When shots of Jameson's are poured, stacked three deep and consumed with great aplomb, it must be DreamIt Ventures demo day. But that's getting ahead of the story, because the libations came only after the presentations were given, after the business cards were handed out, and after 12 intense weeks of entrepreneurial incubation.
“Demo Day was a great success. All 14 companies had strong presentations and we had a full house of investors. The companies' booths were packed with interest until we had to exit the building! It’s one of the strongest classes that we’ve had at DreamIt,” remarks Kerry Rupp, DreamIt managing partner.
The 2011 Philadelphia DreamIt Ventures class wrapped up last Wednesday in University City at World Cafe Live. Just a few blocks from DreamIt offices at 34th and Market, fourteen startups presented polished seven minute pitches. There were clear front runners; three have been selected for a brand new 6 month Philadelphia entrepreneurial program, details of which cannot yet be divulged.
ElectNext, Cloudmine and SnipSnap are all slated to move on to the program, which has not yet been publicly announced. While the companies planned to announce their acceptance into the project at Demo day, last minute alterations to slide decks were necessary to excise all references. ElectNext also got a same-day bump with a Fast Company article featuring founder Keya Dannenbaum.
One company, UXFlip, started life at DreamIt as FeedbackTrail, but 8 weeks into the program, founder and CEO Michael Raber says he had to drop and turn on a dime when it became clear that FeedbackTrail was not going to be a long term revenue generator. With three weeks left in the DreamIt program, Raber created UXFlip, which will allow mobile app developers to make changes without forcing a user-end update.
Spling, a social media content sharing platform, is the standout for raising a $400,000 Series A round of funding during DreamIt.
“The companies represent the best and brightest entrepreneurial talent in the Internet & mobile space. They include PhD’s and JDs from top academic institutions like Yale, Stanford and UT, as well as dropouts from top academic institutions like Duke, Georgetown and the Wharton School at Penn,” adds Rupp, who notes that one company's founders are still in their teens.
“Five of the companies were selected in partnership with Comcast Ventures, as part of the Minority Entrepreneur Accelerator Program (MEAP),” says Rupp. “ElectNext, Kwelia, MetaLayer, ThaTrunk and Qwite include owners who are African American, Asian, Hispanic and Indian.”
The afterparty, and the shots, went down at National Mechanics, the go-to bar for the local tech community. It got loud, but you've got to forgive the crowd. It was the last time they'd all be together in one room. The companies have a week to pack up and move on. None received checks or solid offers at Demo Day, but a lot of cards were exchanged and some promises made. At happy hour, companies compared the size of their spikes — on Google Analytics.
Up next, according to Noelle McHugh, DreamIt's office manager and MacGyver, the team goes north to New York City for DreamIt 2012, which begins in March. Applications for the NYC DreamIt class open on December 26th, with a March 16 deadline for companies, and an April 6 2012 deadline for individuals. The New York class begins in mid-May of next year, and at the same time, applications for the 2012 Philadelphia program open.
Source: Kerry Rupp, Noelle McHugh, DreamIt Ventures
Writer: Sue Spolan
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