Graham said.
Click here for the interview by Duke Carter, New River Valley Reporter.
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One of The Launch Place's Clients Opens Office in Downtown Danville
Sunday, 31 August 2014 12:00:00 EST
BY VICKY MORRISON Work It, SoVa newsadvance.com
Solex Architecture formally opened its new office on Craghead Street on Thursday.
Licensed in Virginia and North Carolina, Solex offers design services for all aspects of building. Owner and architect Jeff Bond said its services are not limited to building structures. For example, the firm is developing plans for an outdoor kitchen.
All types of clients are accepted. Solex has worked with private homeowners, developers, contractors, government entities and other architecture engineers. It has worked on a variety of projects, from kitchen remodeling to bathroom renovation.
Bond said the new location is beneficial for the firm. “It’s always great to have a storefront, especially in a downtown environment where you can get foot traffic and vehicular traffic.”
On a personal level, Bond appreciated the historic yet modern River District area as an ideal home for the business. Solex has worked on several historic rehabilitation projects.
“I have a strong interest in historical preservation and all of the revitalization not only in Danville but in other areas. Being in a downtown environment really complements our architectural work.”
Bond explained at the ribbon cutting that his inspiration for becoming an architect started in his youth. “I grew up around residential remodeling and additions and do-it-yourself projects,” he said.
Travel influenced his interest in the field, too, he said. Bond traveled around the world and saw every state in the U.S. “One thing that brought to light was how the built environment can create communities,” he said.
Born and raised in Gretna, Bond returned home after graduating from Virginia Tech. Bond had an internship and later a full time job at Dewberry. He now lives in Danville.
Designer Kevin Worsham works alongside Bond to collaborate on projects. He was born and still lives in Gretna, as well.
Mayor Sherman Saunders, Pittsylvania County Board of Supervisors Jesse Barksdale and council members attended the ceremony.
Solex, which is short for “solution exploration,” opened in November. It originally leased an office space in the Launch Place incubator. The Launch Place provided Solex with its services by aiding their business plan development.
The new 800-square-foot office space is being leased from Remington Professional Buildings. The business moved in May. Bond said that a ribbon cutting was held now because they finally have settled into the space.
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The Big Launch Challenge 2014
Tuesday, 07 October 2014 12:00:00 EST
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MIT's How to Launch a Successful Startup Company
Tuesday, 07 October 2014 12:00:00 EST
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How to Attract Angel or Venture Capital Backing
Thursday, 09 October 2014 12:00:00 EST
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VT KnowledgeWorks $25,000 Game Changers Challenge
Monday, 13 October 2014 12:00:00 EST
http://www.vtknowledgeworks.com/gamechangers
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First Flight Venture Center and The Launch Place Announce Partnership
Monday, 27 October 2014 12:00:00 EST
The Launch Place, a nonprofit organization that provides consulting services and investment and subsidy opportunities for startups in Danville, Va., is partnering with a Research Triangle Park- based technology incubator, First Flight Venture Center (FFVC), to attract FFVC resident companies to The Launch Place Seed Fund as they look to become viable and competitive.
According to The Launch Place’s President & CEO Eva Doss, this seed fund can be first money for companies seeking angel and other equity-based investors and can serve as an accelerator for companies needing more limited capital to launch. “We have the flexibility to structure deals as debt, convertible debt or equity,” she said.
Since this seed fund’s establishment less than a year ago, The Launch Place has invested $250,000 in three companies for a total investment of $750,000. These companies are:
KSI Data Sciences, LLC
CirrusWorks Venture, LLC
SEAL Innovation, Inc.
As a partner, The Launch Place also will offer consulting services to First Flight companies who are eligible for seed fund investments and office and residential subsidies in Danville, Va. The Launch Place will be holding office hours at the FFVC offices twice per month.
First Flight and The Launch Place also will continue to work together on The Big Launch Challenge, a high-stakes competition for early-stage North Carolina and Virginia-based companies focused on IT, software, and green technologies and advanced manufacturing. The first Big Launch Challenge was held at the Institute for Advanced Learning & Research (IALR) in Danville, Va., in May, 2014 and attracted over 37 NC and VA companies; The next Big Launch Challenge will be held in the spring of 2015 at IALR.
