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Jed Boal ReportingUtah entrepreneurs eager to get the money they need to launch their businesses made unusual pitches today. The "idea people" courted the "money people" in a fast-pitch format made popular by modern American singles. Venture funding and speed-dating collide.
Time is money so these entrepreneurs and investors are eager to engage in Utah's first "speed-pitching" luncheon. It's a page torn from the modern dating hand-book.
Buckley Barlow, Entrepreneur: "If you don't know your elevator speech and you can't do it in a grab your attention format, you don't deserve to be here."
Ten Utah entrepreneurs gave five-minute pitches to small groups of angel investors, and then they rotated.
Rix Ryskamp, Entrepreneur: "Typically I pitch one idea at a time. Here I get 25 investors."
Rix Ryskamp is pitching the Simpliphone, a small business phone system all in one box.
Rix Ryskamp: "My goal is to get people excited enough that they want to come see the product."
The private investors, or angel investors, would also rather hear more pitches in less time.
John Richards, Utah Angel Investor: "Much better to listen to a five minute pitch. You can usually tell in the first five minutes if it's a deal you're interested in."
Craig Bott, Grow Utah Ventures: "Most investors will look at the entrepreneurs,the strength, the character, and let the ideas be second or third. Because ideas change, but the entrepreneur is what you're investing in."
John Richards, Utah Angel Investor: "I'm confident I'll see something that intrigues me. Whether I invest is a whole other story."
Buckley Barlow, Entrepreneur: "Looking for long-term relationships that are beneficial for both ways."
In the end it comes down to chemistry.
Craig Bott: "Really have to connect on a genuine level. Most investment is made on passion."
We'll see whether there's enough passion in this room to move on to commitment.