Rachio claims Glorious Failure $50K prize at COIN Summit in Denver

By: InnovatioNews Friday August 30, 2013 0 comments Tags: Aaron Kennedy, Chris Klein, COIN Summit, Denver, Double Helix, Franz Garsombke, Lenimen, Lightning Hybrids, Matt Reisman, Rachio

Rachio logoDENVER -- Rachio was the winner of the Glorious Failure competition at the second day of the COIN Summit in Denver, edging out three other finalists for the $50,000 cash prize.


The Denver-based company developed a consumer device to control lawn water use that it says is simple, accessible and saves money and water.


Co-founders Chris Klein, Matt Reisman and Franz Garsombke will use the money to begin production of its product, which is already being sold in pre-orders through its website, rach.io.


The company will manufacture the device in Colorado and is currently targeting big box retailers. Rachio said the next step is to seek first round investment of $500,000 to $1 million.


Other Glorious Finalists who pitched their ideas to COIN Summit attendees on Thursday were Double Helix, Boulder; Lightning Hybrids, Loveland; and Lenimen, Denver.


The contest, sponsored by the Colorado Innovation Network (COIN), was designed to reward and promote companies in advanced industries that face adversity but continued to move forward.


A new state brand and slogan was also officially announced at the COIN Summit.


The new brand features a triangular mountain peak image and the slogan "It's Our Nature" and will be used on all 22 Colorado state agencies.


"We have a state flag and seal, but until now Colorado has never had a unified brand," said Aaron Kennedy, the state's chief marketing officer. "This brand will not only help Colorado attract talent and jobs, but also save public dollars by eliminating the need to manage individual brands for each agency and department in state government."


More than 250 innovation leaders from Colorado, the U.S. and internationally attended the second COIN Summit at the Denver Center for the Performing Arts.


The event, created by Gov. John Hickenlooper in 2011, is designed to stimulate discussions and actions to promote Colorado's innovation network and create jobs.


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InnovatioNews is an online news magazine spotlighting innovative companies, products and people in Colorado. Launched in June of 2012, the site is the recipient of multiple awards.