“First Flight’s mission is to help our residents graduate to become financially successful, freestanding businesses,” said Andy Schwab, First Flight CEO. “We’ll be able to better do that by partnering with The Launch Place, itself a successful startup with extensive experience consulting for entrepreneurs and their early-stage companies.”
“This partnership helps bridge the gap from an idea to the creation of a business and initial investment,” said Doss. “First Flight incubates innovation until it’s ready for commercialization, and we are pleased to partner with them to help position their clients for success.”
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Launch Place courts N.C. companies
Tuesday, 04 November 2014 12:00:00 EST
BY VICKY MORRISON vmorrison@registerbee.com (434) 791-7981
Danville’s The Launch Place has gone to the source of many of its clients with a new partnership with North Carolina’s First Flight Venture Center. The group also announced a new satellite recruiting office that will be located in Research Triangle Park, North Carolina.
First Flight works with entrepreneurs and start-ups as a technology incubator in Research Triangle Park. The partnership will establish a pipeline of First Flight companies to come to Danville with Launch Place seed funding. The Launch Place will consult with First Flight companies.
The Danville-headquartered Launch Place, which provides its entrepreneurship development and business consultation services to companies to draw them into the Dan River Region, regularly works with companies that originated in North Carolina.
Thus, the nonprofit organization recruits in North Carolina.
“Since we had established the seed fund a year ago, the vast majority of our application to the pre-seed fund and the seed investment program have been coming from the Raleigh-Durham area,” President and CEO Eva Doss said. “For us it’s a prime market recruiting new companies.”
This fall, The Launch Place decided to solidify its work in North Carolina by renting an office in Research Triangle Park, considered the heart of much of the entrepreneurial start-ups. Doss said that the recruiting team has been working with North Carolina connections more than a year. “And we have made some very strong relationships,” she added.
Doss explained that it was logical to establish an office there to be able to better provide as much information as possible about The Launch Place and Danville. Within the highly active Research Triangle Park, Doss said there are no organizations or companies that provide the same service as The Launch Place.
“The purpose of the whole office is really for marketing our services and the assets of Danville,” Doss said. “Now it’s structured and we have a place to meet with them.”
First Flight President Andrew Schwab explained the partnership and satellite office would be mutually beneficial. “We’re an advocacy group for all of our companies and any opportunity we can provide additional capital opportunities to our companies is something we readily seek,” he said.
Many companies served by First Flight are more technical. Operations often require manufacturing, which could be handled in localities like Danville. That regional investment approach by The Launch Place appealed to Schwab.
“It’s a challenge to find all the resources you need in just one small area of the country,” Schwab said. “We generally find we have to partner with quite a few places. We see the Danville community as an extension of what’s going on here in North Carolina.”
The Launch Place and First Flight partnered previously for the Big Launch Challenge held last May at the Institute for Advanced Learning and Research. The event is planned for next spring at the same location.
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CirrusWorks attempts to balance competing data requests
Wednesday, 12 November 2014 12:00:00 EST
BY VICKY MORRISON
Permeating every aspect of our lives, the Internet appears to be an advanced element of modern life. In reality, the World Wide Web is a wild frontier leaving chaos in its wake.
David Giannini, co-founder and CEO of CirrusWorks, visited the Southern Piedmont Technology Council’s monthly tech bunch lunch event to discuss the Internet and its invasion into businesses’ operating models.
CirrusWorks, which is based in Danville and Falls Church, is a Launch Place recruit and investment. The company provides its software that manages bandwidth usage at schools, libraries, hospitals and hotels.
“Often technology is just a means to an end. So the best we can do is give them a better, faster, cheaper, simpler way to do their business. I think that’s what technology does. I think that’s the promise of it,” Giannini said as he opened his brief presentation regarding the last five to 15 years and the next five.
In the early 1990s local area networks (LAN) and wide area networks (WAN) were highly unstable. It took a long time to accomplish a task on an unreliable network.
Giannini joked that it was easier to save files onto a floppy disk drive and physically walk across the office to deliver the files instead of sending them through the computer.
“The Web only came in ’95. It’s less than 20 years old. It’s all so new,” Giannini said. He mentioned that his children have grown up only knowing the Internet and its associated technologies.
Even with its youthful age, the Internet has advanced rapidly and become an essential part of daily life. Advancements in taking video and photography as well as the wide variety of applications have taken networks by storm.
