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|Inaugural TechOut Winners Funded|
|Published Tuesday, January 15, 2013|
The New Hampshire High Tech Council and the abi Innovation Hub announced today that the three winners of the inaugural TechOut startup competition have now been funded by the 2012 NH MillWorks Fund.
The competition, held in September at Nanocomp Technologies in Merrimack, featured 30 applicants competing for $100,000 in investment capital. A panel of judges voted for the first and second place winners, while the live audience voted at the event for the third place award.
According to Mark Smith, CEO of first-place winner MiEdge, Inc., “The $50,000 first-place prize gives us additional capital to expand our staff and grow our sales. More importantly, however, is that the competition connected us with a network of like-minded entrepreneurs and potential investors in the state. We’re drawing on their skills and advice to help us make smart decisions on growing our business.”
Robert Barmore, CEO of second-place winner Therma-HEXX, said, “The $30,000 second-place prize couldn’t have come at a better time in our growth cycle. We recently won several projects and the investment helps us procure the needed inventory to deliver on time. Participating in the competition has also helped us get ready for additional investment in our company.”
Third place, and the audience’s choice, was awarded to Sensible Spreader. The company received $20,000, which it is using to build a functional prototype and help fund its expansion. The company is using GPS technology to improve the treatment of snow-covered roads and optimize the mix of road treatment materials in ecologically sensitive areas.
Funding for the awards was provided by 20 NH accredited investors who share a passion for entrepreneurship and startups. They have each made a five-year commitment to the MillWorks Fund, enabling the TechOut startup competition to be held annually through at least 2015. The next competition will be held in September 2013, with applications available in mid-June on the websites of the High Tech Council (nhhtc.org) and the abi Innovation Hub (abihub.org).
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