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VentureClash
Aengus Moran, director at Irish medical
software maker CSIS, said his attendance
had also been worth it, whether his company
won or not (it didn't).
"It gave us exposure to what we need to do
in the U.S. market and also how people think
over here as well," Moran said. "Even if we
don't achieve anything [in the contest], we
know what to do next."
CSIS had already been exploring the U.S.
market, and intends to come here despite not
winning. Moran said the company may not
have looked at Connecticut without the out-
reach CI made to various countries promot-
ing the contest.
Brent Ho-Young, CEO of Canada-based
Dream Payments, which netted the top prize
of a $1.5 million investment, said the connec-
tions with VCs and others that he made dur-
ing the contest and its preparatory "venture
camp" over the summer operated by The
Refinery in Westport, made VentureClash a
wise decision.
"Everything is about ROI and it's a big
time commitment," Ho-Young said. "I looked
at it and asked 'even if we don't win, should
we do this program?' It was an obvious 'yes.' "
McCooe said that he and his team felt it was
crucial to offer additional value to contestants
in order to make the competition a success.
"A lot of these companies want money, but
what they really want are customers and rela-
tionships," he said.
For the companies that didn't win, McCooe
hopes there still may be a future for them in
Connecticut.
While the contest structure allowed for
six winners, there were other future pros-
pects among the 30 companies CI selected as
semifinalists from the nearly 170 that applied.
CT presence will vary
There's still much to do before CI actually
gives any money to its six VentureClash victors.
CI is conducting additional due diligence
on its winning companies and its possible
that not all of them will end up signing deals,
McCooe said.
Those that do will be required to establish
a presence and add employees (around 10 per
company within two to three years) in Con-
necticut, he said.
CI could offer up to $500,000 in grants to
the companies for moving and other costs.
McCooe said he'd like to continue Ventu-
reClash next year.
"To build the brand and generate momen-
tum, you need to commit to three years mini-
mum to really get the impact," McCooe said. "I
feel we're in for at least another year, but the
[CI] board makes that decision ultimately." n
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