Monday May 6, 2013 0 comments
By Steve Porter
FORT COLLINS - Origin Ltd., a startup company offering an improvement on the camlock device used by rock climbers, took first place and $10,000 at the first CSU Venture Adventure Challenge held Friday at Rocky Mountain Innosphere.
Origin's collapsible cam, called the Cam-Keeper, has a patent pending and is expected to bring in $11.9 million in net income by 2017, according to Origin founders Jana and Matt Glanzer, who told competition judges they have two letters of intent from major retail distribution companies.
Origin also won 25 hours of accounting and tax assistance from EKS&H valued at $5,000; six hours of legal service from Rothgerber Johnson and Lyons valued at $2,400; 20 hours of consulting time from Smart2market valued at $1,650; and four hours of accounting and business process assessment from ASI valued at $2,500. [View video interview below.]
Twenty individuals and teams from Colorado State University vied for $22,000 in cash and prizes at the day-long event, making their 10-minute presentations before panels of judges of entrepreneurs - including Colorado Congressman Jared Polis - and angel and venture capital investors.
Finals competition judges included Peter Adams, Rockies Venture Club executive director; David Gold, Access Venture Partners managing director; Mark Kent, Access Venture Partners executive in residence; Erik Mitisek, Colorado Technology Association CEO; and Brian Thomas, OtterBox president and CEO.
The competition was hosted by CSU College of Business' Institute for Entrepreneurship.
Charisse Bowen, Institute director, said choosing the top five teams was not easy.
"Every team has exceeded expectations as far as their delivery, their concepts and their presentations," she said. "All the judges were so impressed."
Placing second and winning $6,000 in the competition was Fort Collins Specialty Foods, which is marketing a chocolate chip enhanced marshmallow for better smores treats.
Third place and $3,000 went to Five Hearts Compost and its Drunken Worm composting system for gardeners.
Fourth place and $2,000 went to The Wild Gym Company, which is producing outdoor fitness equipment for parks.
Fifth place and $1,000 went to Idias BioEnergy, a company whose technology takes CO2 and converts it into valuable algae biomass.
Sponsors for the event included InnovatioNews, EKS&H, Smart2Market, ASI, Rocky Mountain Innosphere, SafeBuilt, Rothberger Johnson & Lyons LLP, Odell Brewing, New Belgium Brewing and Pateros Creek Brewing.
Click here to view the IN Image Gallery for this event.
InnovatioNews winners video interview