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Startup Creating Tech to Battle Addiction Wins Top Prize Among TechCelerator Graduates

by on December 12, 2017 5:00 AM

A local startup developing technology to help battle addiction was awarded top prize from Ben Franklin Technology Partners as the TechCelerator@State College program graduated its newest class.

Five technology startups pitched business ideas to a panel of judges and peers as they vied for up to $10,000 in prizes last week at Innovation Park.

In the end, the judges selected Wear IT Together, which is creating a biometric monitor to help people battling addiction recognize and mitigate cravings.

The five competing startups graduated from the fall TechCelerator@State College program, a pre-business accelerator. Through the program, experts from Ben Franklin Technology Partners and the Penn State Small Business Development Center help students through the steps of starting a business. The program is held twice a year in State College and three times in Altoona, Johnstown and Somerset.

"The TechCelerator was great because it helped us find our ideal customer and got us out there speaking to them. It really helped us understand the market and what problem our device is actually solving," said James Mundie, mobile applications developer for Wear IT Together.

In addition to Wear IT Together, this fall class included:

- Bold Foods — a cricket protein powder

- OsteoSynth — a bone matrix substrate focused on the dental implant market

- Balanced Energy — a photovoltaic smart battery and electronics

- LipiMet — an alternative test of insulin resistance using plasma fatty acids instead of glucose in a simple, clinically friendly way that can predict the development of diabetes.

"This group of companies amazed us this fall with their expert assessments of market demand and their ability to pivot their products to align with their customers," TechCelerator Director Bob Dornich said.

TechCelerator@State College is a partnership among state, county and Penn State economic development groups that provides new entrepreneurs with space, loan and investment programs, business support and mentoring services, and entrepreneurial training in a single location at Innovation Park.

In its five years, the accelerator has graduated 77 teams that have gone on to start 66 companies, raise more than $26 million in funding, hire 149 people and earn a combined $7.8 million in revenue.

 

For more information, visit www.techceleratorstatecollege.org.

 

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