Entrepreneur finalists stand, deliver for StartUp Cup

Source: Tulsa World, Okla.迷你倉Nov. 08--For one last time, the entrepreneurial minds behind CleanNG LLC tried to drive home the importance of an invention that could revolutionize compressed natural gas vehicles."We're definitely excited at the opportunity and, of course, nervous," said Michael Tate, co-founder and chief operations and communications officer of CleanNG, in a phone interview before the company made its pitch to judges in the Tulsa Community College StartUp Cup."There are a lot of good ideas out there," Tate said. "So, we're just hoping that we're the one that walks away with the top prize."CleanNG and five other finalists each had two minutes Thursday to pitch their ideas and convince the competition's judges that they deserve to win.The contest, which kicked off in April, is supported by the Lobeck Taylor Family Foundation. Winners will be announced Nov. 19 at the TCC Center for Creativity, 910 S. Boston Ave., during a gathering from 5:30 to 7 p.m. A $30,000 grand prize will be awarded to the winner, followed by $5,000 for second place and $2,500 for third.On Thursday, a panel of judges listened and asked questions of the finalists."What I'll be looking for is proof that they're willing to take advice from the coaching sessions and from the pitches, so they come in with a fresh-enough pitch that shows they have learned throughout this process," said judge Carey Dunkin Baker, president of Part-Time Pros, prior to the final round.Baker entered the competition in 2009 and won second place."I'm also going to be looking for stronger knowledge around the company's financials -- existing financials as well as potential financials and the impact that will bring to the Tulsa community," Baker said.Representing his team solo, Matt Villarreal, co-founder and CEO of CleanNG, quickly explained the essence of the product and why the business model should win."My team and I worked tirelessly to build CleanNG from a $1,000 investment by two college students who had an idea. ... I would like you to invest $30,000 in our sustainable, high-growth company and allow us to close on sales in our existing pipeline and attend trade shows," Villarreal said.The founders of CleanNG, an innovator of advanced fuel storage products for natural gas vehicles, believe that within five years their business could have about 30 employees and revenues of close to $70 million, Tate said.Currently the business is made up of the three founders -- Aaron Laney is the third -- and one full-time and two part-time employees.CNG tankVillarreal and Tate came up with the idea while they were students at Oklahoma State University and involved with race cars through Formula SAE, a student design competition.They converted one of the first vehicles of its class to compressed natural gas. In the process of doing that, however, they discovered what many in the industry already knew -- CNG tanks can be bulky, costly and don't hold enough fuel, Tate explained.Villarreal had an idea for developing a new style of tank that uses a liner-less technology to increase the capacity while reducing its weight.The company's MagnumCel fuel storage system is the most advanced all-composite, CNG cylinder available, according to tself storagee company's website. The system offers users more than 70 percent weight savings compared to type 1 CNG tanks, and 40 percent weight savings compared to type 3 tanks, while storing greater amounts of fuel, the website says.The U.S. Department of Transportation approved CleanNG's product in August, the company says.It already has generated initial sales through a pilot program and has lined up two new customers -- NASA and Yetispace. CleanNG's fuel storage system also can store a variety of other gases, including helium, hydrogen and oxygen.Following the presentation, judges asked sundry questions about the company, including cash flow and customer feedback.Outside the judges' boardroom, Villarreal was positive."I think it went pretty well," he said. "I didn't get any really complex, abstract financial questions. Everything else is pretty easy to handle."Bright TotNever in a million years did longtime friends Autumn Worten and Jennifer Gibbs expect to make it to the final six in the entrepreneurial competition. But on Thursday they stood before the judges, pitching their business model one last time in hopes of landing the top prize."I think we're more excited than anything," Worten said in an interview prior to their presentation.Their business, Bright Tot, provides a subscription service that sends boxes full of fun, developmentally appropriate activities to families every month.The two women, who each have young children, understand the time constraints of busy parents and how it is difficult to go out and buy supplies and materials for hands-on or do-it-yourself kids' projects.Worten said she and Gibbs have seen their business change and grow "like crazy" from its inception in February. Worten compares it to being pregnant and giving birth to a child within several months.Likewise, after conceiving the idea for their business 10 months ago, they are ready to see their idea birthed and introduced to the world. Their website, brighttot.com, went live this week. They are accepting pre-orders and plan to ship their first boxes Jan. 1."The coaching (provided to contestants) has been so enriching, and it's really caused us to think about things we wouldn't have thought about," Worten said.Laurie Winslow 918-581-8466laurie.winslow@tulsaworld.comTCC StartUp Cup finalistsBright Tot: A subscription service that sends boxes of developmentally appropriate activities to families monthly (.brighttot.com).Carolina Food Co. LLC: Maker of Toasted Wine Fruit Spreads (.toastedwinespreads.com).CleanNG LLC: Inventor and manufacturer of the MagnumCel, a fuel storage system for natural gas vehicles that can also store helium, hydrogen and oxygen (.gocleanng.com).IcyBreeze LLC: Portable cooler and air conditioner that can be used to keep beverages and people chilled (icybreeze.com).Smart Panel: A home energy-management product that can monitor consumption and control circuits (smart-panel.net).Two Guys Bow Ties: Maker of unique men's clothing accessories, including a wooden bow tie available in a variety of exotic hardwoods (.woodenbowties.com).Copyright: ___ (c)2013 Tulsa World (Tulsa, Okla.) Visit Tulsa World (Tulsa, Okla.) at .tulsaworld.com Distributed by MCT Information Services迷利倉