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Wilminvest Swims to the Top and Wins Over Sharks

Sometimes the idea is the easy part for entrepreneurs. And for the competitors of the Emerging Enterprise Center’s (EEC) Swim with the Sharks Pitch Competition, the idea is just the beginning of a very long road. We’ve all heard the phrase, “it takes a village to raise a child.” This is similarly true for the entrepreneurs that competed last Friday, November 1st for the EEC’s Swim with the Sharks Pitch competition.  All of the finalists represent the successful summation of the village of a positive economic ecosystem represented by local universities, other mentor entrepreneurs, a cooperative local government, investment companies and of course the New Castle County Chamber of Commerce (NCCCC).   And of all of the entrepreneurs it is especially true for this year’s winner, Wilminvest, LLC.

Over more than 10 years, the EEC has worked with 44 companies, generating $68.8 Million in revenues and employing 231 people. These results don’t happen alone. Both the NCCCC and the EEC have actively reached out to the entrepreneurial community to partner on efforts to create awareness among small businesses and budding entrepreneurs to let them know that they are not alone; there are resources available to help them. Competitions like the EEC’s Swim with the Sharks Pitch Competition not only provide seed money for young entrepreneurs, the help to raise visibility in the marketplace, build investor and advisor networks, and uncovers new ways to cut business costs. Our four competitors have seen just that happen due to their exposure at the competition. In fact, two of our finalists have already been approached by potential investors and partners just days following the competition.

For the third year, the EEC, Delaware’s first small business incubator located at the NCCCC, partnered with the New Castle County Government, NCC Innovates Program, as well as multiple sponsors, to offer the prize package which included:

Each applicant was judged based on a combined score of both their written application and oral pitch. Judging criteria included business feasibility, understanding of market need and opportunity, clear articulation of value proposition, go-to-market strategy and soft skills. Four finalists were then selected to pitch before a live audience and a new panel of judges at the Annual EEC Luncheon, which was held at the Harry’s Savoy Grill and Ballroom in Wilmington. The four finalists included 2M LLC, AnCatt Company, Lignolix, Inc, and Wilminvest, LLC.

The Grand Prize winner was selected based on a combined judge/audience vote (75%/25%). The judges included Keith Ellison (Urban League of Philadelphia Entrepreneurial Center), Holly Flanagan (Gabriel Investments), Mark Olazagasti (InfoSolutions, LLC), and former Swim with the Sharks winner Dr. Sumedh Surwade (SAS Nanotechnologies).

Bryce Fender and Joel Amin, Jr from Wilminvest, LLC win the 7th Annual Swim with the Sharks Pitch Competition. Pictured left to right: Matt Meyer (New Castle County Executive), Bryce Fender, Joel Amin, Jr, and Bob Chadwick (President of the New Castle County Chamber of Commerce & Emerging Enterprise Center).

Wilminvest, LLC beat out 25 other applicants and despite a very tough competition, narrowly winning first place for the EEC’s Swim with the Shark Pitch Competition – now in its 7th year with a Grand Prize totaling over $14,000 in cash and services.

Wilminvest, LLC pulls together family and resources to buy and restore houses in the city of Wilmington. The company then provides these homes in rent free short-term leases with the assistance of Delaware State Housing Authority to consumers experiencing substance abuse recovery, mental illness, and chronic veteran homelessness. By pulling together community resources, Wilminvest is investing directly back into our community to help better the economy by getting ‘hard luck’ folks off the streets and into a bed. Two young men, saw a problem, had an idea, and pulled the community together to help solve that problem. With this pitch competition grand prize, Wilminvest plans to reinvest it back into the community by purchasing two additional houses putting them ahead of their projections for the year and helping two more families off the streets and into a home. What a great example of an entrepreneurial ecosystem and “it take a village.”

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And the Finalists Are…

An impressive group of entrepreneurs presented to a team of judges this past few weeks in the preliminary pitches for the Emerging Enterprise Center’s Annual Swim with the Sharks Pitch Competition.

A total of 18 companies pitched before the finalist were chosen. For the first time ever in the history of the pitch competition, we had a tie in our judges scoring. Since there has never been a residence for this, the judges felt the need to include the third place winner in the competition as well since the scores so close. We are happy to announce that this year there will be four companies pitching in the finals.

