In 4th San Diego Draft, Plug and Play Picks 7 Startups for Bootcamp
It took 11 judges just 30 minutes yesterday afternoon to draft seven seed-stage tech companies to spend three months next year in a startup boot camp at the Plug and Play Tech Center in Sunnyvale, CA.
The seven winners were chosen following presentations by 24 finalists on the 15th floor of a downtown high-rise at 707 Broadway owned by Emmes Asset Management, a firm that envisions the building as a new hub for local technology startups. As the setting sun slanted through windows overlooking San Diego Bay, a founder from each startup got five minutes to make their pitch—three minutes to describe their startup’s technology, strategy, and potential market, and two minutes to answer judges’ questions.
As one first-time observer tweeted:
“It’s kind of like SharkTankABC only less sharky.”
…Or maybe it’s just less obviously sharky.
Teams selected for the startup accelerator program must give up a 5 percent ownership stake in their company to Plug and Play when they enroll. Plug and Play also provides a $25,000 convertible note to each team that converts to an additional ownership stake when the company raises capital in its next institutional round. The size of that stake depends on the company’s valuation at the time.
The 11 judges included Saeed Amidi, founder of the Plug and Play Technology Center in Sunnyvale; Alireza Masrour, Plug and Play managing partner; Alex Roudi, CEO of San Diego-based Interwest Capital; Nathan Fletcher, a Qualcomm senior director for global strategic initiatives; Howard Leonhardt, founder of Leonhardt Ventures (and the California Stock Xchange); and Paul Grossman, managing director of Telegraph Hill Partners.
Selecting the finalists didn’t take long because judges were scoring each presentation while it was being delivered, said Dave Titus, who served as one of the judges, and works as a business development executive with the Cooley law firm in San Diego.
Several hundred people attended the event, which was the fourth time Plug and Play’s satellite operation in San Diego has drafted local companies for the Silicon Valley bootcamp program. “I would say the quality of this group was by … Next Page »