Pepperdine Hosts the Startup World Cup — and its $1M Prize
The most cut-throat competition for startups isn't happening in a shark tank — it's being played out in an auditorium at Pepperdine University. And the stakes are high with contestants vying for a $1 million prize.
The Malibu campus hosts the Startup World Cup's regional final on Tuesday with 10 contestants pitching ideas, from an emergency device alerting that someone is drowning to a robotic kitchen assistant named "Flippy." The winner is sent to San Francisco for a global grand finale that pits 40 rivals hailing from L.A.'s backyard to Mongolia to Kenya.
Startups aren't treating this like a game show. The competition is a chance to see and be seen by deep-pocketed business leaders and venture capital investors who pump some $254 billion globally into nascent companies. And about half that amount lands in the U.S. alone.
Even losing can be life changing.
"It was this great momentum-building event that we've been riding ever since," said Chris Ellis, whose Santa Monica-based AudioCardio competed in last year's regional competition. "It really helped build confidence in us. In ourselves."
Ellis, whose sound therapy app listed on Apple's App Store is designed to strengthen hearing, nabbed the 2019 Southern California final. But he lost out in the million-dollar prize to A.I.-based shipping management startup Abivin. (The Hanoi-based company was also a 2019 winner of Vietnam's version of Shark Tank). The 36-old chief executive, who founded the company in 2018 as his grandfather battled hearing loss, said the contest taught him how to pitch his business better: "I was able to go to anyone, tell them what we do, and my goal was to see if I can make their eyes light up about what we could do in the first 30 seconds."
To be sure, a vast majority of startups in the U.S. — and the rest of the world — fizzle out. Research firm CB Insights found that 70 percent of upstart tech companies fail, with consumer hardware startups among the hardest hit. The study, published last year, found that running out of cash and not finding the right venture capital partners were chief among reasons behind their demise.
That's why Len Lanzi, an advisor and former executive director at the Los Angeles Venture Association (LAVA), sees the competition as a boon for fledgling companies. The $1 million prize, backed by Pegasus Tech Ventures and its partners, gives Ellis and other contestants a chance to get experience pitching investors who can help grow their business. That's why Pepperdine's Graziadio Business School's Peate Institute for Entrepreneurship and LAVA is organizing this week's regional finals.
"We build communities around individual silos, industry silos, like global or digital media, clean tech, healthcare, or life science," said Lanzi, who last year helped sift through "about 120 or so applications for ten spots for people to pitch."
Among last year's regional contestants that competed with Ellis' AudioCardio was Los Angeles-based travel search engine Baarb; Encino's Ready, Set, Food!, which protects kids from baby food allergies; and Laguna Beach software maker Eyedaptic that's tackling blindness and macular degeneration.
Lanzi is ready for a fierce battle this year. He describes the current crop of judges as a "blue-ribbon panel." They include Dan Peate, the founder of Los Angeles-based Peate Ventures. Others casting votes are Austin Clements, who is a partner for venture capital firm OPV, Backstage Capital director Greer Engonga, and Frontier Venture Capital managing director Frank Foster.
They could send someone to the world finals with a cool million at stake. And, by comparison, that's a decent sum considering the average deal amount on CNBC's 10-year run on Shark Tank is $286.000.
The contestants for this year's Startup Up World Cup regional championship are:
- Coral Drowning Detection Systems, the Los Angeles developer of the Coral Manta, an A.I. powered device that gives an alert when it detects a person drowning in a residential pool.
- HomeZada, a platform to help homeowners manage information such as finances or home improvements, based out of El Dorado Hills.
- vRotors, a Los Angeles-based platform allowing users to fly real drones around the world using a computer or VR headset from home.
- MyShoperoo, an Orange County-based A.I. powered platform allowing users to have errands run for them while they are at work.
- Miso Robotics, a Pasadena developer of a "robotic kitchen assistant" called Flippy, capable of working grills and fryers, switching tools, and more.
- Gifts for Good, the Los Angeles-based startup that helps companies curate ethical and sustainable corporate gifts.
- Limbix, who assists with mental health treatment using VR.
- OPKIX, a Costa Mesa maker of small cameras that can be attached to hats, sunglasses, necklaces, and other kinds of apparel.
- LexSet, a platform that generates data optimized for retail, augmented reality, warehouses, supply chains, and more.
- Saya Life, a Los Angeles-based platform designed to help property owners conserve and monitor water usage.
Subscribe to our newsletter to catch every headline.
