NORTH BRUNSWICK – A Garden State entrepreneur located in Red Bank was presented with a $50,000 prize at the New Jersey Economic Development Authority’s (EDA) New Jersey Founders and Funders All-Stars event.
Through a “pitch” competition featuring five previous New Jersey Founders and Funders participants, LugTrack, repres
The event was held at the newly-created, 32,600-square-foot Biotechnology Development Center on the Technology Centre of New Jersey campus in North Brunswick on Dec. 6, marking the first time that past New Jersey Founders and Funders participants were offered the opportunity to reconnect with and update investors on their progress, while competing for the award, according to the statement.
“We are grateful to have been selected to receive this award, which will help LugTrack move forward with our growth strategy and supplement our ongoing fundraising efforts,” Brouder said in the statement. “The technology community here in New Jersey truly fosters innovation and provides a supportive environment for those committed to pursuing novel ideas.”
The New Jersey Founders and Funders program was launched in June 2014 to directly connect entrepreneurs with multiple investors in a speed-dating environment. The 10-minute, one-on-one sessions discuss strategy, business models and funding opportunities to help early-stage companies gain critical insight on how best to position their startups within the state’s technology ecosystem, according to the statement.
All 225 past participant companies were invited to register, and 20 were selected by an independent panel to participate in the one-on-one sessions. The event was capped-off with lightning presentations by five companies selected by investors from the 20 participating in the one-on-one meetings to determine the recipient of the prize, according to the statement.
The award comes in the form of a forgivable loan, presented on the condition that the recipient receive a minimum 1:1 matching of outside, third party investor equity in the year following attendance at the event, according to the statement.
Other area companies that participated included Radius8 of Princeton, which provides retailers real-time visibility into what is happening in proximity to their customers and stores; and Tenna in Edison, a technology company that empowers construction companies to find more value across their inventory of equipment, vehicles and physical assets, according to the statement.
The event also included a panel of entrepreneurs sharing their insights on fundraising, maximizing the relationship with investors, and the path to exit. Ample networking opportunities for entrepreneurs, investors and other community stakeholders rounded out the day.
For more information, visit application.njeda.
