What did you miss at PitchBreakfast last week?
This month we featured three companies in the regular PitchBreakfast format. During the event, each company had five minutes (with slides) to pitch followed by ten minutes of feedback from our panelists.
The panelists included:
▪ Rob Cummings, Managing Director & Chief Technology Officer (CTO) at Falfurrias Capital Partners
▪ Steve Amedio, CEO of TKXS
▪ Christy Durbin, Founder of Staya Sleep
Here were the main takeaways from last week:
Show how you’ll make life easier
Charlotte attorney Bobby L. Robinson developed IntellyDoc, which aims to optimize time by analyzing broad swaths of documents in the legal industry.
According to Robinson, the legal industry has been slow in adapting the use of artificial intelligence. Therefore, he has set his sights on solving resource-consuming issues such as managing contracts, file management, and e-signatures.
Robinson was met with an agreeable cheer from the audience after stating his automated contract review would turn a week’s worth of tedious work into something that could be finished in a few hours.
Furthermore, IntellyDoc’s promise of no document minimums and a flat monthly rate have already enticed law firms and private companies. Robinson also noted his machine learning was powered by IBM and version 1 is currently in production.
Find your captive audience and go there
Parker Moore and Jonathan Peterson’s Tux on Trux is a mobile tuxedo service that intends on eliminating the difficulties associated with young men, suit rental, and timely responsibility. Proclaiming themselves the “Jostens” of tuxedos, the startup arranges fitting, delivery, and post event pick up all at one convenient location—their school.
Panel expert Christy Durbin noticed the similarities to Rent the Runway. Additionally, one expert panelist proclaimed Tux on Trux to be, “The best idea I’ve heard in a long time.”
The startup has solid credibility, already pairing with Jostens in 35 South Carolina high schools. It’s worth noting that most of their marketing is attached to prom directors and formal organizers, allowing for a captive audience.
Also, the $165 per tuxedo price point is fair and the ability to “get it next day” proves Moore and Peterson indeed know their audience.
Integrating two things at a reasonable price
Groove Watersports is led by Drew Bartek, who intends on providing music to customers who are enjoying time on the water, all while eliminating expensive boat speakers and impractical earbuds.
The solution is an impact vest with segmented foam that has speakers in the shoulder area. Impressively, the group’s innovative water sports technology has a patent pending.
Bartek mentioned approximately 40 million people participate in water sports, and for good measure, the group has already gained 18 ambassadors and received true market feedback from 1,600 wakeboarders.
The group decided to offer its product for $250 per vest, which appears to be a reasonable price for boating enthusiasts. The emerging market for wearable speakers, as a safe alternative to earbuds, and a commitment from a boat supplier, has the group optimistically looking ahead.
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