Georgetown-based tech accelerator
Exhilarator has invested in a new company, launched a services division, and is planning to scale the popular SwitchPitch event nationwide.
Exhilarator has made a strategic investment in
LetsMoveDown, a seat upgrade app for sports fans, Exhilirator CEO Michael Goldstein says. Goldstein reports that the startup is "already getting great traction with the Memphis Grizzlies, the Brooklyn Nets and University of Maryland."
Exhilarator focuses on companies that have consumer-facing products, as opposed to business-to-business startups. LetsMoveDown fits that model. It allows users to sell unused seats and to buy upgraded seats once the game has started.
Exhilarator has also launched a services division, so companies can purchase marketing help, business development, or a deck critique a la carte, without having to be a member of the accelerator. "An accelerator is a tough stand-alone business. It has a long lifecycle. So we decided to launch a services division." He recently brought on a new employee to manage Exhilarator's services division, bringing the total number of Exhilarator employees to six.
Furthermore,
SwitchPitch, the reverse pitch competition organized by Goldstein, is also growing in scale. Goldstein successfully launched a post-event platform to help the large companies that pitched at SwitchPitch organize their responses. "[The big companies] loved the idea. But they were overwhelmed with the response," he explains. "'I have 50 business cards. How do I navigate this now?' So we launched a platform for submission ideas."
"The platform provides an efficient way for large companies to find startups," Goldstein says. It also puts SwitchPitch and D.C. on the national stage. "Different players want to replicate the event." He estimates there will be at least five SwitchPitch events across the country before SwitchPitch D.C. 2014 takes place. "The concept has clearly resonated."
Instead of lumping all the companies together in one room, Goldstein sees vertical potential in the concept. "A social media track, a big data track…we should divide out by startup affinity rather than by industry. Healthcare, universities and so on all need the same things."
Expanding SwitchPitch is a big job, one that Goldstein would like to delegate. "I would love to find a passionate entrepreneur that would grow this thing big," he says.