North Country start-ups pitch to Point Positive investors
SARANAC LAKE — Angel investing group Point Positive Inc. held its biannual pitch session on Wednesday, Oct. 28, with two vetted entrepreneurs, KLAW Industries and Just a Moment Music.
Point Positive Coordinator Melinda Little, with the assistance of Maura Maguire from the Shipley Center for Innovation at Clarkson University, hosted the virtual event via Zoom from The Carry shared work space in Saranac Lake. Point Positive is based in Saranac Lake.
The meeting, with 15 member investors, began with a brief presentation by Kip Testwuide, who also serves as vice chair of the Trudeau Institute board, on the status of an initiative between Adirondack Health and Trudeau Institute to establish a high-speed COVID-19 testing lab, which promises to be a resource for businesses, schools and universities across the region.
KLAW Industries is a multifaceted venture that, through proprietary technology, is developing a sustainable concrete pozzolan made from recycled glass, called Pantheon. It says its technology is not only stronger than its competition but also better for the environment, and more economical to both recycling plants and concrete manufacturers. Tanner Wallis, Jack Lamuralia and Jacob Kumpon presented from KLAW.
Just a Moment Music is a daily one-minute wellness music series designed to fit peacefully and effectively into people’s busy lives. The music moments support personal contemplative and spiritual practices, create a soothing, stress-reducing environment, and provide an anxiety-free foundation for mental health maintenance practices. Keene residents Martha and Dennis Gallagher presented for Just a Moment Music.
Between the two pitches, there was a brief, closed-door investor discussion. After the meeting, the member investors will now complete a pitch evaluation sheet for each company. If the evaluations are favorable, Point Positive will subsequently conduct an in-depth due-diligence review of the company’s proposal and projected use of funds. If the outcome of that review is favorable, a deal will be structured, and all of the Point Positive member investors will have the chance to participate on an individual basis in the deal. Decisions to invest or not are up to the member investors. The time commitment is tailored to preference; members can lead, mentor, advise, or just monitor and invest on an individual basis.
Point Positive is also working with additional companies ready to make a pitch within the next couple of months. Using Zoom and other comparable technologies, the organization will have the flexibility to accommodate their readiness and hold additional pitch events beyond the two events each year it typically organizes.
Since 2014, Point Positive has vetted over 50 ventures from a wide range of industries, committing over $3.3 million in capital, fueling new jobs and a more robust diversified economy in the Adirondacks.