Local startups win seed funding and a wealth of knowledge

                                                                                              Photo Courtesy of SVASE 

Two Bay Area IT startups were awarded the distinguished Silicon Valley Association of Startup Entrepreneurs (SVASE) and Cambridge West Ventures Seed Fund Award last evening. Palo Alto-based Appbackr and Berkeley-based Taggstr each procured $50,000 and advantageous tools to help the early startups on their way. 

Both winners will receive a plethora of additional services including invaluable expertise and advice from venerable entrepreneurs and venture capitalists, a reward in an of itself according to the winners. 

Obtaining seed funding can be a daunting task that demands multiple attributes of an early stage entrepreneur- something that startup founders in the audience were quick to affirm. Ellen Salisbury, Founder and Managing Director of Cambridge West Ventures, told the audience that she and SVASE President and CEO Chris Gill received close to 70 responses to the seed funding program which ranged from initial-stage startups to those ready to launch.

Salisbury's Cambridge West Ventures consists of industry veterans keen to encourage innovation by providing resources to seed startups. "In the current economic climate a lot of teams with great ideas are struggling to get traction," said Salisbury. "We’re looking for the best ideas to fund and nurture in order to help turn great ideas into amazing companies."

Coupled with the unparalleled experience and knowledge base of SVASE, Northern California's largest nonprofit association for and by entrepreneurs, the mechanisms appear in place for the winners to be successful.

Trevor Cornwell, founder of top winner appbackr, said it was little wonder that the response was so great. "I think the reason Chris and Ellen had such a tremendous response was not just the money. It's hugely important to have the backing and support of the greater community that we are pleased to be getting today." 

Cornwell isn't new to the startup game. His extensive previous endeavors have allowed him to leverage his experience in difficult early stage conditions. His latest venture fills an acute void for app developers and might just mean the end of lengthy funding delays. Through peer financing, appbackr lets developers sell units of their apps to wholesale buyers, earning them immediate cash with additional funds paid when the wholesale buyer in turn sells those units. Reminding the audience that IT titans like Apple remain at the top of the food chain, Cornwell says he's quite confident that his young company's unique spot will provide longterm viability. SVASE and CWV likewise agree.

A few college undergrads' promising location-based iPhone 'tagging' system, Taggstr, compelled Salisbury and Gill to give them the "Most Promising Rookies" award. Alamgir Mand, UC Berkeley business undergrad, is a founding member of the startup and is clearly excited by the opportunities that the award presents. While Taggstr isn't ready for launch just yet, the coming months will see Mand learning the ropes from some of the industry's leaders at Cambridge West Ventures. 

"We are completely new to this experience and are glad that Cambridge West and SVASE will be guiding us in our endeavor. They have an extensive resource pool that we will definitely be using to our full advantage," Mand told me. 

Both startups will be ones to watch in the coming months as they launch their products with the expertise and backing of some of the region's key players. As a reminder, the 5th annual SVASE Launch: Silicon Valley will showcase more local startups. Full coverage will be found on this column. 

Additional interviews with the winning startups and other participators to come. 

• SVASE, its membership and upcoming events, visit SVASE.org. 
• Cambridge West Ventures
• appbackr
• Taggstr