CEWA Technologies wins Ben Franklin Venture Idol
Similar to the popular television show American Idol, the Ben Franklin Technology Partners of Northeastern Pennsylvania (BFTP/NEP) “Ben Franklin Venture Idol” competition substituted singers with entrepreneurs. Venture Idol was held at Iacocca Hall on Lehigh University’s campus on November 16.
L to R: Paul Eisenhuth, CEO of CEWA Technologies, winner of Ben Franklin Venture Idol; Al Philpotts, Manager of Manufacturing Programs for Ben Franklin Technology Partners of Northeastern Pennsylvania; and event emcee Richard Fox, Managing Director, Cross Atlantic Capital Partners
Approximately 200 guests attended the day-long event which highlighted early-stage entrepreneurs seeking and obtaining seed capital. Venture Idol began with three entrepreneurs seeking funding for their early-stage companies. They presented pitches to a panel of investors and the audience. Led by Venture Idol emcee Richard Fox, Managing Director, Cross Atlantic Capital Partners, the investors asked questions, the audience voted and CEWA Technologies was named the 2010 Venture Idol winner.
Paul Eisenhuth, CEO of CEWA Technologies, a solar dish manufacturer, accepted the prize of a $5,000 cash investment in his company. HealthOneMed and Aware Pro, Inc. also competed and received cash investments.
CEWA Technologies designs and manufactures point concentrator solar dishes. With a unique design using existing materials, CEWA’s dish can provide 30kW of thermal energy at prices that are less than existing technologies, and are competitive with fossil fuels without relying on government subsidies. The solar dish is easy to install, operate, and maintain. It can be used for space or process heating, HVAC, or electricity generation. CEWA’s solar dish will be sold to industrial, institutional and utility customers. CEWA Technologies is a resident company in Ben Franklin TechVentures.
Ben Franklin Venture Idol presenters were critiqued by three institutional investors, Loren D. Danzis, Chair of Screening Committee at the Delaware Crossing Angel Group, Michael J. Gutch, Ph.D., Director of H.I.G. Ventures and David Nevas, Business Development Associate at the Edison Venture Fund.
The day began with a “speed dating” session in the morning. Twenty-four pre-selected companies delivered multiple rounds of two-minute “elevator pitches” to individual institutional and angel investors. Two minutes, about the length of an elevator ride, provided just enough time for the company CEOs to pique the interest of investors. To help improve the companies’ chances to obtain funding, they met with Steve Bowman, known as the “Pitch Doctor.”
The event was hosted by Fred Beste, Managing Partner, Mid-Atlantic Venture Funds, Bethlehem. The evening included opportunities for guests to network with exhibiting early-stage entrepreneurs, private investors, and representatives of venture capital firms.
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