The creator of a website service that puts car buyers in the driver’s seat is the winner of the Catawba County Chamber of Commerce’s first Edison Project competition for entrepreneurs.
David Washco took the first-place prize of $5,000 for Price Drive, a confidential website service for car buyers that makes dealers compete and openly bid for business.
“Basically, it’s a reverse auction that gives buyers a feeling of power and control over the car-buying process and eliminates negotiations,” said Washco, one of eight Edison Project finalists who outlined their business plans Monday afternoon during a public program at the SALT Block Auditorium.
Washco, a 42-year-old Hickory businessman and martial arts instructor, said he will use the prize money to help launch GoPriceDrive.com, hopefully in February 2012.
Sharing the $10,000 in Edison Project prize money are second-place winners of $3,000 Derek Detweiler and Todd Lewis, co-founders of web game creator Gopherwood Studios; and third-place winner of $2,000, Peter Lohr of Advanced Hydrogen Technologies Corp., offering a hydrogen-based add-on motor that provides additional acceleration to vehicles.
The Edison Project competition, initiated by Chamber of Commerce president Danny Hearn, got under way nearly six months ago. Finalists were chosen by a team that determined overall viability of the business as a primary consideration. The competition included written business plans as well as an oral presentation to a panel of investors from throughout North Carolina.
Monday’s finale at the SALT Block Auditorium had each of eight finalists presenting five-minute pitches to an audience that included business and civic leaders as well as relatives, friends and other supporters. After the presentations, audience members voted on their choice for best business idea. That vote accounted for the final 10 percent of points in the competition.
Other finalists making presentations Monday were Billy Stephen Bradshaw, An Independent Step; Dana and Steve DeCanio, Puppy Paws; Angela Green, DNA Winery; Brad Rhoney, Brax-Apps Inc.; and Valerie Huffman, Craft Brew Shop.
All finalists will receive assistance in the form of training, mentoring, workshops and help from area business consultants, coaches, the Small Business Center at Catawba Valley Community College and the Small Business and Technology Development Center, all coordinated through the Chamber of Commerce.
“The process has been very helpful to us, and we’re thankful for the assistance,” said Bradshaw, who intends to continue with development and production of An Independent Step, offering a sturdy, lightweight, portable step with handrails that can be used by elderly and disabled people.
First-place winner Washco called the Edison Project “a phenomenal learning experience,” and said he watched everyone in the competition grow during the last six months.
“I have 20 years of experience, and this still taught me so much,” said Washco, vice president at Precision Electronics Inc. and head of Washco Consulting.
“It really helped me, and gave me an even greater appreciation for our area.”
Designed to celebrate and encourage the entrepreneurial spirit of Catawba County, the Edison Project was sponsored by Alex Lee Inc., CenturyLink, Catawba Valley Community College, Catawba County Government, the Committee of 100 of the Catawba County Economic Development Corp. and the Chamber of Commerce.
Plans are to make the competition an annual event.
“I truly believe we are in the age of the entrepreneur,” William L. “Bill” Parrish, regional director of the Small Business and Technology Development Center and chairman of the Edison Project Business Team, told the audience at Monday’s finale.
“We are a nation of small businesses and entrepreneurs.”
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