Thirteen local start-up companies got their chance to pitch major investors Tuesday at the Washington, D.C., Technology Council’s eighth annual Early Stage Capital Forum. But despite the fact that the forum was held in the District and sponsored by a Washington-based organization, only one of the 13 presenting companies is headquartered in D.C.
“We work with other organizations … from throughout the Mid-Atlantic,” said Penny Pickett, president of the D.C. Tech Council. “We want the best companies. If they’re in D.C., we’re really pleased, but we don’t make that a criterion.”
The Tech Council worked with 13 other organizations to organize Tuesday’s event, including the Mid-Atlantic Venture Association and the Northern Virginia Technology Council, which is the reason companies from the entire region have the opportunity to present, Pickett said.
The District has often been overshadowed by the surrounding suburbs in the race for technology funding.
For example, during the third quarter of 2006 venture capitalists invested more than $75 million in local software companies, but only two out the 17 deals were in the District.
Michael L. Chasen, chairman of the D.C. Tech Council and founder and CEO of Washington-based technology firm Blackboard, said part of the Tech Council’s challenge is to lure more startups from the suburbs into the District.
“We think it’s a big draw to be downtown,” Chasen said in a recent interview with The Examiner.
“The fact is that we’ve been able to tap a talented group of individuals … Because of our location we’re able to draw people in from Maryland, Virginia and D.C.”
D.C.’s limited space for office expansions and the fact that rents remain some of the highest in the region have also hurt the city’s ability to retain tech companies.
Companies
DC Tech’s annual Early Stage Capital Forum: Thirteen companies present business plans to area venture capitalists.
» Aberro Inc. (Rockville) – Aberro’s software finds defects in Windows and Web applications without the need for complex programming.
» AxonX LLC (Sparks, Md.) – The firm’s product, SigniFire, is a patented, artificial intelligence-based security technology that can provide early warning fire, smoke and intrusion detectors.
» Digital Now Inc. (Herndon) – The company provides digital estate management services.
» Exponential Storage (Annapolis) – Exponential provides massive content storage capabilities for businesses with digital storage needs.
» iConstituent (Washington, D.C.) – Offers legislative eCommunications technology to federal and state officials. The database technology allows for efficient communications.
» I-Cube Inc. (Alexandria) – Uses nano-electronic materials to offer alternative energy solutions.
» JIT Airline Resources LLC (Ashburn) – Offers real-time scheduling solutions for airlines, rather than the current fixed schedules.
» LaborLogix Inc. (McLean) – Streamlines various programs to provide data alignment between business systems and stakeholders.
» MADCAD.com (Rockville) – A Web site that offers various insider tools to the construction industry.
» NetXccel Inc. (Gaithersburg) – The company offers a software platform that helps companies cut the time and cost of finding new business.
» Newsworthy Inc. (Fairfax) – Offers a program that converts print and Web stories to high-quality audio and pairs with advertisements to create new forms of revenue.
» Wellfolio Inc. (Alexandria) – Wellfolio helps employers reduce health-care costs and improve employee retention through healthy behavior incentives and coaching.
» ZaraCom Technologies Inc. (Rockville) – The firm’s technology provides wireless carriers with solutions to “bottlenecks” on networks
