openPR Logo
Press release

Pivitec Wins Ben Franklin Venture Idol

First Northeastern PA-Based Crowdfunding Event

Pivitec, LLC won Ben Franklin Venture Idol, hosted by the Ben Franklin Technology Partners of Northeastern Pennsylvania on Thursday, November 21. The event was held at the Innovation Institute in Ben Franklin TechVentures®, the award-winning technology incubator/post-incubator on Lehigh University’s Mountaintop Campus.

Ben Franklin Venture Idol is like a cross between Shark Tank® and American Idol®, but with entrepreneurs and investors instead of vocalists and celebrities. The event illustrates a significant way in which early-stage entrepreneurs seek and obtain seed capital. Ben Franklin Venture Idol 2013 was the first “in-person” crowdfunding event ever to be presented in northeastern Pennsylvania.

Approximately 225 guests attended the sold-out Ben Franklin Venture Idol, which included pre- and post-event executive networking receptions. Ten company candidates were identified as Ben Franklin Venture Idol competitors, including Impatient, the winner of Lehigh Valley Tech’s Startup Weekend event that was held November 15-17 at Ben Franklin TechVentures.

Following a networking session beginning at 5:30 PM, the evening event began with a keynote address on crowdfunding by Brian Meece, CEO of RocketHub.com.

In addition to Impatient, the Ben Franklin Venture Idol competitors were: Bison Analytics, LLC, Lewisburg; Cerora Inc., Bethlehem; eVendor Check, Hawley; GiveGab, Dunmore; Map Decisions, LLC, Bethlehem; Orbweaver Sourcing LLC, Center Valley; Pivitec, LLC, Bethlehem; PROVA Systems, LLC, Carbondale; and Skaffl, LLC, Allentown.

After earning their way through two rounds of judging in the afternoon prior to the evening event, three remaining start-up technology company entrepreneurs were selected. Company finalists Cerora, Inc.; eVendor Check; and Pivitec, LLC pitched their ventures to investors and the audience in the evening.

Following short critiques from a panel of investors, the audience members “funded” the companies, crowdfunding style. With $100 of “Ben Bucks,” each guest distributed his or her “investment dollars” in whole or part among the three finalists. Ben Franklin will award $15,000 in real dollars to the companies based on the “crowdfunded” audience vote.

Pivitec develops and markets leading-edge, networked audio streaming and distribution products. Modern performances in theaters and houses of worship require a variety of approaches to provide performers the ability to hear their own performances as well as cues. Wired systems currently in use require extensive cabling, limiting performers’ movements, and have limited audio source reception. Pivitec uses wireless mobile devices as interactive controllers for its network devices to address problems in live professional audio productions. Ben Franklin Technology Partners has invested a total of approximately $290,000 in Pivitec since 2010, and the company is a resident in Ben Franklin TechVentures.

Crowd funding for early-stage firms involves the collective effort of individuals who network and pool their money, typically via the internet, to fund a company. Although selling shares of stock is not yet allowed over the internet, companies seeking funding on crowd funding sites like RocketHub.com often provide gifts in exchange for contributions. This form of crowd funding has recently received attention from U.S. policymakers with direct mention in the 2012 JOBS Act, legislation that allows for a wider pool of small investors with fewer restrictions. Portions of the JOBS Act that permit wider publicity of companies seeking to sell equity, including use of the internet, were recently adopted by the U.S. Securities and Exchange Commission.

The evening’s investor panelists were:

Glen Bressner, Originate Ventures
Paul Martino, Bullpen Capital
Brett Topche, MentorTech Ventures

Chad Paul, Ben Franklin Technology Partners President and CEO, hosted and Fred Beste, CEO of the General Partners, Mid-Atlantic Venture Funds and Ben Franklin Technology Partners Board Chairman, was the emcee.

The Ben Franklin program was created by the state of Pennsylvania to play a leadership role in strengthening regional economies, building the state's technology economy, and creating and retaining high-wage, high-skilled jobs.

