Startup Founder Shreds Competition, Wins $10,000 @ CIW’s Piranha Tank
 |
| Four startup founders battled Oct. 18 for a $10,000 prize during Chicago Ideas Week’s Piranha Tank. |
Four startup founders battled it out Oct. 18 for a giant $10,000 check at Chicago Ideas Week’s Piranha Tank – its spinoff of ABC’s Shark Tank, where founders pitch their companies to a panel of successful entrepreneurs or venture capitalists who decide whether to invest.
The event was sponsored by venture capital firm Lightbank (of which CIW founder Brad Keywell is a co-founder) and tech-focused lender Silicon Valley Bank (SVB), and the Piranha Tank judges included Lightbank’s Paul Lee, New Enterprise Associates’ (NEA’s) Harry Weller, Belly’s Logan LaHive and Honest Tea’s Barry Nalebuff. The judges evaluated the Chicago contestants based on originality and whether their companies promised economic growth in the next five years.
But before anything even began, the room was buzzing with excitement, with about 50 people lining the back walls once all the chairs were filled. Kate O’Brien, a 26-year-old who works at Crain’s Chicago Business, said it was an opportunity to see up-and-coming startups and learn how to be on the cutting edge.
“And besides, I love Shark Tank,” she said with a smile.
 |
| Brown pitches his company Friday morning at Piranha Tank. |
The feeding frenzy kicked off with Coco Meers giving the first pitch in the middle of Lightbank’s offices at 600 W. Chicago Ave. The 30-year-old Alabama native founded PrettyQuick, a salon booking service that allows clients to secure appointments during off-peak hours at luxury salons. Aimed at urban, affluent, career women, PrettyQuick is like the Airbnb or OpenTable for the multi-billion dollar cosmetic industry.
“We’re going to have half a million members in the next three years,” Meers promised.
The judges said they were impressed with Meers’ confidence and knowledge of the economics and projection of her company.
“I’d be scared to compete with you,” Weller said.
Next up was Nihal Advani, the 28-year-old creator of Georama, a one-stop travel website where users can research and book vacations. Advani said only 60 percent of those who want to book a vacation know exactly where they’re going to spend it, so Georama allows people to fully explore a country or city virtually before making a big decision.
“It takes an average of 11 websites to book a trip, and many…don’t know where they want to go,” Advani explained. “Why not just use one place?”
The judges seemed a little less impressed by Advani’s service, but still seemed interested its long-term potential.
“This might be especially useful for business people or people who have to travel for events,” LaHive said.
Next up to dive into the Piranha Tank was 30-year-old Alen Malkoc who pitched Optyn, a website that helps small businesses create email databases and couponing for customers. As a former owner of a small coffee shop, Malkoc said owners barely have any time to advertise.
“You can’t compete if you’re not sending out coupons and interacting with your customers,” he said.
But Malkoc’s venture was torn to shreds by the judges, who said the concept was a little too high-risk without sufficient economic data to back it up.
“You should treat us like the investors you would sell to,” Nalebuff said.
 |
| The Piranha Tank winners not only survived – They took home $10,000. |
Last but not least, Robert Brown of Oak Park presented his travel website, Options Away, which allows users to hold seats on flights while plans are being finalized. Options Away gives its users up to a month to hold fares on flights while they make up their mind on what dates to travel – saving users lots of money.
“This is great,” Lee said, appearing shocked. “I actually really like it.”
As the judges deliberated, O’Brien made her predictions from her seat in the audience.
“PrettyQuick was good,” she said. “She had the best presentation, but [Brown] seemed to really impress them.”
Without warning, the judges suddenly walked to the front of the room and announced Brown as the 2013 Piranha Tank winner and recipient of the $10,000 prize. Brown posed for pictures with the giant check, which was nearly half his size, and said he plans to continue expanding Options Away to include similar platforms for hotel rooms and possibly even rental cars.
“This is such great validation,” Brown said.
*Check out The CIW Ideasphere for more stories and become a member today to take advantage of special events year-round.*
__________________________________________________
Written by: Fran Hoepfner
Photography by: Fran Hoepfner & Furla Studio
