Tech Valley News
BullEx Digital Safety Wins B-Plan Contest
BullEx Digital Safety of Troy, a technology company offering new products in the fire safety and security industry won the $100K Business Plan Competition as part of the Summit in Tech Valley VI.
The other finalists were Celery LLC of Troy, developer of a simple, low cost way for non-computer users to be included in sending and receiving e-mails and digital photos; and, Polar Industries of New Windsor, which manufactures state-of-the-art products for the security industry. Read their profiles.
All three firms presented their business plans to a panel of venture capitalists from the U.S. and Canada at the Summit in Tech Valley, with the winner announced during the daylong event. Along with a cash prize of $100,000, BullEx Digital Safety will also receive professional advisory services from several firms to improve its chances for long-term success.
More than 300 CEOs, presidents and senior-level executives from the technology, business, government and academic communities are expected to be in attendance at the sixth annual event, which will be held at The Desmond Hotel & Conference Center in Colonie, New York on April 26. Berkshire Bank, through its Greater Berkshire Foundation, will serve as the event’s major sponsor; Nixon Peabody LLP is the lead sponsor of the Business Plan Competition.
“Tech Valley’s entrepreneurial landscape is well-represented by this year’s group of finalists,” said Ann Wendth, senior vice president of the Albany-Colonie Regional Chamber of Commerce and lead organizer of the Summit. “Each of these companies offers a unique technology, yet they all share a combination of innovation and business savvy that point toward a bright future for the region’s high-tech sector.”
Venture capitalists serving as judges for the final round of presentations are Bob Greene of Contour Venture Partners in New York City; Gary P. Hull of Summer Street Capital Partners LLC in Buffalo; Kara Nortman of Battery Ventures in Wellesley, MA; Lisa S. Pent of Greenwich, CT-based Belle Haven Investments LP; and, Salvatore Rodi of SGF, located in Montreal.
Previous winners include Valogix Inc. (2005) of Saratoga Springs, a developer of business software that forecasts future demand, sets stocking levels, creates replenishment orders and optimizes inventory; Natec Inc. of Plattsburgh, a manufacturer of polymer-based ammunition (2004); Crystal IS Inc. of Watervliet, a materials research and manufacturing firm that focuses on semiconductors (2003); Starfire Systems Inc. of Malta, a developer and manufacturer of high-temperature, high-performance silicon carbide ceramic materials (2002); and, ReQuest Multimedia of Troy, which produces cutting-edge equipment that can store an entire music collection (2001).
For the fourth consecutive year, the law firm of Nixon Peabody LLP is serving as lead sponsor of the $100,000 Business Plan Competition. Major supporters are Albany Molecular Research Inc. and Rensselaer Polytechnic Institute; participating sponsors are Blue Slate Solutions LLC, MapInfo Corp. and Intermagnetics General Corporation.
“This is Nixon Peabody’s fourth year as lead sponsor of the $100,000 Business Plan Competition, and we are delighted about the success of the event thus far,” said Andrew Rose, partner with Nixon Peabody. “This event has quickly grown from a showcase of regional talent to an event of national prominence, with inquiries from interested tech companies throughout the country. The success of the previous Business Plan Competition winners has been well-documented, and we are certain that this year’s winner will have an equally promising future.”
Companies headquartered in the 18-county Tech Valley region whose products or services are technology-oriented, are legal entities and have a $2 million per year revenue cap were eligible to enter the competition. From the original group of applicants, 10 were selected to present their business plans to a panel of regional business leaders, which selected the three finalists for this year’s competition. Informational sessions for interested companies were conducted in Colonie office of the Albany-Colonie Chamber and the Newburgh campus of Orange County Community College.
In addition to the $100,000 prize, BullEx Digital Safety will receive consultation from several area firms to help improve the venture’s chances of success. BullEx Digital Safety will receive $50,000 upon being selected, and the additional $50,000 as it reaches pre-determined milestones developed in conjunction with a professional advisory committee, made up of representatives of each service provider. BullEx Digital Safety will meet with that committee on a quarterly basis.
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