Laura Eppler
Director, Marketing
Ben Franklin Technology Partners of Northeastern PA
116 Research Drive
Bethlehem, PA 18015

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Pivitec Wins Ben Franklin Venture Idol here

News-ID: 276130 • Views: 4650

More Releases from Ben Franklin Technology Partners of Northeastern PA

Ben Franklin to Invest $136,000 in Regional Economic Development
The Ben Franklin Technology Partners of Northeastern Pennsylvania’s (BFTP/NEP) Board of Directors has approved the investment of $136,000 in support of regional economic development. BFTP/NEP’s goal is to help lead northeastern Pennsylvania to a better economic future by building partnerships that develop and apply technology for competitive advantage. To achieve this goal, Ben Franklin staff concentrate their efforts on three key areas: 1. developing and growing early-stage technology-based companies, 2. helping established manufacturers creatively
Ben Franklin Technology Partners Creates/Retains 904 Jobs in 2013
The Ben Franklin Technology Partners of Northeastern Pennsylvania (BFTP/NEP) has reported that 904 northeastern Pennsylvania jobs were created or retained as a result of its work in 2013. These results were accomplished in the organization’s 21-county service area, including Berks, Bradford, Carbon, Columbia, Lackawanna, Lehigh, Luzerne, Lycoming, Monroe, Montour, Northampton, Northumberland, Pike, Schuylkill, Snyder, Sullivan, Susquehanna, Tioga, Union, Wayne, and Wyoming counties. Impact results are a summation of the accomplishments of
Ben Franklin Hosts PA House Manufacturing Caucus
The Ben Franklin Technology Partners of Northeastern Pennsylvania (BFTP/NEP) hosted the Pennsylvania House Manufacturing Caucus at its Ben Franklin TechVentures® headquarters on Lehigh University’s campus on Thursday afternoon, November 14. More than a dozen elected officials and state dignitaries toured the award-winning, technology-based incubator/post-incubator facility, stopping at resident company XiGo Nanotools and post-incubator client Saladax Biomedical. Guests then traveled to successful Ben Franklin alumni clients IQE and OraSure Technologies at
First Northeastern PA-Based Crowd Funding Event at Ben Franklin Venture Idol
The Ben Franklin Technology Partners of Northeastern Pennsylvania will host the first crowd funding event in Northeastern Pennsylvania on Thursday, November 21 at Ben Franklin Venture Idol. Ben Franklin Venture Idol is like a cross between Shark Tank® and American Idol®, but with entrepreneurs and investors instead of vocalists and celebrities. After earning their way through two rounds of judging, three remaining start-up technology company entrepreneurs will briefly pitch their

All 5 Releases


More Releases for Venture

Electrikus wins Ben Franklin Venture Idol
It was similar to the popular television show American Idol, except with entrepreneurs instead of vocalists. The Ben Franklin Technology Partners of Northeastern Pennsylvania hosted “Ben Franklin Venture Idol” on Thursday, November 17th. The event was held at Ben Franklin’s Innovation Institute, on the fourth floor of the newly opened expansion of Ben Franklin TechVentures®, Ben Franklin’s award-winning technology incubator/post-incubator on Lehigh University’s Mountaintop Campus. The day began with a “speed
CleanTech Venture Capital Interest
Keynote speaker to share the vision for CleanTech and Venture Capital Funding at EngEx 2010 SAN DIEGO – CleanTech start-ups are grabbing increased interest and investments from venture capital groups that placed almost $2 billion into eco-friendly companies last year and increased the funding pace with another $773 million during the first quarter of 2010. Clean energy business owners and industry professionals attending EngEx 2010 will hear more about the
Keenga Research Is Now Venture Returns
October 1st, 2007 – Keenga.com, the company that provides essential services and strategies for entrepreneurs, has changed its corporate name to VentureReturns.com. In doing so, VentureReturns.com now becomes the home to thousands of profiles on venture capital and private equity firms as well as services to help private companies grow from funding to exit. “When the company was founded almost three years ago the focus was entirely on in-depth venture
Sep. 5th Venture Capital Event
(EMAILWIRE.COM, July 31, 2007)- New York - Argyle Executive Forum is pleased to present its 2007 Leadership in Venture Capital Forum. The event, to take place in Manhattan, will bring together 135–150 CEOs & Board members of public and private large cap and mid cap corporations, complementary areas of executive leadership (CFOs & COOs), members of the endowment, foundation, and family office community, select advisory firms, and select founders /
European Venture Market ICT 2006
European Venture Market ICT 2006 4th – 6th October 2006 Potsdam, Germany www.europeanventuremarket.com The European Venture Market is a platform to facilitate the meeting of entrepreneurs and investors. It is a platform for any kind of financing with focus to equity. Giving the wide variety of investors joining the platform the Market is suitable for any sectors especially for ICT & related as the platform will be organise by Hasso Plattner Ventures. The European
European Venture Market Berlin 2006
The European Venture Market is a platform to facilitate the meeting of entrepreneurs and investors. It is a platform for any kind of financing with focus to equity. Giving the wide variety of investors joining the platform the Market is also suitable for any sectors. The European Venture Market is informal, discrete, personal and professional. Meet professionals with a high efficiency Information, contacts, presentation of high-tech companies and investors CONTINUA Unternehmensentwicklung Céline