Newswise — Florida Atlantic University’s Tech Runway has selected its second Venture Vintage class of startup companies to participate in the business accelerator program.
The four companies will receive a $25,000 non-equity grant, participate in a 16-week intensive boot camp, and will be provided collaborative workspace for one year. The companies also participate in a formal program for mentoring entrepreneurs and their ventures. The second class of companies are:
• Honorlock offers award-winning, cloud-based solutions to curb academic dishonesty while remaining non-invasive.• Tone-y-Bands brings to market unique arm toning wrist weights that can be worn throughout the day to provide a workout from regular activities and improve exercise results. • Candidate.Guru delivers applications designed to vastly improve the hiring process for companies through the application of big data and machine learning technologies.• TightTalk Electronics has created the EarDrive audio recording, transcription and translation solution that works with any audio source.
“These new startups bring innovative ideas and unique solutions to their markets,” said Kimberly Gramm, associate vice president of FAU Tech Runway. “They’re poised to build on the success of the first class of companies accepted into Tech Runway.”
Supported by FAU and the State of Florida, FAU Tech Runway launched in October 2014 with five companies Venture Vintage I (VVI) pilot group. The program is based on two proven models for startup ventures, MIT’s Venture Mentoring Service and Stanford’s NSF-funded Lean Launchpad curriculum. Offered in conjunction with existing resources, FAU Tech Runway provides ventures the complete ecosystem for successful launch.
Since October 2014, the VVI companies have reported a total funding investment of more than $1.2 million (private, self and FAU funding), 20 new jobs created and combined projected revenues of more than $3 million for Q4 2015. The five inaugural FAU Tech Runway companies are:
• BedaBox is a company that simplifies shopping and shipping outside the country. • Design Comfort Shoes has a patent-pending comfort system for high-heeled shoes. • Interact TEAM provides training, education and consulting services to the long-term care industry.• Stand4 is a social impact app that empowers users to take a stand for their favorite causes. • Modulux Lighting provides more light with less power through its LED lighting fixtures.
Applications for a third round of Venture Vintage companies will be solicited and evaluated by FAU Tech Runway later this summer. Startups will be sought in all industries, with an emphasis on technology. The application process includes a business plan, pitch deck, three letters of recommendation and bio for each founder. Criteria for evaluation include but is not limited to the market opportunity, distinctive competence/competitive advantage, financial understanding of the revenue model and the investment potential. For more information on FAU’s Tech Runway, visit techrunway.fau.edu.
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About Florida Atlantic UniversityFlorida Atlantic University, established in 1961, officially opened its doors in 1964 as the fifth public university in Florida. Today, the University, with an annual economic impact of $6.3 billion, serves more than 30,000 undergraduate and graduate students at sites throughout its six-county service region in southeast Florida. FAU’s world-class teaching and research faculty serves students through 10 colleges: the Dorothy F. Schmidt College of Arts and Letters, the College of Business, the College for Design and Social Inquiry, the College of Education, the College of Engineering and Computer Science, the Graduate College, the Harriet L. Wilkes Honors College, the Charles E. Schmidt College of Medicine, the Christine E. Lynn College of Nursing and the Charles E. Schmidt College of Science. FAU is ranked as a High Research Activity institution by the Carnegie Foundation for the Advancement of Teaching. The University is placing special focus on the rapid development of critical areas that form the basis of its strategic plan: Healthy aging, biotech, coastal and marine issues, neuroscience, regenerative medicine, informatics, lifespan and the environment. These areas provide opportunities for faculty and students to build upon FAU’s existing strengths in research and scholarship. For more information, visit www.fau.edu.
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