20Fathoms absorbs TCNewTech

Bill O'Brien, The Record-Eagle, Traverse City, Mich.
·3 min read

Dec. 12—TRAVERSE CITY — The original start-up pitch competition in the Traverse City area will come under the umbrella of 20Fathoms in 2024 as it looks to reinvigorate the event.

TCNewTech, founded eight years ago by local businessman and technology specialist Russell Schindler, will become a program of 20Fathoms next year, the organization announced this week.

20Fathoms Executive Director Eric Roberts said the Traverse City-based business technology support and incubator organization will consider a "whole slew of ideas" to freshen up the pitch competition, which is expected to resume next spring. Among those ideas is to boost the $500 cash award for the top idea presented at the monthly event, which was last held in early October.

"We're going to have to balance getting back to the roots of the event which really made it 'must-see TV'," Roberts said. "We've got to build the event to make it extremely compelling and exciting for people to be there."

Schindler is the founder and CEO of the local software company SampleServe, which was featured on the entrepreneur funding television show Elevator Pitch three years ago. Schindler launched TCNewTech in 2015 to connect local tech professionals and entrepreneurs in a monthly pitch competition where start-ups would compete for a $500 prize determined by audience voting. The high-energy events were held at the City Opera House and have featured more than 250 companies with $40,000 awarded in start-up and development funding over the years. Participating local start-ups included Hybrid Robotics, First Ignite and MeetingMaker.

Schindler described TCNewTech as "a beacon" for the local technology sector that's brought together creative technology entrepreneurs with local tech investors.

"The journey of TCNewTech has been a remarkable testament to the spirit of collaboration and entrepreneurial drive inherent in our community," Schindler said in a media release. "(20Fathoms') exceptional expertise, coupled with their commitment to nurturing tech talent, assures me that TCNewTech will not only regain its former glory but soar to new heights."

Roberts said a non-profit entity associated with TCNewTech will be dissolved. But it was important for 20Fathoms to continue with and expand on the successful branding and following of the event, he said.

"The program that's been around for the last eight years was so strong in the community," he said. "I didn't want to lose that."

Taking over ownership of TCNewTech will also offer participants access to various programs and services available through 20Fathoms. Those include coaching on pitch presentations, mentoring, business education, professional service providers including legal and marketing work, and connections to potential funding sources.

"We'll have the ability to surround these start-ups with a network of support," Roberts said.

20Fathoms will hire a full-time manager to produce the competition and other events, he said. It's also conducting a public survey seeking feedback on the program and ideas about future pitch events, and seeking volunteers to help stage the the production. More information on those opportunities is available on the 20Fathoms.org website.

"We have to get this thing perfect before we re-launch," Roberts said. "There's a tremendous sense of urgency."