New Competition Giving Inventors a Chance to Pitch Their Ideas to Investors
Joan Beduze has always been an inventor, but never knew how to get her ideas on the market.
"I think that's the case for a lot of inventors. They probably knew they had a good idea and didn't have a clue how to take to the next level," said Beduze.
"Most people have great ideas, but they don't have the finances," said Pete Prados of InventureWorks.
"The Vault" competition is giving inventors like Beduze a chance to bring their ideas to life.Similar to ABC's "Shark Tank", 40 contestants will have 10 minutes to convince a panel of judges to invest in their product.
"We had an 89-year-old man come in and pitch an idea," said Prados.And there's a reason why this competition is called "The Vault" because it'll be held inside the vault at the "Acadiana Center for the Arts."
Staff at InvenutreWorks is prepping contestants, helping with their presentations and working with computer systems to create their products."They're coming in every day. We're hearing so many ideas, with anything from oil field products, toys, to pet ideas," said Prados.
There won't be just one winner, the panel of investors can choose to invest in as many ideas as they want.
"If the investors don't like the idea during this competition, we can still vet the idea to another group of investors," said Prados."The Vault" competition is one of the events happening during the first-ever Innov8 Festival - an eight-day festival of creativity and innovation. It'll feature a series of workshops to help entrepreneurs learn how to market their ideas. For more information on the festival and how to be a participant in the competition visit www.innov8lafayette.com
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