“Now what we have is utterly uncontrollable and unpredictable,” Giannini said. “So if you have a public venue and everyone’s coming in, you just don’t know what they’re going to do. It’s data chaos. But the peaks of demand are so far exceeding any supply of any available bandwidth.”
That high data, network and bandwidth usage causes a metaphorical traffic jam in the system.
“What is it doing? Congestion, quite literally a data storm and all of it is putting pressure on the local link,” Giannini said.
This congestion can block certain users from achieving necessary tasks. Giannini gave the examples of a client proposal featuring video being delayed or a student’s timed test entering the system late due to congestion.
To alleviate the congestion, networks have begun shaping usage traffic.
“Shaping traffic traditionally means going inside that packet of data identifying what application or protocol it is and then prioritizing it,” he explained. “Typically what they do is they identify bad applications and slow them down.”
The bad applications hog bandwidth to accomplish tasks.
The topic connects with the concept of net neutrality, which is a hot button topic in the political arena. Net neutrality will provide equal access to the Internet and prohibit the prioritization of service to higher-paying customers.
“The problem is it’s somewhat hopelessly naive. The Internet is still somewhat of a wild, wooly place and while you can promise that, delivering that is really much further along,” Giannini said. “Even if you bought five or 50 or 500 [megabytes], that’s a rather artificial number. It’s still a shared network. That’s the nature of the Internet and the World Wide Web.”
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Calling all Entrepreneurs
Saturday, 03 January 2015 12:00:00 EST
2nd Annual IdeaFest
Friday, February 27th, 11 a.m. to 6 p.m. (floating)
Institute for Advanced Learning & Research, 150 Slayton Ave., Danville, VA
The 2nd Annual IdeaFest will feature a free entrepreneurship skill-building workshop, a business pitch competition with $10,000 in prize money, and a networking reception. The main event is the fast-paced business pitch competition, in which 20 entrepreneurs will present a startup idea to a panel of judges and live audience.
Pre-registration is requested for workshop attendees, business pitch competition audience members, and reception attendees.
Applications to pitch are due by February 1st. Pre-register and/or apply at IdeaFestDanville.com.
Question? Contact Lauren Mathena, Project Coordinator, at 434.250.1749 or ideafestdanville@gmail.com.
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The Launch Place and First Flight Venture Center partner again to host The Big Launch Challenge for startup companies in technology-related industries
Monday, 16 February 2015 12:00:00 EST
The Launch Place, an established entrepreneurial development organization headquartered in Danville, Virginia, and First Flight Venture Center, the largest technology incubator in the Research Triangle, North Carolina, have come together once again to host a contest, called The Big Launch Challenge, with two awards totaling up to $20,000 for first place and up to $10,000 for second.
This year’s challenge will feature a total of two elimination rounds with the final pitch event to be held on May 19, 2015, starting at 1 p.m., at the Institute for Advanced Learning and Research in Danville, Virginia. Applications can be submitted by March 31st at https://thebiglaunchchallenge.startuplocal.biz/.
According to organizers, in its second year, The Big Launch Challenge is one of the foremost events for startups.
“Based on the number of inquiries, The Big Launch Challenge has become a highly anticipated event in the region,” said Eva Doss, President of The Launch Place. “Not only does the competition provide entrepreneurs with prize money, but it also serves as a platform for them to learn about The Launch Place’s entrepreneurship services and investment opportunities in Danville, Virginia.”
Doss added, “The Big Launch Challenge provides entrepreneurs with the best possible resources, including education, networking, team creation, mentorship, early-stage prototyping and potential follow-on seed financing, to help turn innovative ideas into real businesses. Our mission is to provide support for entrepreneurs and established businesses and stimulate economic growth and draw new employers to the region.”
Last year, at the first Big Launch Challenge, six contenders were selected from a submission of 31 applications. Larry Dickinson of 3F, LLC, captured first place and $15,000. 3F makes and sells high-performance yarns to companies in the $4 billion hand protection market.
“This competition promotes creative technology-related ideas and helps entrepreneurs gain both experience and exposure for taking their business ideas forward,” said Dickinson. “For me, I am now in a position to take our product to market.”
