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Thursday, July 2, 2009
The Pitch
Innovative Audio aims for wireless stereo speaker transmission
By Mass High Tech staff
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Innovative Audio LLC
Headquarters: North Grosvenor Dale, Conn.
Employees: 7
Founded: 2008
E-mail: innovative.davet@gmail.com
Phone: 508-410-7791
The Pitch: Innovative Audio is looking for funding to produce a prototype and get a product to market, including team development, asset acquisition, inventory procurement, marketing and advertising.
PITCHING THE TECHNOLOGY
Innovative Audio is developing a product it calls WASP — Wireless Audio Support Products. The WASP system is intended to enable wireless transmission from any stereo receiver to any brand of speakers. With the system, the company says the user would be able to eliminate speaker wires, set up surround-sound systems more easily, use old and new equipment, and listen to audio that hasn’t deteriorated through transmission.
PITCHING THE PEOPLE
Who is on the management team? David Tschirpke, founder and CEO; Elvis Lopez, CFO.
Have executives been involved in a cashout prior to this venture? No.
Who is on the board of advisers? Joseph Szela, CPA; Jeff Myatt, Myatt Enterprises Inc.; Rich Eilenburg, consumer electronics consultant.
PITCHING THE BUSINESS
How much money is being sought? The company says it’s looking for $2.5 million — $500,000 to get its prototype to production and $2 million to get the product to market, including team development, asset acquisition, inventory procurement, marketing and advertising.
What partnerships, collaborations or affiliations are already in place? Innovative Audio says it has partnered with Eclipse Marketing. The company was also a recent presenter at the Worcester Polytechnic Institute Venture Forum’s Spotlight on Entrepreneurs.
Any federal or state grants, contracts or awards received? None.
What’s the market size being pursued? The company estimates its target market at $170 billion.
Who are the likely competitors? Innovative Audio says its competition comes indirectly from consumer electronics companies pursuing different markets. The company also said competing companies would be considered as licensing and manufacturing partners.
Is the company profitable? No.
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