Indianapolis-based Elevate Ventures has announced the winner of the inaugural Indy Startup Challenge. SnapShyft, a mobile app that connects food and beverage establishments with industry professionals, taking home the top prize of $5,000.
Over the 10-week bootcamp, 16 companies participated until five finalists were chosen to pitch before a panel of judges, including representatives from Elevate Ventures, DeveloperTown, The Speak Easy and Meridian Street Capital. Kelly Schwedland, entrepreneur-in-residence for Elevate Ventures says SnapShyft is the type of business for which the Indy Startup Challenge was created.
"As a company in the startup phase, the Indy Startup Challenge provided us a roadmap to validate our concept," said Thor Wood, co-founder of SnapShyft. "Over the past ten weeks, we were able to take our initial business plan, pivot and get where we are today. As a result of the feedback we received directly from those in the market, along with the mentorship provided by the Indy Startup Challenge, we are well positioned as we prepare for our first capital raise."
SnapShyft’s website says it plans to launch the app in 2017.
The "Visionary Company" award was given to Codelicious, which provides coding instruction to K-12 students. The Indy Startup Challenge was presented by Elevate Ventures and Logika.