The Big Launch Challenge is open to the following industries: Nano technology, green technology, alternative energy, advanced manufacturing, advanced materials, medical devices and information technology.
To be eligible to participate, companies must:
Have fewer than 10 employees
Have a physical product to develop
Be willing to locate a part of the operations and/or manufacturing for this business in Danville, Virginia
Be willing to receive mentorship and guidance from The Launch Place and First Flight Venture Center teams
“We are excited to be working again with The Launch Place on The Big Launch Challenge, said Andy Schwab, President of First Flight Venture Center. “This event brings together talented entrepreneurs and start-ups, all in an effort to help find good ideas and build sustainable businesses.”
To register for the event and for more information, go to https://thebiglaunchchallenge.startuplocal.biz/
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Budding entrepreneurs have chance to win $20,000
Wednesday, 04 March 2015 12:00:00 EST
The deadline to pitch a business plan in The Big Launch Challenge—for a chance to win up to $20,000 in prize money—is Tuesday, March 31.
The competition invites a hand-selected group of budding entrepreneurs to share their small company’s business plan in front of a panel of judges. The company must have fewer than 10 employees, have a physical product to develop and be willing to locate in the Dan River Region.
The first event will be held at 1 p.m. on May 19, at the Institute for Advanced Learning and Research. The first place winner will receive up to $20,000, and the second place winner will receive up to $10,000. Winners receive consultation services from event co-sponsor, The Launch Place, as well.
Danville’s The Launch Place and the Research Triangle Park, North Carolina, First Flight Venture Center will co-sponsor the event again. Since the success of the first event in May 2014, it was decided the partnership would hold the event annually.
The Launch Place president and CEO Eva Doss sees the event as exposure for the community on numerous levels, from investment opportunities to regional assets. She is looking forward to using the event as marketing for The Launch Place, too.
“We want to make it definitely an annual event so the objective is making it more known on the East Coast and I do believe and hope that we will get a wider range of applications from the East Coast,” Doss said.
Marketing for the event will reach larger yet more specific markets. Regional marketing to Virginia and North Carolina will dig deeper to draw in applicants. This doesn’t mean that last year’s turnout was unimpressive, though.
“I was very surprised about the high quality of applications last year for it being the very first,” Doss said. “We had received over 30 applications. Each application could stand on its own merit.”
There’s always room for improvement. One aspect is local participation.
“I would have liked to seen more local applications in the mix,” Doss said. “We’re really hoping we’ll get a more diverse, high quality group of applicants than last year.”
Companies still are required to develop products in nano, information or green technology, alternative energy, advanced manufacturing or materials or media devices. The companies will need to have innovative concepts and products leading to high growth to advance to the top of their field, leading the way to an exit strategy.
Exit strategies may seem like the end to a profit-making venture, but for interested parties like The Launch Place, an existing strategy is the beginning of profits. Doss explained that these new companies are typically bought-out in five years and that’s when The Launch Place gets the return on its initial investment.
Doss travels to judge or watch various business competitions along with The Launch Place staff. From those experiences, The Big Launch Challenge gets put into perspective and improved.
One new element is the addition of two elimination rounds. The main change for this year’s event is how the prize money is awarded. Last year the judges decided how to split the $30,000 between first and second place holders. This year, the award range is simplified.
“The clarity about the prize money is an attractive force but ultimately it shouldn’t be the only,” Doss said.
Thirty one businesses applied to be featured in the 2014 Big Launch Challenge. The first place winner of $15,000 was Larry Dickinson of 3F, LLC. The second place winner of $12,000 was Liz Morris of Sanitation Creations.
Dickinson’s company makes and sells high-performance yarns to companies. The nano-engineered cut-resistant fibers were pitched as the ideal protective glove material.
Sanitation Creations introduced the public to the Dungaroo, an odorless, waterless, easy-to-use toilet for any location. Company founder Morris pitched the item for use in RVs or boats or developing countries.
The 31 applicants were a fruitful connection for The Launch Place. Most all of the applicants went on to investigate the resources offered by The Launch Place, including pre-seed and seed funding.
Morrison reports for the Danville Register Bee.