Coronavirus Updates: Disney Pitches Florida Re-Open; Valence's Push for Interns; Snap, LAUSD and Celebs Partner on Reading
Here are the latest headlines regarding how the novel coronavirus is impacting the Los Angeles startup and tech communities. Sign up for our newsletter and follow dot.LA on Twitter for the latest updates.
- With internships cancelled, Valence tries to fill the void for young black professionals
- Florida is poised to open Disney World and SeaWorld. Will California be far behind?
- Snap and LAUSD promotes reading during COVID, with an assist from celebs like Alicia Keys
With internships cancelled, Valence tries to fill the void for young black professionals<img lazy-loadable="true" src="https://dot.la/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzMyNTkwMi9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTYwNTczNTE4M30.YVDJESMmCRibfFoEY82y4HiQci38rzJH1RKsJGlw_aE/image.png?width=980" id="7f574" class="rm-shortcode" data-rm-shortcode-id="f541a00e8d17de6d806235c23444c2f4" data-rm-shortcode-name="rebelmouse-image" /><p>Across the country aspiring young students have had their summer internships cancelled because of the pandemic, crushing dreams and muddying professional paths. It's been especially hard for communities of color, where some are the first in the family to go to college or where internships provide an entrance into a professional world.</p><p>Valence Enterprises Inc., a Santa Monica-based company that's developed a sort of LinkedIn for black professionals, is trying to offset the pain calling on their network of leaders and professionals to provide career advice. Their network of 7,000 individuals can talk on everything from Hollywood to venture capital to marketing. Indeed, the legion of young professionals seeking it will need that hand as they enter a world forever changed by the pandemic.</p><p>Many are already facing devastating family loss - as the coronavirus kills African Americans at three times that of white families. And job loss is concentrated in low-wage sectors where Black and Latino workers are seeing high unemployment. </p><p>The very wealth gap that Valence seeks to lessen is only <a href="https://www.weforum.org/agenda/2020/05/pandemics-poor-rich-economics-coronavirus-covid19/" target="_blank">expected to widen after the pandemic</a>. </p><p>Dubbing their efforts the "Boost Challenge," Valence is asking their network of more than 7,000 professionals to provide 30 minute one-on-one coaching sessions. "This is a chance to be coached by some really inspiring people that you otherwise wouldn't have direct access to," said Emily Slade, co-founder of Valence.</p><p>So far, they have gotten a buy in from the former chief marketing officer of Beats By Dre, and founder of Opus, Omar Johnson, to offer branding advice; Olympic medalist Michael Johnson will give partnership and sponsorship advice; and Boris Kodjoe, who founded the Full Circle Festival and is an actor and model, will offer his thoughts on the entertainment industry. Other participants include the chief marketing officer of Snap, Kenny Michell; Maisha C. Leek, a partner at Human Ventures; Derek Ali, a Grammy Award-winning mixing engineer; and Caroline Wang, chief culture, diversity and inclusion officer at Target Corp.</p><p>"As a tech platform and professional network focused on connecting the Black community with mentorship, job opportunities and capital,<a href="http://www.valence.community/" target="_blank"> Valence</a> is in a unique position to provide some support," said Kobie Fuller, the co-founder and a general partner at Upfront Venture. Valence has previously partnered with historically black colleges and universities, where students are reeling from the impacts of the pandemic.</p><p>An online survey by HBCUvc found among students at historically black colleges 62% lost their job due to COVID-19. The sample survey of 137 students by the nonprofit aimed at increasing opportunity in venture capital and technology also showed that among those 75% held a job while at school. </p>
Florida is poised to open Disney World and SeaWorld. Will California be far behind?<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzI4ODI2OC9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYyMDkzNDcyNH0.