From the PopTech Announcement:
This year’s Fellows are spearheading a compelling set of solutions to global challenges. They are reconnecting refugee families, helping people become “makers” of their own technology, improving local food production and distribution, and getting to the heart of measuring true impact. They are helping girls access education and healthcare, building community through music and architecture, and using a combination of high-tech and good business to get clean water, sustainable energy and appropriate medical devices to those who most need them.
That may sound a bit dry to some but the phrase “investable proposition” was music to our ears. On January 31st on the stage of the Annual Collaboration for Entrepreneurship, Local Orbit founder and CEO Erika Block faced off against five seasoned entrepreneurs in a three-minute elevator pitch competition and took home top honors.
In case you ever have to do one, an elevator pitch is an “entrepreneur’s explanation of her business model, often heard in an elevator and directed at anyone who might want to provide funding for the entrepreneur’s start-up.”
Clear and Credible Presentation
More than 700 people in the auditorium heard Erika’s elevator pitch along with a panel of seasoned Venture Capital executives. Investor feedback and enthusiastic reception from the audience was encouraging. The judges used phrases to describe Local Orbit and the business model as “very clear, credible and understandable.” Erika was “passionate.”
But the line of the evening came from Meena Sooch of Apjohn Ventures, who stated that Local Orbit “is an investable proposition.” It was hard not to stand up and cheer.
Local Food Works for Everyone
Oprah is talking about local food. The White House is talking about local food. Chefs need easier ways to purchase it. State and local governments are promoting the economic benefits of local food. Michigan Governor Rick Snyder talked about supporting local agriculture in his recent State of the State address. Now with the support of communities and investors, Local Orbit can create the bridge between growers and buyers.
Local Orbit Takes Home Another Prize
In addition to winning the Elevator Pitch competition, Local Orbit took home the Great Lakes Entrepreneurs Quest’s second prize for best new business plan. Both awards come with a cash prize that will be used to expand the business, as well as office space and other support services.
To get to this point, Local Orbit has leveraged the support many of Southeast Michigan’s accelerator services and volunteers through New Enterprise Forum, SPARK and GLEQ to provide investment, coaching and mentoring. And for that support we are grateful.
We’ve been nominated for a Slow Money award as a business that supports local economies, local farmers and sustainable agriculture and business practices. Please consider casting your votes for Local Orbit. And share the link with your friends. Thank you! (and thank you whoever nominated us – it’s a nice mystery)