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Persistence pays sweet rewards for candy company by Vicky Morrison
Friday, 24 April 2015 12:00:00 EST
BY VICKY MORRISON vmorrison@registerbee.com (434) 791-7981
Nancy’s Candy Co., based in Meadows of Dan, grew from a passion with a purpose in 1987 to a successful, sellable legacy business in 2012. The Launch Place hosted company founder Nancy Galli to share her experience Thursday. The free event was part of the Entrepreneur Network Event Series. By 2012, when chocolate-loving Galli began passing the company reins into the hands of a new family ownership, Nancy’s Candy Company was operating out of a 30,000-square-foot facility with 30 employees. Its products are sold throughout the United States and Canada.
Now the items can be purchased as far away as north of the border or as close as Karen’s Hallmark at Danville Mall. The nearly 30-year journey to success was directed by a variety of factors, but most heavily by Galli’s persistence.
A consistent priority for Galli during this part of her career was creating and sustaining local jobs. After moving to Meadows of Dan with her husband in 1985, Galli quickly settled into the beautiful mountainside terrain. At any juncture of growth, she made it a priority to stay in the area and keep jobs.
“It was very important to me to create jobs for our community. That meant something. I always felt that I’ve been given a good mind and it was important for me to give something back. So I wanted to stay in the community,” she explained.
Persistence was an asset at other times, too.
When Galli approached her first major customer meeting with Skyline Drive, she was too naive to understand that she didn’t have a chance to make a deal.
Despite a rejection, Galli persevered and asked the retailers to identify gaps in their current sweets provider. She offered to take over those areas and present significant profits to convince Skyline Drive.
Her bet was right. Not only did she create enough profit to cover expenses, she earned enough to pay the front counter staff and more.
Locating in Meadows of Dan required dedication on Galli’s part. Being such a rural setting, public water was not available for the candy making plant. The alternative was using well water but not from the average well.
A food production company needs a well set to much higher standards than a residential well. The only well like that belonged to a local ice factory.
As many businesspeople experience, Galli’s request to rent space inside that plant was rejected multiple times. Yet she stuck with it and through her diligence managed to convince the owner to give her a small 10-square-foot area.
Nancy’s Candy Co. is an example of examining the status quo and questioning its weak spots. For candy distributors, deliveries end sometime around May and don’t restart until September. This was due to the logistical conundrum of melted or frozen goods.
Galli developed an innovative shipping method using gel ice and Styrofoam. She offered free shipping to customers, promising that if products arrived damaged there was no cost for the retailer.
“It gave me an opportunity to also sell into different channels of trade. It gave me an opportunity to sell to Hallmark stores and gift shops and florists and convenience stores. It got me away from just tourist-oriented locations, which is how we began, and it helped smooth out our business and smooth out our revenue to be year-round as opposed to having peaks and valleys,” she said.
The initial opportunity that drew Galli to make her love of chocolate into a profitable venture was when she spotted an industry hole. All candies in the sweets market were processed through a distribution center, requiring a long shelf life for products. Fudge, a high earner that Galli identified early on through research, goes bad quickly.
Nancy’s Candy Co. removed the middle man — the distribution centers — and directly sold and delivered products to retailers. Fudge being a market hit easily sold even outside the traditional holiday season, building a speedy profit.
Galli stayed firmly committed to spreading Nancy’s Candy Co. as far and wide as she could manage, making cold calls and presenting at trade shows. The growth was undeniable, but Galli explained that the road was not without its potholes.
At least twice she was denied financing by the bank as she expanded to larger spaces or facilities. A second large client, Cracker Barrel, was highly beneficial from an advertizing perspective for a solid 10 years but was damaging for the profit margin.
When Nancy’s Candy Co. was forced to establish its own facility rather than rent, Galli faced many challenges. After plans were made and construction started, an unexpected fire marshal request forced the company to invest $180,000 in a water tower for a sprinkler system.
The huge, surprise cost meant that Galli had to cut costs elsewhere in the construction. The general contractor was fired and tasks such as tiling, painting and wallpapering the 5,000-square-foot facility were not contracted out to firms. Additionally, Galli sold any and all property, stock and miscellaneous items to help cover the expense.
The trials didn’t end there. The significant time and money investment for the construction of the manufacturing, delivery and outlet store facility resulted in flat sales that year. Sales didn’t restore themselves until 2001 after beginning the project in 1998.
