Proximities
Forum Raises The Spirit Of Venture
Capital Ideas Help Companies Entice Backers
by Brian Monroe, Florida Today, January 30, 2006
You are at a rock concert, standing in a long line. You look over at groups of people breezing to the bar, flashing a wristband and walking away with armloads of drinks.
What you don't see are the microchips inside those wristbands that hold credit card and identifying information. The chips, made by Melbourne-based Proximities Inc., don't need batteries. And if someone tries to take one of those techno-bracelets and tears it, it can't be used.
Tempted to try out the technology? Sorry, it isn't for sale.
But that could change with an influx of funds in the form of venture capital.
Proximities is one of two area companies and 19 other Florida companies that will be part of the Florida Venture Forum conference Tuesday and Wednesday in Ponte Vedra Beach. The other regional firm is Vero Beach-based XStream Systems Inc. The conference, in its 15th year, gives companies a chance to show business proposals to potential investors.
Last year, Florida ranked 12th in venture capital. Companies in the state snared $361.16 million, up 13.6 percent from 2004, when Florida businesses got $318.06 million, according to a PricewaterhouseCoopers survey. Still, that is down from a peak of $2.58 billion in 2000, during the frenzy of the dot-coms.
Florida could see more venture capital because the state is"coming into its own" in terms of startup companies with new technologies that command the attention of investors, said Robin Kovaleski, executive director of the Florida Venture Forum, an advisory and support group that aids entrepreneurial ventures by offering expert counsel, educational advice and managerial assistance.
"We have a lot of talent, and are finally being recognized as a leader in that regard," she said.
She said the state has an alluring combination of companies with solid ideas and retirees with extensive management experience at big companies.
Getting to present at the conference is not guaranteed, Kovaleski said, adding that the group goes through a selection process to narrow down the companies with the best potential to impress investors.
This year, 1,100 people are expected to attend the Florida Venture Forum conference.
Of the 19 companies that attended last year, 14 got venture funding totaling
$80.7 million,
Kovaleski said.
Wristband access
Ron Carney, president and chief executive of Proximities, is hoping to keep that streak going. Princeton students started the company, and Carney bought the company and brought it and several employees to Melbourne.
He is a veteran of the venture forum, after being a founder of other local companies, including AirNet Communications Corp. and Tantivy Communications Inc., both in Melbourne. Proximities has raised $4 million in venture funding.
Carney said the wristbands would be ideal for "nightclubs, cruise lines, resorts ... anywhere you have to fumble for money and credit cards, or could lose your wallet. With our product, if someone rips it off, you just go to customer service and get another one."
Source: Florida
Today