3F, LLC, a novel nanotechnology fibers play from RTP, won The Big Launch Challenge competition in Danville, VA yesterday. The challenge was a joint effort between The Launch Place, an Danville entrepreneurial organization and First Flight Venture Center (FFVC), the largest RTP incubator.
The competition began with 31 contestants at the beginning of March and was whittled to 15 semi-finalists in April, with six eventually chosen to participate in a live pitch at the Institute for Advanced Learning and Research in Danville yesterday. A panel of five individuals from the Launch Place Seed Advisory Fund and Andrew Schwab, President of FFVC, were selected to judge the pitches.
“We are so happy to win this award, ” indicated Larry Dickinson, President and CEO of 3F. “The rich textiles history and the manufacturing access are a huge advantage for us, Danville is a truly perfect place for our next efforts,” he concluded.
The second place award of $12,000 was garnered by Liz Morris, founder of Sanitation Creations, also of RTP.
Other finalists included Reynolds-Clark Development of Gretna, VA; INRFood, Rheomics and NanoBrew Laboratories, all located in RTP.
The winners will also have access to entrepreneurship resources including mentoring and other business services from The Launch Place in Danville, VA. All contestants are expected to pitch to The Launch Place Seed Fund whose typical investment in a portfolio companies ranges from $50,000 to $100,000, with the ability to fund up to $200,000 per company.