As part of Paddy’s Valley, a contingent of Irish tech firms currently visiting Silicon Valley on a networking trip, five web companies slugged it out in a power-pitching competition to sell the idea of their business in two minutes to four locally based venture capital firms.
Waterford-based Nubiq, whose services combine both Web 2.0 and Mobile Web 2.0 technologies, won the competition after CEO Helene Haughney’s pitch in front of 120 people including the Irish Ambassador to the US, Michael Collins.
The event, which was organised by Enterprise Ireland, had chosen five web companies before the trip to Silicon Valley, among whom were Putplace, Pix.ie, Tourist Republic and Spoiltchild.
Three of the panellists from the four Silicon Valley VC firms were Richard Irving of Pond Venture Partners, Dino Vendetti of Formative Ventures and Tim Danford of Storm Ventures.
Haughney said of the win: “This is a very encouraging outcome for Nubiq, the mobile web space is really hotting up and investors are looking to capitalise on what has been dubbed ‘the next big thing’.
“We will be going after funding in early 2008, so it is great to get positive feedback from such reputable venture capitalists.”
Dr Maggie Daleo, senior vice-president of new media in the entertainment and telecoms division of Enterprise Ireland, said Nubiq represented a prime example of the exciting new mobile technologies coming out of Ireland.
“Their dynamic technology will re-define the mobile content discovery industry,” she added.
Aside from gaining valuable experience in honing their pitch, the Paddy’s Valley crew has also met, among others, Facebook, SocialText, Microsoft, Google and prominent blogger Robert Scoble.
By Marie Boran