ELIZABETHTOWN, Ky. (September 24, 2015) – With smartphone technology quickly sweeping the globe, one Kentucky company is poised to capitalize on the market. Udeo.Me won the latest Kentucky Innovation Network regional pitch competition in Elizabethtown yesterday, earning a $1,000 prize and an invitation to pitch to the Kentucky Angel Investors Network in Frankfort this fall.
Owensboro-based tech company Udeo.Me provides on-demand, live video streaming services to smartphone users. With a projected 2.5 billion people gaining access to smartphones by 2018, live streaming represents a market poised for massive growth. With Udeo.Me’s technology, users will have access to thousands of live video services in as few as 60 seconds. Among the platform’s services are viewer-requested video streams, an ad-supported revenue model and the option for broadcasters to charge pay-per-view fees for live streams.
In addition to winning the network’s latest regional pitch competition, Udeo.Me is in the middle of a $300,000 seed round of funding. And the company is developing a growth strategy for domestic and overseas markets.
“The Owensboro office of the Kentucky Innovation Network is proud and honored that Udeo.Me was chosen to represent our region at the Kentucky Angel Summit in December,” said Joe Berry, executive director of the network’s Owensboro office. “We have enjoyed watching Grant Gipe and his talented team at Udeo.Me grow their platform and marketplace and are excited to share that story with the Commonwealth. The network's statewide pitch competition truly provides a unique opportunity for entrepreneurs to gain valuable feedback, networking and potential funding for their ideas. The combination of efforts between the Bowling Green, Elizabethtown and Owensboro offices has made this regional event something that entrepreneurs and investors look forward to every year and we are already excited to see what next year will bring.”
“Udeo.Me is humbled to be chosen as the winner of the Elizabethtown/Bowling Green/Owensboro regional pitch competition,” said Grant Gipe, CEO of Udeo.Me. “As an entrepreneur in the technology space, it is gratifying to network and interact with other like-minded business owners and creative individuals from around the state. The competition provides a wonderful forum for the exchange of ideas, and we are grateful to the Kentucky Innovation Network for the positive reception and opportunity to compete at the forthcoming state competition.”
“The Elizabethtown office was happy to serve as our regional host once again,” said Lisa Williams, executive director of the network’s Elizabethtown office. “All five teams were great contenders. We had great attendance and community support from the local venture group was fantastic. I heard many remarks about what a wonderful event this was.”
“The participants of this event are enthusiastic clients of the Kentucky Innovation Network. The quality of the teams participating in only the second year of this program is a testament to the great ideas and entrepreneurs we have throughout the state,” said Douglas Rohrer, executive director of the Bowling Green office. “These types of companies deserve the attention and support of investors and mentors around the Commonwealth to grow and prosper.”
Elizabethtown’s pitch competition was the latest in a series of 11 events being held throughout the state. The remaining pitch contests are scheduled in Paducah and Murray. Earlier this summer, Covington, Lexington, Morehead, Louisville, Ashland, London, Pikeville and Richmond held regional competitions.
The next regional pitch contest is scheduled today at the WKCTC Emerging Technology Center at 4810 Alben Barkley Drive in Paducah from 5 p.m. to 7 p.m. CDT.
The pitch competition, now in its second year, is sponsored by the Kentucky Innovation Network, the Office of Entrepreneurship within the Kentucky Cabinet for Economic Development and the Kentucky Angel Investors Network. For more information on the competition, visit kyinnovation.com.
The Kentucky Angel Investors Network brings new ventures and accredited investors together via monthly online meetings, providing investors access to form deals and partnerships with entrepreneurs statewide. Membership is open to those accredited investors in and outside the state who are passionate about investing in Kentucky companies. To learn more, visit www.kyangels.net.
Consisting of 13 offices throughout the state, the Kentucky Innovation Network offers extensive resources for small and new businesses. Assistance can range from funding initiatives, marketing and sales assistance, small business advocacy and resource referrals, along with a variety of financial and incentive programs to encourage investment and job growth. All services are provided free of charge.
The Kentucky Innovation Network is an initiative of the Kentucky Cabinet for Economic Development’s Office of Entrepreneurship. The goals of the Office of Entrepreneurship are to develop an entrepreneurial climate in Kentucky, provide guidance and support to startups and assist existing small businesses with growth opportunities. To learn how the Kentucky Innovation Network is helping create and grow Kentucky’s small businesses, visit www.kyinnovation.com.
The Kentucky Cabinet for Economic Development is the primary state agency responsible for encouraging new jobs and investment in the state. New capital investment announced in Kentucky in 2015 totaled a state record $5.1 billion, spurring more than 16,000 projected new jobs. Information on available industrial properties, workforce development assistance, incentive programs, community profiles, small business development and other economic development resources is available at www.ThinkKentucky.com.