Wednesday, July 8, 2015

Passionfly wins 1st place in Drexel incubator competition

Formerly called Campus Sponsorship, the social advertising platform that participated in a DreamIt Ventures program now will refine its business in Drexel's Baiada Center Incubator.

Passionfly wins 1st place in Drexel incubator competition

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Here are the student-run winners of Drexel University's 2011 Baiada Center Incubator Competition:

First place: Passionfly, a social advertising platform that was formerly known as Campus Sponsorship when it participated in DreamIt Ventures' 2010 bootcamp program. Passionfly's aim is to turn consumers in the 18- to 24-year-old age group into "brand ambassadors" for advertisers over social networks in exchange for rewards, such as donations to groups those consumers care about, according to Rob Falcone, a co-founder of the company.

Second place: CarTech, a start-up seeking to provide a hardware and software system to allow car enthusiasts to measure the performance of their cars. (For another award-winning car team, read my colleague Scott Sturgis' column on the West Philly Hybrid X team here.)

Third place: Greek Solutions, an effort to provide a Web-based system to allow college fraternities and sororities to better manage their day-to-day operations.

The winners were chosen from six presenting companies by a panel of four judges: Mel Baiada, managing partner of Basecamp Business; Wayne D. Kimmel, managing partner of Artists & Instigators Ventures; Marc Lederman, general partner of NewSpring Capital; and Steve Welch, co-founder of DreamIt.

Each of the companies will get space in Drexel's Baiada Center Incubator to refine their businesses. Passionfly will get $10,000 to be used to defer certain training and center fees and for initial seed funding. CarTech will receive $8,000, while Greek Solutions will get $6,000. All also receive a variety of in-kind services provided by various professional services firms.

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About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

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