Baltimore, MD [May 3, 2012] – Loyola University Maryland and Wasabi Ventures, a California-based venture capital firm with a presence in Baltimore, today announced the first three companies that will benefit from the business accelerator program the two organizations operate in the Govans community of North Baltimore. They are: CodePupil, an educational technology system that teaches software coding; PointClickSwitch.com, an energy choice platform that gives residential customers the ability to compare supplier offers, enroll, and save; and Vidstructor, a software company enabling interactive video training platforms for businesses.
“The Wasabi Ventures accelerator at Loyola University Maryland is about building the next set of emerging companies in Maryland,” said Tom “TK” Kuegler, managing partner at Wasabi Ventures and Loyola alumnus. “Our model is not that of a typical accelerator that simply advises and provides cash; we become fully immersed in the company and provide the day-to-day sales, marketing, management, and engineering support to help build successful operations. We believe the teams at CodePupil, PointClickSwitch.com, and Vidstructor are three great examples of promising companies that can benefit from the resources we provide.”
The three companies are already using the resources available through the accelerator to advance their businesses. By being part of the accelerator, the three gain access to co-working space, management mentorship, and student internship assistance.
“Wasabi Ventures has provided immediate connections to potential partners, solid business counsel, and premium space to hold our coding workshops,” said Ryan Spahn, founder of CodePupil. “We are thrilled to have the backing and support of the business accelerator.”
Phil Croskey, CEO of PointClickSwitch.com, shares Spahn’s enthusiasm. “The business accelerator program will give our young company the resources needed to grow,” he said.
Vidstructor anticipates another year of growth and product expansion. “We’ve already attracted some high-level clients in the metro area such as Ripken Baseball’s Elev8 Baseball, the Washington Nationals, and the George Washington University Medical Organization,”
“The response to the business accelerator program in both the school and business communities has been extremely positive,” said Karyl B. Leggio, Ph.D., dean of Loyola’s Sellinger School of Business and Management. “Our students will have the opportunity to have hands-on experience applying what they learn in the classroom to help these businesses grow.”
These three companies are only the first in what will be a long list of Maryland tech companies benefiting from the business accelerator partnership between Loyola University Maryland and Wasabi Ventures.
About the Business Accelerator:
The business accelerator is a forum for Loyola University Maryland to collaborate with local entrepreneurs interested in creating and building new businesses. The project is a partnership with Wasabi Ventures, which will provide professional staff to manage the accelerator, funding for start-up companies, internships for Loyola students, and the expertise of entrepreneur-
About Loyola University Maryland:
Established in 1852, Loyola University Maryland is a Jesuit comprehensive university comprising Loyola College, its school of arts and sciences; the Sellinger School of Business and Management; and the School of Education. Loyola enrolls 3,800 undergraduate and 2,200 graduate students from across the country and around the world.
About Wasabi Ventures:
Wasabi Ventures includes two distinct but connected practices: Venture Capital and Startup Incubation. It funds entrepreneurs, starts companies, and helps existing businesses succeed. Wasabi Ventures takes active operational roles in its portfolio companies by leveraging its dedicated staff of more than 40 specialists. Its team of engineering, sales, marketing, analysis, legal, accounting, and management professionals can cover every one of a startup's needs. The company acts as senior management to its start-ups and business consultants to those with companies who need advice. It also provides investment capital and creative financing solutions to chosen portfolio companies.