These four companies will compete for more than $14,000 in cash and services in front of a live audience on November 1st to be held at Harry’s Savoy on Naamans Road in Wilmington. The Grand Prize represents a combination of partnerships with New Castle County Government and the NCC Innovates Program, as well as entrepreneurial service providers and sponsors, including Harvard Business Services Inc., The Williams Law Firm, Small Business Administration, and World Trade Center Delaware.

The finalists are (in alpha order):

2M, LLC is an advanced battery technology company, commiteed to providing superior, reliable and afford energy storage products including lithium ion battery materials and battery cells through innovation and cutting edge technology.

AnCatt is the first successful high-performance, environmentally-friendly, anti-corrosion paint coating that does not use any toxic heavy-metals such as chromates, lead, or zinc.

Lignolix, Inc. is a technology company that sustainably makes synthetic materials from renewable biomass wast streams. Currently, it has a process that selectively breaks down lignin to make synthetic materials.

Wilminvest, LLC is a company that combats the vacant and abandoned housing plague afflicting Wilmington, DE. The company acquires, renovates, and rents out vacant and distressed resident real estate as permanent supportive housing. The company uses federal and state funds to support displaced individuals and families who are experiencing unstable housing situations.

All 18 applicants submitted a 5 page business canvas and were invited to present a preliminary pitch before a panel of judges.  Each applicant was judged based on a combined score of both their written application and verbal pitch.  Judging criteria included business feasibility, understanding of market need and opportunity, clear articulation of value proposition, go-to-market strategy and soft skills.  The finalists will pitch before a live audience and a new panel of judges at the Swim with the Sharks Luncheon to be at Harry’s Savoy Ballroom, 2020 Naamans Road, Wilmington, DE 19810.  The winner will be selected based on a combined judge/audience vote (75%/25%).

All of the applicants did a wonderful job. They are as follows:

  • 360VR Technology
  • Addi Naturals
  • As Told by Women
  • Children’s Place Child Development Center
  • Circus Monkeys
  • DX Technology Group
  • Fur Baby Tracker
  • Lunch Karma
  • PS3G, Inc (DocVilla)
  • RiKarbon, Inc.
  • Second Chances Farm
  • Street Xpressions Auto
  • Twisted Theatre
  • YaYa Podcasting

The Emerging Enterprise Center is an initiative of the New Castle County Chamber of Commerce and New Castle County Economic Development Council.  The Emerging Enterprise Center is a business incubator that helps start-up businesses develop a long- term sustainable model, grow their business, and learn essential entrepreneurial skills.

Since its inception in 2008, the Emerging Enterprise Center has assisted 44 businesses.  These businesses have generated over $69 million in revenue and employed 231 people while in the program.

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Entrepreneurship is not for the faint of heart…but help is at hand!

Sometimes the idea is the easy part.  And for scientists and technologists it’s just the beginning of a very long road.

For 2018 Swim with the Sharks winner Sumedh Surwade of SAS Nanotechnologies it began with PhD research which led to a proprietary, patent pending anticorrosive coating technology that not only prevents corrosion but also heals and protects metals from corrosion in the cause of surface scratches or damage.  Next came an NSF SBIR grant for further development, and conversations with potential strategic partners for technology testing and licensing. Today, Dr. Surwade is evaluating additional applications and routes to market, including manufacturing in Delaware.  That’s the short version.

Sharron Cirillo of SC Associates presents Sumedh Surwade with an SC Associates Business Starter Backpack as they discuss his short- and long-term accounting needs.

You would think it ends once the technology is developed, proven and accepted.  Not quite.  Then comes the day to day blocking and tackling of running a business which requires just as critical a foundation.  Fortunately, the EEC and its partners are here to help.  Having won the EEC’s Swim with the Sharks Pitch Competition, Dr. Surwade will be receiving a New Castle County Government NCC Innovates $10,000 award that he will be using to purchase vital testing equipment.  This equipment will speed up product commercialization by reducing the time (and associated cost) of testing from 10 days to 3 hours.  And last week, Dr. Surwade met with Rich Roux of Info Solutions, LLC and Sharron Cirillo of SC Associates, SWTS sponsors, and both of whom donated services to the winning company.  Info Solutions, LLC have discussed what Dr. Surwade’s IT needs will look like as he seeks to scale SAS Nanotechnologies, and SC Associates will be working with him to ensure that the financial processes he has in place can adapt and grow as his business grows.   As for the Emerging Enterprise Center…. Dr. Surwade is all set to hold his first Advisory Board meeting at his new Riverfront Conference Room!

