WedWu, Inc., a name-your-own-price for wedding services bidding platform, emerged victorious at the inaugural Miami Herald Business Plan Challenge “Geek Tank” event. The Miami Herald partnered with the Miami Innovation Fund to test the presentation skills of four of the 2012 Miami Herald Business Plan Challenge winners, who were thrown into the “Geek Tank” to see who could impress investors. Each startup was given an opportunity to make a 10-minute investor presentation followed by 10 minutes of questions from the panel of judges, which included fund cofounder Jack Karabees, president of Miami Beach-based “Consult A Doctor.” WedWu, founded by Darren Atinsky and Michael Carnie, competed against Smart Access Solutions, Biomotics and Geopon.
“We had a great time competing against some amazing companies,” stated Atinksy. “The team at WedWu really believes that through its name-your-own-price for event services platform, we are disrupting the market and changing the way people plan their weddings.”
Once all four start-ups had presented and fielded the questions asked by the judges, the panel deliberated and declared WedWu the winner. The judges believed that WedWu had the best concept and presented it well. After the event WedWu was offered and accepted a term sheet from the fund.
“Investors invest in a large and growing market, a billion dollars or more, they invest in a management team with deep and relevant experience in the business,” Karabees stated. “Another element that is extremely important is an understanding of valuation… And the last thing they invest in is competitive advantage — do they differentiate themselves dramatically from the competition?”
About WedWu, Inc: WedWu, Inc began in 2011 and is headquartered in Davie, Fla. The wedding service company is the first “Name-Your-Own-Price” Internet platform for brides, in the country; specializing in photography, video and DJ services for weddings at a significant cost-savings. Additional information can be accessed at http://www.wedwu.com.
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SOURCE: WedWu, LLC
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