Converge Ventures Announces Launch of New Start-Up Creation Model
COLUMBUS, Ohio, Feb. 25, 2020 /PRNewswire/ -- Converge Ventures, a new enterprise between Converge Technologies and BX3, is thrilled to unveil the launch of a unique high-tech start-up model that helps early stage companies fund, develop, and commercialize their products with the support of a highly experienced, multidisciplinary team of advisors:
- Converge Technologies is a commercial engineering and business advisory services firm created to support efficient commercialization of innovative technologies.
- BX3 is a professional services firm providing expertise in capital raising, law, and business advisory.
Focused on solving market-driven problems with federally funded innovation, Converge Ventures takes existing federal, state, and university-level research and applies it to customers who have actively voiced demand for the technology. In addition, Converge prioritizes projects based on the likelihood of their receiving matching state or federal grant funding, and these non-dilutive grants allow Converge to develop products at far lower costs than those of other tech start-ups.
Converge Ventures’ proprietary approach addresses the problems that commonly plague start-ups with a proven, repeatable process that curates the key elements needed for successful and profitable ventures.
“Failure is a choice,” says Eric Wagner, President and CEO, Converge Technologies. “Startups commonly make the same mistakes - whether it be lack of market need for their product, or inferior product design, or an unsound business model - and these choices predetermine their fate.”
The Converge Ventures model, on the other hand, takes each and every common mistake into account and addresses them from the outset. For instance, Converge only develops innovative products that are actually driven by customer demand, and solves specific problems, to ensure there will be a defined end-market customer.
“Pre-identified and engaged customers mean the market need is locked down before developing and investing in any innovation projects that Converge undertakes,” says John Bair, Chief Technology Officer, Converge Ventures. “Our customers are also our development partners, providing essential feedback and research and development capital in order to secure early adopter or purchaser status.”
One company in the Converge Ventures portfolio, for example, Ubihere, uses non-GPS reliant tracking technology with great appeal to myriad industries, and with enormous implications for retail, healthcare, and the US Military. Its patented advanced positioning analytics map an image in real time to pinpoint exact location through 2D and 3D technology. Ubihere originally worked with Converge to engage customers in various markets and evaluate product-market fit for its technologies. Working with Converge Technologies, Ubihere then developed the digital electronics design for its indoor tag system, as well as the first commercially ready version of its video processing technology, and has already won multiple military contracts.
“Through this novel collaboration between seasoned technology commercialization executives, and business advisory professionals, we develop better companies for less capital,” says Wagner.
About Converge Technologies
Converge Technologies is a commercial engineering and business advisory services firm created to support efficient commercialization of innovative technologies. The company was created around the efficient utilization of leveraged resources, both internal and external, to support successful design, prototyping, product development, and manufacturing of novel innovation. Our unique set of service offerings, from both our company and our extensive partner network, provide comprehensive and synergistic growth support for our customers ranging from start-up to Fortune 50. More at https://convergetechs.com/.
We are passionate professionals with decades of combined experience in finance, investment banking, marketing, accounting, tax, and law. At BX3, we use our expertise to raise funds and provide the necessary tools and framework to turn ideas into successful businesses across a variety of sectors. We work exclusively with clients and partners who reflect our core principles of collaboration, ethics, and transparency. BX3 is headquartered in New York.
Carol Lin Vieira, BX3
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SOURCE Converge Ventures; BX3