In an event modeled after the popular television show American Idol—but with entrepreneurs instead of vocalists—three early-stage technology company entrepreneurs seeking funding presented short pitches to investors and more than 200 audience members. Lehigh Valley Venture Idol, presented by Lehigh Valley Technology Network and the Ben Franklin Technology Partners, was held Nov. 15 on Lehigh University's campus.

Len Bellezza, CEO of Resource Energy Systems Technologies (REST)

After the votes were tallied, Resource Energy Systems Technologies of Allentown was named the winning Lehigh Valley Venture Idol, taking home a $5,000 prize. The popular annual event is now in its second year. The two other competing companies were InfraRed Imaging Systems and TotalTakeout.com.

Resource Energy Systems Technologies (REST) manufactures and markets an innovative product that significantly reduces the energy consumption of alternating current induction motors under a variable or lightly loaded condition. Commercializing a concept initially developed by NASA, REST manufactures analog motor controllers that use power factor monitoring technology to reduce energy demand in manufacturing, mining, drilling, refrigeration and transportation applications throughout the world. REST's motor controllers, soon to be available in digital form, are designed for the full variety of single-phase smaller motors and three-phase larger motors used extensively in industrial applications.

The event illustrated a significant way in which early-stage entrepreneurs seek and obtain seed capital. It included a presentation/panel discussion on the state of capital raising and investing by three institutional investors, who also critiqued the investment pitches:

• Jeff Snellenburg
  Angel Investor, Delaware Crossing Investor Group
• David Drahms
  Vice President, Osage Ventures
• Michael Kopelman
  Vice President, Edison Venture Fund

Exhibiting companies included:

• Aslan Industries Corp.
  New and innovative technology in home wiring designed for fast, reliable and accurate installation
• Discovery Machine, Inc.
  Software tools that focus on expert-driven capture, leverage and execution of strategic expertise
• Element ID, Inc.
  High-performance radio frequency identification readers.
• EMV Technologies, LLC
  Utilizes a nanoporous ceramic membrane in hemodialysis modules that filter blood from patients with kidney failure
• hField Technologies, Inc.
  Innovative, high-performance wireless networking products that offer outstanding performance while maintaining total interoperability with existing wireless technology standards
• ISS Pharmaceuticals
  Drugs for the diseases associated with insulin resistance such as type 2 diabetes, obesity and metabolic syndrome
• InfraRed Imaging Systems, Inc.
  A new imaging device that enables medical personnel to see arteries and veins under the skin in detail and in real-time, thereby enabling them to more accurately and efficiently insert needles and catheters
• Resource Energy Systems Technologies, Inc.
  An innovative product that significantly reduces the energy consumption of alternating current induction motors under a variable or lightly loaded condition
• Third Eye Diagnostics, Inc.
  A noninvasive intracranial pressure monitor that will be used by physicians to more safely and less expensively diagnose and treat head injury
• Total Takeout.com
  Provides sales-driven organizations, such as pharmaceutical companies, with an Internet-based solution for online ordering of takeout meals to accompany sales presentation purposes

What is LV TechNet?
The Lehigh Valley Technology Network is an organized group of technology industry professionals who benefit from networking with each other. Beyond increasing technology awareness, LV TechNet seeks to provide value for its members in these important areas:

• Business Networking
  LV TechNet provides members opportunities to make specific industry contacts, seek strategic partners and promote their businesses.
• Capital Raising
  Members learn about and meet representatives of the public and private sector sources of debt and equity financing for technology business and development.
• College and University Information
  LV TechNet provides a forum for colleges and universities to share technical expertise, knowledge, and technical employee and intern availability with companies.
• Access to Public Sector Resources
  Members interact with public organizations that seek to build the technology base of the Lehigh Valley. This can help companies find suitable business locations, obtain government-sponsored financial incentives and solve regulatory issues.

Led by the Ben Franklin Technology Partners of Northeastern Pennsylvania, the LV TechNet has grown to more than 725 members. Membership is free, and interested individuals may join by visiting www.lvtechnet.com.