-nX2hvzltOpH8ieuOf_ohBoNJM-JbXhshLlK4D1FW8M/img.jpg?width=980" id="d0ee6" class="rm-shortcode" data-rm-shortcode-id="79ab04e2418b271f2628e2786013b354" data-rm-shortcode-name="rebelmouse-image" /><p>Walt Disney World wants to reopen in weeks after the Orlando amusement park was shuttered as the pandemic spread, and the company's multi-tiered proposal might be a blueprint to how the Magic Kingdom will open the front gates of its Anaheim park. Other Florida parks are also unveiling proposals to do the same, which must be approved by Gov. Ron DeSantis. </p><p>Disney plans a tiered reopening, with Disney World and Animal Kingdom opening on July 11, then Epcot and Hollywood Studios on July 15.SeaWorld wants to open on June 11. And Universal Orlando presented its plan to reopen on June 5. That plan also has been approved by the Orlando task force, which sent its recommendation to the governor. "We are developing a series of 'know before you go' communication vehicles and our objective is to reinforce our health and safety messages to guests before they arrive on our property so they are aware and prepared for the new environment," Disney's senior vice president of operations, Jim McPhee, <a href="https://www.latimes.com/business/story/2020-05-27/walt-disney-world-park-reopening" target="_blank">told the task force.</a></p><p>Will the same re-opening plan soon be unveiled for California's version of the theme parks? <a href="https://www.latimes.com/california/story/2020-05-27/silicon-valley-health-officer-slams-faster-pace-of-california-coronavirus-reopening" target="_blank">The Los Angeles Times reported</a> that a key architect of the nation's first coronavirus shelter-in-place order is criticizing the state's <a href="https://www.latimes.com/california/story/2020-05-26/los-angeles-county-reopens-with-new-state-guidelines-while-city-allows-in-store-shopping" target="_blank">increasingly fast pace</a> of lifting stay-at-home restrictions. Dr. Sara Cody, health officer for Santa Clara County — home to Silicon Valley and Northern California's most populous county — said she was concerned by the decision to allow gatherings of up to 100 people for <a href="https://covid19.ca.gov/pdf/guidance-places-of-worship.pdf" target="_blank">religious</a>, political and cultural reasons.</p>
Snap and LAUSD promotes reading during COVID, with an assist from celebs like Alicia Keys<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMjY1NzUwMC9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTU5OTAxNDQ3N30.Ff-fzCnRnQLbhIXn1cyzX0YwGUwp8YwNWrif-9njEE4/img.jpg?width=980" id="34bce" class="rm-shortcode" data-rm-shortcode-id="8bec468dda80a988ea00bd5388f3aa67" data-rm-shortcode-name="rebelmouse-image" />c1.staticflickr.com<p>Snapchat and L.A. Unified School District are partnering to keep high school students reading books while the coronavirus pandemic keeps them from the classroom. On Wednesday, Snap launched a new original series titled <em>The A-List Book Club </em>on its Discover platform, which houses Snap-curated content for its young-skewing audience. The new series will showcase celebrities discussing a favorite book and what it means to them. </p><p>Participating celebrities, who will shoot the footage themselves, include Russell Westbrook, Alicia Keys, and Kendall Jenner. At the end of each episode, LAUSD students can swipe up to be directed to L.A. Unified's website, where they can enter their student credentials to receive a free digital copy of the book. Book donations are supported by L.A. Students Most In Need, a charity created to support students during this challenging time. </p><p>The series will also air on LAUSD's YouTube channel, as well as on Snapchat nationwide, but without the swipe up option. "Education creates opportunity, and we are excited to support public education and help create new ways to engage students in learning outside the structure of a classroom," said Evan Spiegel, Snap's co-founder and CEO. "We are inspired by working together with Los Angeles Unified to create resources for students to help them build the foundation for future success."</p>
Americans locked out of the workplace have been remaking their home offices by adding desks, plants and wall hangings. Some of it so that they look a little more slick on Zoom calls.
The new interest in a beautiful home office has been a boon to furniture services like Fernish, which sells itself as an affordable option to upscaling your home. The rental service recently closed on a $15 million Series A led by Kosla Ventures, alongside other top investors including Scott Cook (founder of Intuit), Eytan Elbaz (founder of Scopely), and Jeff Wilke (Amazon's CEO of Worldwide Consumer), and Spencer Rascoff (founder of Zillow and dot.LA).
- Guest Column: Fernish Co-Founder Says He's Taking Every ... ›
- How Fernish Is Handling COVID-19 - dot.LA ›
HBO Max, the new streaming service from AT&T's WarnerMedia, launches Wednesday. Advertised as the place "where HBO meets so much more", HBO Max will debut with over 10,000 hours of content from a range of brands including HBO, Warner Bros., Cartoon Network and Turner, with characters as diverse as Elmo and Tony Soprano. This marks a culminating milestone in AT&T's massive integration that began in 2016 when it agreed to acquire Time Warner for $85.4 billion.
HBO Max users will be able to browse by "hub"
- The End of Hollywood As We Know It? - dot.LA ›
- John Stankey Takes Control of AT&T Ahead of HBO Max Launch ... ›