Richard Roux of Info Solutions talks to Dr. Surwade about IT considerations as his business grows.

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SAS Nanotechnologies Wins This Year’s Swim with the Sharks Pitch Competition

Written by Dora Cheatham, Program Manager, Emerging Enterprise Center

Beating out eleven other startup companies, and despite tough competition, SAS Nanotechnologies cruised into the no. 1 position to win the Emerging Enterprise Center’s Swim with the Sharks Pitch Competition—now in its 6th year and with a Grand Prize totaling over $16,000 in cash and services.

Dr. Sumedh Surwade from SAS Nanotechnologies responds to questions from the judges following his pitch. Photos courtesy of Bob Horton, Creative Image Associates

SAS Nanotechnologies won this year’s award with their proprietary, patent pending anticorrosive coating technology that not only prevents corrosion but also heals and protects metals from corrosion in the case of surface scratch or damage. Founded by Sumedh Surwade, and growing out of his PhD research, the technology was recently awarded an NSF  SBIR  grant to further develop the technology. Dr. Surwade is already in conversations with potential strategic partners for technology testing and licensing and is considering additional routes to market, including manufacturing in Delaware.  Dr. Surwade plans on using his winnings to purchase testing equipment that will speed up product commercialization by reducing the time and cost of testing from 10 days to 3 hours.

For the second time this year, the Emerging Enterprise Center, Delaware’s first small business incubator located at the New Castle County Chamber of Commerce, partnered with New Castle County Government, as well as multiple sponsors, to offer the prize package which included:

  • Cash prize of $10,000 from the New Castle County NCC Innovates Program
  • $2,000 business startup and bookkeeping package from SC Associates
  • $1,400 in IT services from Info Solutions
  • 6 month membership in the Emerging Enterprise Center Virtual Incubation Program (valued at $1,800)
  • New Castle County Chamber of Commerce Marketing Package (valued at $1,400)
  • One year membership in World Trade Center Delaware (valued at $395)
  • One year membership in New Castle County Chamber of Commerce (valued at $350)

Each applicant was judged based on a combined score of both their written application and oral pitch.  Judging criteria included business feasibility, understanding of market need and opportunity, clear articulation of value proposition, go-to-market strategy and soft skills.  Three finalists were then selected to pitch before a live audience and a new panel of judges at the Emerging Enterprise Center Luncheon which was held at the Grand Opera House in Wilmington.  The three finalists included SAS Nanotechnologies, D150 Fueling and Smart Kidz Club.

The Grand Prize winner was selected based on a combined judge/audience vote (85%/15%).  The judges included former Swim with the Sharks winner Amira Idris (Thera-V), Dr. Daniel Young (Goldey Beacom College), Sam Waltz (Strategic Capital & Business Counsel) and Dr. Janet Reed (Potter Anderson Corroon, LLP).

Above: Dr. Sumedh Surwade from SAS Nanotechnologies accepts his award from New Castle County Executive Matt Meyer
Back left to right: Dr. Daniel Young (Goldey-Beacom College), Bob Chadwick (New Castle County Chamber of Commerce), Sam Waltz (Strategic Capital & Counsel), Dr. Janet Reed (Potter Anderson Corroon, LLP).
Front left to right: Amira Idris (Thera-V), Dora Cheatham (Emerging Enterprise Center), Matt Meyer (New Castle County Executive), Dr. Sumedh Surwade (SAS Nanotechnologies), Tamarra Morris (New Castle County Government).
Photos courtesy of Bob Horton, Creative Image Associates

 

 

 

 

 

 

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Williams Humphreys and Company to Sponsor Swim with the Sharks Video Pitch Competition again along with others

The Emerging Enterprise Center is excited to once again have Williams Humphreys and Company as the Presenting Sponsor for the Swim with the Sharks Video Pitch Competition Program.

By being a Presenting Sponsor, Williams Humphreys and Company can bridge the gap between the entrepreneurial ecosystem and the small business community in New Castle County, Delaware.

In addition, the Emerging Enterprise Center has received sponsorships from Young, Conaway, Stargatt, and Taylor, LLP, as well as Advertising is Simple (a graduate from the EEC).

For more information on the Swim With The Sharks Video Pitch Competition please click here.

If you are interested in sponsoring this program, please contact Erica Crell at [email protected].