Build it & Sell it – The venture that sold before the end of Startup weekend!
Startup weekends are fantastic, I am always amazed at what people can achieve when they have a great team and a bit of pressure on them. Quite often in the final pitching session people report their first sale and everyone cheers – however, it is not very common for someone to come on and report an acquisition of their newly found idea.
But it is happened recently in Sydney with new concept MatesRates that has got everyone talking at the moment, where at the end of their pitch on the day they announced the successful sale of all of their IP from the weekend to Australian company GimmeQuotes.
Mates Rates basically allows a person to get access to discounted services via referrals through mates, during the planning and pitching session, startup mentor Kim Heras mention to founder Vink Grgic that he should talk to the CEO from startup GimmeQuotes, Luke Howe who played in a similar space.
“Vinko gave me a call during startup weekend after one of the mentors told him that we had been working on some similar concepts to MatesRates. We had a really good discussion about their ideas and I shared what we had seen at GimmeQuotes and learnt from both consumers and businesses. Vinko’s team kept working furiously over Startup Weekend and doing market tests for validation” says GimmeQuotes founder Luke Howe.
“Later in the weekend Vinko came back to me with the results of their work and we started discussing purchasing the IP. Improving the experience of connecting consumers with local businesses is central to the GimmeQuotes service and we’re confident that the work done on MatesRates over Startup Weekend will help us do this” Howe said.
Grgic is also a cofounder of travel and experience startup Aribaa which is currently in its user growth stage so it also made perfect sense to sell the IP to someone that was working in the space with 100% focus on the problem.
Meanwhile over 100 people gathered at River City Labs on Friday to watch 22 different ideas pitched on the launch night of Startup Weekend Brisbane. Out of the 22 pitches, concepts were voted on evolving into 10 working startup teams. After 54 hours of planning, collaborating coding, eating and drinking team ‘PIVOT’ emerged winners of Brisbane Startup Weekend 2012.
PIVIOT pitched by team member Chris Macaulay is an interactive CAPTCHA company bringing a new level of engagement with branding and advertising opportunities to Internet security.
Chris said “We have built a better, easier to use solution for CAPTCHAS on websites.”
Traditionally a CAPTCHA is a type of challenge response test found on websites and online forms as an attempt to ensure that the response is generated by a human being. A common type of CAPTCHA requires the user to type letters and/or digits from a distorted image that appears on the screen. Such tests are commonly used to prevent unwanted internet bots accessing websites
“The best thing about Startup Weekend is that I learnt a lot, we have built a great team, and it looks like we may be able to get some investment to roll this out to make it a real business.” Chris Said.
All teams that win a startup weekend can go on to enter their business into the Global Startup Battle for the chance to win a VIP trip to Rio De Janeiro for the Global Entrepreneurship Congress; a VIP trip to San Francisco to tour Googleplex; and at least $15,000 in startup support services.