By the time this year ends, Galli likely will be done with the company. She recently sold it to another Southwestern Virginia family, one she personally has known for years. That family’s many generations promise to sustain the local factory and its local commitment.
“I love to share my passion for business. I love to share my passion for Nancy’s Candy Co. I hope that maybe some part of what I say will be an inspiration to you,” she said.
Morrison reports for the Danville Register & Bee.
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Six Finalists for The Big Launch Challenge Announced
Thursday, 14 May 2015 12:00:00 EST
The Big Launch Challenge is a joint venture between The Launch Place from Danville, Virginia and First Flight Venture Center from the Research Triangle Park, North Carolina designed to showcase business plans for innovative ideas in a competitive environment. The Big Launch Challenge is scheduled for 1:00pm on May 19, 2015, at the Institute for Advanced Learning and Research in Danville, and 6 finalists have been chosen from thirty-seven applicants from nine different states.
The Big Launch Challenge offers startups valuable business networking and capital opportunities, as well as critical resources. The goal of The Big Launch Challenge is to foster entrepreneurship by offering education, team creation, mentorship, early-stage prototyping, and potential follow-on seed financing. Startups from the nano technology, green technology, alternative energy, advanced manufacturing, advanced materials, medical devices, and information technology industries were invited to apply for The Big Launch Challenge’s second year. The 6 finalists for The Big Launch Challenge are: 1. Camras Vision, the developer of the patented Camras Shunt. This device provides personalized pressure control to stop the progression of glaucoma. 2. GO Leaf, a cost and energy efficient producer of graphene. 3. Indexus Biomedical LLC, whose goal is to develop a revolutionary medical device to affordably bring advanced diagnostic testing closer to primary care. 4. SeaChange Technologies, who aims to provide sustainable solutions for water purification and desalination. 5. Tom & Jenny’s Candy, the maker of naturally-sweetened, cavity-preventing, and diabetic-friendly, delicious candies. 6. Velosal Medical, Inc., an innovative developer of medical devices for critical care and emergency medicine.
The top two contestants will be awarded up to $20,000 for the first place and $10,000 for second place. This event starts at 1pm and is free and open to the public - attend all or join at 5pm for the reception. Register to win free business consulting hours from The Launch Place.
The keynote speaker and moderator for the event is Troy Knauss. Troy is Vice Chairman, Board of Trustees, of the Angel Resource Institute, a non-profit spinout of the Kauffman Foundation focused on education and research initiatives for early-stage investors. Troy is a partner in a number of Angel funds and networks that invest in high-growth and turnaround companies. Troy has over 20 years of experience in family, growth, and start-up businesses. In addition to his fund activities, Troy is an exited entrepreneur with start-up and growth management experience in food processing, brand building, software development, and eCommerce companies. Troy is an active investor in more than forty ventures.
MORE INFORMATION:
About The Launch PlaceAwarded a $10 million grant from the Danville Regional Foundation in July 2013, The Launch Place increased its capacity to offer business consulting services and expanded to include entrepreneurship recruitment, development and retention resources and assistance, including seed investments.
Founded in 2005 as a 501 (C) 3 nonprofit organization, The Launch Place strives to energize and diversify Southern Virginia’s regional economy through entrepreneurship development and business consulting services.
About First Flight Venture CenterFounded in 1992, First Flight Venture Center was created to foster innovation and grow sustainable companies. Today, First Flight is one of the nation’s largest and most stable incubators, playing host to more than 37 high-science, high-impact annually. In total, First Flight company startups number 267 and growing. Several of the most notable graduates include United Therapeutics (NASDAQ: UTHR), SciQuest (NASDAQ: SQI) Athenix (acquired by Bayer, NASDAQ: BAYRY), Advanced Liquid Logic (acquired by Illumina, NASDAQ: ILMN), Bloodhound Technologies (acquired by Verisk), Ganymede Software (acquired by NETIQ IPO) and Exam Design (acquired by Person PLC, NASDAQ: PSO).
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Welcome to The Big Launch Challenge by The Honorable Terry McAuliffe, Governor of Virginia
Tuesday, 19 May 2015 12:00:00 EST
Welcome to The Big Launch Challenge by The Honorable Terry McAuliffe, Governor of Virginia
Welcome to The Big Launch Challenge by The Honorable Terry McAuliffe, Governor of Virginia
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