All three finalists in the inaugural Akron startup pitch contest called FUEL won the maximum $10,000 at Thursday evening’s competition.
The money awards — from Ohio’s Third Frontier initiative — are actually investments in the three startup companies.
The investments are being made by the Bit Factory, an initiative of the Akron Global Business Accelerator, a business incubator in the old B.F. Goodrich factory complex in downtown Akron.
The Bit Factory — where the competition took place — will take an equity stake in each company in exchange for the cash.
The three finalists — Komae, a baby-sitting app; Skinny Table, another app; and TPA Stream, a software venture, also gained admittance to the Bit Factory, a boot camp for early stage startups.
The three finalist startups are all based in Northeast Ohio.
The Komae app allows friends to exchange free baby-sitting services. Participants earn points when they baby-sit and then use the points to “pay” for baby-sitting.
Skinny Table is an app designed to help users find the more healthful menu items at restaurants
TPA Stream is a software venture that allows health benefits administrators (hired by employers) to automate manual processes. It also eliminates the need for employees to send in paper receipts for medical expenses.