The founder of a Dallas-based automated stock trading marketplace took the top prize in Impact Ventures’ startup pitch competition on Saturday. The AlgoPear platform aims to remove investment barriers to financial freedom for all income sectors.
“We’re automating stock trading with proven algorithms,” says Ronnie Green, the winner of the $25,000 prize in this year’s “Shark Tank-style” event. Green, who launched the startup in 2019, also acknowledged the timeliness of his pitch given the recent frenzy of trading in the market around GameStop and other stocks.
How has the recent surge affected the startup? “I’ve been asked that a million times this week,” Green says. “Now people are more aware of what’s going on in the stock market.”
“It’s a perfect time to get our product in front of people. They’re looking for other solutions that can help them and have a.”
Green sees exponential growth in the platform’s communities: “We don’t have the same access as the wealthy.” That access includes resources that can automate trading effectively, he says.
AlgoPear’s research shows that 95 percent of traders “lose their whole portfolio within the first year due to a lack of practice and discipline.” Green’s platform wants to be an antidote to that with its trading automation and education.
“We’re projected to hit $129 million in annual revenue,” Green says, noting a fast-growing user base. AlgoPear already is running ads and putting its product in front of people who want to maximize and grow their wealth.
The startup is looking to raise about $1.25 million, Green said in a Q&A with emcee Leah Frasier following his pitch.
It’s a runway that will allow the startup to work on profitability and reach 40,000 transactions to take the product live to market, Green says. He adds that Algopear is looking for investors who not only bring monetary value, but also bring network connections.
“If you believe in democratizing wealth, let’s bring the future of investing together,” Green says.
Operating from a “beachhead strategy,” Green plans to target different verticals. “One of the things that we’re seeing now is more people gearing towards digital currency,” he says. The startup is looking at a token of its own for a community of crypto enthusiasts.”
At a time when folks are looking for options, “we have an alternative for them,” Green says.
Winning startup pitches
In all, thirteen startups and small businesses led by diverse founders—women, Black, and Latino—from across North Texas and the U.S. competed in Impact Ventures’ virtual startup pitch competition that offered $50,000 in prizes.
In addition to Green, winners of the pitch competition that was presented by Bank of America are:
Eric Adolphe, founder of Forward Edge Ai
San Antonio-based Forward Edge Ai uses emerging technologies including AI, blockchain, machine learning, robotic process automation, and swarm intelligence to solve complex problems that have a social consequence. The startup’s first product—Gabriel the Robocall Blocker—aims to stop unwanted calls on all devices across all service providers
Alexander Deeb, founder of ClassHook
San Franscisco-based ClassHook says it helps teachers increase student engagement by 70 percent on average using educational scenes from popular TV shows and movies. The startup offers a “safe, curated library of videos organized by topic, aligned to standards, and accompanied by smart tools and discussion questions.” Teachers in more than 12,000 schools across the United States use ClassHook to introduce a new topic, engage in deep discourse, and build critical thinking and media literacy skills in their students.
$1,000 Community Favorite Winner
Darrel Frater, founder of TheClubApp
Ewing, NJ-based TheClubApp enables DJs and other entertainers to seamlessly earn income while streaming through an interactive live streaming app.
The pitch competition, along with a virtual showcase and three breakout panels, capped off the Dallas-based accelerator’s Fall 2020 12-week Growth Track Program. Impact Ventures, a startup accelerator dedicated to creating more diverse and inclusive ecosystems, is helmed by CEO Ben Vann.
Founded in 2017, Vann launched the accelerator with a mission to close the income and wealth gap for minorities and women via tech career pathways, inclusive entrepreneurship, and capital investment.
Frazier, CEO of Think Three Media, a creative marketing and communications agency, emceed the event and moderated a Q&A following each pitch.
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