The application submission phase of the 2018 PILOT Pitch Prize, a pitch competition that will award $50K SAFE note investment to each of the three winners at the pitch event held at the 2018 NAB Show New York, ended on April 30. The first screening of the submitted applications has been done, and the following 14 applications have advanced to the next stage.
Hooke Audio unlocks the ability to record immersive 3D audio to your phone, camera or GoPro. Hooke Audio lets you capture sound the way you originally heard it, with its 3D audio recording wireless headphones, proprietary bluetooth recording codec and 3D audio recording apps. The result is a recording that when listened back on any pair of headphones makes you feel like you’re there, hearing sound all around you in 360 degrees.
EyeBuy enables video viewers to instantly purchase, engage or connect with any brand item on screen. EyeBuy closes the buying loop by enabling viewers to instantly engage or purchase items featured in their content.
LGI Branding Inc. designs technology solutions. PECX (Private Encrypted Content Exchange) is a Data Security Tool that allows users to share videos, photos, text messages and lock them using Touch ID or facial recognition. It is the first mobile app to use ‘biometrics’ to lock and unlock proprietary digital content.
Our.News is a Software-as-a-Service solution and Social News Platform that makes it easy for anyone to fact-check and rate news. Our mission is to push back against misinformation using the wisdom of the crowd, by equipping our clients and users with all the latest tools and data. Our neutral platform aggregates, crowdsources, and instantly provides all the tools & data people need to quickly check the facts of any news story. Users then rate the news for various factors. Patent-pending algorithms remove bias, stop trolls, and provide public opinion scores.
PolyPort protects valuable digital assets through a secure collaboration and distribution platform. It helps protect sensitive digital assets throughout the entire production pipeline, wherever they travel. This means that studios can leverage global workforces while ensuring their IP is safe. In addition, their platform enables these global workforces to work on sensitive digital assets on their local machines using their own tool sets, saving studios time and money.
We selected companies that are working in one of the following five areas in the broadcasting industry:
- Operational Efficiency (e.g., news gathering, crowdsourced content, audio/video production, drones, equipment, workflow);
- Audience Engagement (e.g., social media, social viewing, brand loyalty, local community);
- Audience Measurement (e.g., big data, analytics, profiling, targeting, conversion, attribution);
- Content Distribution (e.g., web presence, monetization through alternate channels, OTT, robust reception, antennas); and
- Enhanced User Experience (e.g., virtual reality, 3D, immersive audio, time shifted viewing, new gadgets for content consumption)
Moreover, we selected companies with valuation of $6M or less. We did not select startups that were too advanced and were planning to raise money through a Series-A round or beyond. Since our SAFE contract has a $6M valuation cap, it made sense to exclude those higher-valued startups even though some of them demonstrated good fit with the broadcasting and media industry.
We also evaluated the applications based on their quality and comprehensiveness. The applications that advanced to the next round provided all the information we asked for. Most successful applications included pro-forma financial information, pitch deck, and a one-minute video of the pitch.
The applications are now being evaluated by the Dingman Center for Entrepreneurship at the University of Maryland. Six Dingman Angels will judge the applications based on their merit. Each application will be reviewed by at least three Dingman Angels.
When the Dingman Angels’ evaluation process is complete, an attorney will contact the top five applicants to ensure that the applicants, if they win, will accept PILOT’s $50K investment in SAFE notes. Only the startups that are willing to accept PILOT’s investment with the already published terms and conditions will be selected as finalists.
Two MBA interns at the Robert H. Smith School of Business will perform the due diligence of the five finalists. If a startup fails to pass this scrutiny, another startup from the waiting list will be selected instead.
The five vetted finalists will be declared in late August. These finalists will be coached by the Dingman Center for Entrepreneurship for the PILOT Pitch Prize 2018 event at the NAB Show NY. Stay tuned for more updates in late August.