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V O L . X X V I I I N O. X X V I I I N OV E M B E R 2 8 , 2 0 2 2 14 B A N K I N G / F I N A N C E / I N S U R A N C E "I knew it would be a challenge to communicate a highly technical product in a way that humanized it and make it come to life," she recalls. "at took doz- ens of practice runs in front of my colleagues, friends and family to refine the pitch." at practice paid off at the June 2, 2021, contest finale. HighByte was up against Erin Flett of Studio e Flett, of Gorham; Hüga Heat, maker of battery-powered seat cushions; and Vintage Maine Kitchen, a Freeport- based small-batch potato-chip maker and returning finalist from 2019. While Studio e Flett was voted the audience favorite, HighByte won over the three-judge panel. During her pitch, Penrod-Cambra said her com- pany would use its winnings to pay new hires well and "stop losing tech talent to Boston and New York." Including the LaunchPad prize, HighByte has raised $4.95 million to date, with the rest coming from grants, angel investors and venture capital from within and outside of Maine. "e pitch also forced us to tell our story more concisely," Penrod-Cambra says. "Summarizing the problem you solve, how you're uniquely able to solve it, and what you need from an investor in 60 sec- onds is so hard and so important in a noisy world." While she encourages entrepreneurs interested in pitch contests to be persistent, even if they have not been accepted in the past, she also offers some words of caution. "Whenever a founder or entrepreneur is raising money — whether that's grant applications, pitch contests or venture funding rounds — they are tak- ing their eye off operations and customer growth," she says. "It's a balance. Raising money is impor- tant, but I think it's important to be selective about how we spend our time. My advice is to make sure the pitch contest aligns with your values, business goals and timeline." Prapela's measured approach Pitch competitions aren't for everyone and certainly not for Prapela, a Biddeford-based medical technology startup that has pioneered a technology-enabled bassinet pad to help newborn babies breat he, sleep and relax. e patented pad, manufactured by South Portland- based Saunders Electronics, is currently under review by the US. Food and Drug Administration for use in hospitals treating opioid-exposed newborns. e three-person company, led by CEO and prin- cipal founder John Konsin, recently won first place in a national pediatric innovation competition in the form of a $50,000 grant from the U.S. Food and Drug Administration. Judges recognized Prapela's incubator pad as the first innovation in over 20 years to improve the treatment of apnea in premature babies. e award, announced Oct. 24 by the National Capital Consortium for Pediatric Device Innovation, brings Prapela's total to $4.64 million raised in grants and awards since 2017. e award was the culmination of Prapela's partici- pation — a first for a Maine company in the Medtech Innovator Accelerator program, the largest of its kind in the world. e contest was judged by clinicians, investors and MedTech company executives, "I never looked at raising funds as the goal of my startup," Konsin says. "Unfortunately, I think that's where a lot of CEOs are focused. Instead, I focused on what is the clear-cut value that our technology or device brings to patients … If you focus on satisfying the unmet need, then whether you're pursuing a grant or an equity raise, the money will take care of itself." He said the company plans to use the $50,000 towards meeting the FDA's independent testing requirements for approval of the device. Konsin says that while it's hard to put a number on the cost of FDA approval, the range tends to fall between $500,000 and $2 million for a medical device. e FDA is currently reviewing Prapela's device for marketing clearance, which could come as early as the first half of 2023. Konsin says Prapela has chosen to go after grants rather than taking on bank debt or pursuing equity, venture capital or angel investors. "I decided early on I'd much rather spend my time competing to get the grants than taking on multiple investors and answering their questions," Konsin says. » C O N T I N U E D F RO M P R E V I O U S PA G E F O C U S Whenever a founder or entrepreneur is raising money … they are taking their eye off operations and customer growth. It's a balance. — Torey Penrod-Cambra HighByte

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