The Company Lab has announced three emerging companies as the winners of its seventh annual Will This Float? business pitch competition.
Music Therapy Gateway in Communications took first place, winning $3,000 in cash, 30 hours of free business services, a spot in a CO.LAB program and three months of access to co-working space at Society of Work.
Allstar Technologies, led by Dan Basler, took second place, earning $1,000 in cash and the same prize package as Music Therapy Gateway in Communications. Arrival Events received $500 for winning the People’s Choice Award.
About 200 people attended the event, which featured business pitches from seven aspiring entrepreneurs from across southeast Tennessee. A panel of three judges selected the winners, assessing candidates according to their pitches and a set of five Float criteria:
Few direct competitors (Is it a novel idea?)
Low adoption/switching costs (Will customers use it?)
On-time entry to market (Is the window of opportunity open?)
Addresses unfilled need or want (Does it solve a real problem?)
Target market is identified and large (Who are the customers?)
Music Therapy Gateway in Communications is a software platform that allows users to engage in music therapy without having a music therapist present. Due to the limited number of certified music therapists available to the local populace, this platform will make the benefits of music therapy accessible to a larger number of people affected with speech, motor and cognition issues.
Allstar Technologies is an athletic training system that utilizes LED lights on a track to provide a customizable pace for runners. The system enables athletes to engage in multiple training modes that allow them to improve their pace-per-mile and compete against previous run times.
Arrival Events is an end-of-life celebration planning service that works with families to create memorials designed specifically for their loved ones.
Source: The Company Lab