Prizes totaling $50,000 were up for grabs for entrepreneurs at the first-ever Commercialization Academy Demo Day. Participants had to win the votes of audience members and a panel of judges. Reporter Melissa Krull takes a closer look at this new area event, that's designed to get businesses off the ground.
ROME, N.Y. -- It's similar to the show, "Shark Tank."
Five hungry start-ups with licensed Air Force Research Lab technologies and connections to the Mohawk Valley, pitched their ideas for the chance to win a total of $50,000. It's hosted by a fairly new program, the Commercialization Academy, run by Wasabi Ventures.
"They actually went through an interview process and then this has been a six-month sort of combination of education and sort of hands-on training to get the teams to where they are today," said Wasabi Ventures general partner TK Kuegler.
The teams had four-minutes on stage to persuade audience members and a panel of judges that their start-up is most deserving of the money.
The team that won the judges' vote won $25,000, and the other $25,000 went to the team with the most audience votes.
Tim Fitzgerald, the Commercialization Academy Program Manager, explained the judges' criteria.
"They'll be looking at the level of innovation. Each team is taking technology from the Air Force Research Lab and commercializing it. So, how well are they using that technology in an innovative way to bring it to the public market?" Fitzgerald said.
"I'm here for two things. One is to see that the ideas from the Department of Defense, AFRL become commercialized so people can use it every day, and that we support the local businesses and local growth of these entrepreneurs tonight," said audience member Mike Walsh.
In the end, the online service, "VidFall" won the judges' vote, and the production company, "Lilo" won the audience vote.
"We're just so proud of the hard work that we've done, and that it's being recognized by people who really believe in the product that we've built, the growth and the traction that we've seen, and that they believe that we're gonna bring new jobs to New York," "VidFall" co-founder Joel Robinson said.
"I'm from here and I really wanted to be able to stay here, and make this into a success for this area. So to win, definitely reassures me that it's gonna happen. So, I can't even tell you how excited I am," said Stacey Smith, the co-founder of "Lilo."
Organizers say they plan to bring the event back next spring, and encourage area start-ups to contact the Griffiss Institute.