Unveiling ideas for web-based software, entertainment technology, and GPS navigation, a crop of young micro-companies will present the results of a 20-week incubator program at AlphaLab’s Demo Day, to be held in Pittsburgh October 14.
“This is the third event we’ve held for AlphaLab,” says Terri Glueck of Innovation Works. Southwestern Pennsylvania’s largest investor in seed-stage companies launched AlphaLab in March 2008 for early-stage companies engaged in software applications and entertainment technology. Each crop of six new firms receives a $25,000 investment (in exchange for a five percent common stock holding in the company), with free office space and access to Innovation Works’ business advisors.
“This program is for early-stage companies, which typically have a shorter window to get products to market. They’re capital and time-efficient,” says Glueck. She says buzz among local and out of town investors is building, though the audience is limited to 130 participants.
Companies in the current AlphaLab class include CloudFab, a web manufacturing marketplace; Fooala, an open platform for online restaurant sales; LeftRight, a game developer; NavPresience, which creates customized GPS systems; and Vivo, a web-based video broadcast system.
“The buzz can’t build any more,” jokes Glueck. “There’s not enough space in the room.” To accommodate those who can’t make the standing-room-only event, Vivo will stream presentations live online. To get instructions on receiving the online feed, send AlphaLab an e-mail.