CAMBRIDGE, Mass.--(BUSINESS WIRE)--The 128 Innovation Capital Group’s “Piranha Pond” (www.PiranhaPond.com) is in its third year with the next event scheduled for 6:00 – 9:00 PM on February 27, 2014 at the IBM Innovation Center in Cambridge (1 Rogers Street).
Inspired by the popular TV show “Shark Tank”, the Piranha Pond is an event where a select group of entrepreneurs has up to five minutes to convince a panel of investors to meet with them to discuss funding their ventures. Investors provide feedback to the entrepreneurs about their presentations and companies, and information to the audience about why they decide to be “In” or “Out”. If they are “In”, they will meet with the entrepreneur at a later time to discuss his/her company, and if appropriate, present to the investor’s angel group. If they are “Out”, the investor is not interested. The investor panel for this event includes Eric Evans of MassMedical Angels, Matt Hicks from Grand Banks Capital, Gail Hoffman from Golden Seeds, Shereen Shermak of Launch Angels, Ian Smith, individual Angel Investor and William Swiggart from Beacon Angels.
Since the program’s inception, Reynolds has received applications from 270 companies for the Piranha Pond, and selected 81 companies to present to a panel of investors. At least three companies have received funding. In addition, some companies have found other resources such as beta testers for their products.
As part of the process, presenters are given the opportunity to practice their pitches in front of a panel of consultants/coaches before the big day. Some have said that this was the most valuable part of the experience.
Reynolds has brought the Piranha Pond to Salem State University, Tech Sandbox and the Southern New England Entrepreneurs Forum (SNEEF). This is the first time the event has been held in Cambridge.
Applications are being accepted through February 17th for the February 27th Piranha Pond event. For this event, companies beyond the idea stage are sought. Apply at www.PiranhaPond.com.