Instapath Wins 2018 JEDCO Challenge Powered By Greater Lakeside Corporation
METAIRIE, La. — A business developed to make biopsy evaluations more accurate and efficient won JEDCO's sixth annual startup pitch competition Tuesday afternoon. The Jefferson Parish Economic Development Commission, in partnership with Greater Lakeside Corporation, is pleased to announce Instapath as the winner of the 2018 JEDCO Challenge powered by Greater Lakeside Corporation. Instapath COO David Tulman delivered the winning pitch.
Every year, 5 million biopsy procedures are performed to diagnose cancer in the United States. However, 1 million patients need repeat procedures due to inadequate biopsy quality. Painful repeat procedures also delay life-saving treatments. Instapath's technology will revolutionize the way biopsy evaluations are performed. The bioscience company makes a digital microscopic imaging system that provides an exact picture of cancer biopsies within seconds. By improving the accuracy and workflow of rapid on-site evaluation of biopsies, Instapath reduces the need for repeat procedures and increases operating room capacity and hospital revenue. Instapath helps cancer patients get a more accurate and efficient diagnosis, so they can begin receiving proper treatment as quickly as possible. Learn more about the company in this short video.
Tulman and the Instapath team have experienced great success in the pitch competition circuit in Greater New Orleans and internationally. The company recently won the $25,000 Texas Medical Center Accelerator Prize and a $15,000 Women's Health and Wellness Prize at the 2018 Rice Business Plan Competition. Instapath took first place in the International Business Model Competition, Louisiana Get Started Pitch Competition, and Tulane's Novel Tech Challenge in 2017. The company was also selected to participate in MassChallenge's Austin 2018 Accelerator program.
"We are honored to be selected as the winner of the JEDCO Challenge," said Tulman. "Our team is excited about the ways in which we can impact cancer diagnosis in Jefferson Parish. We are thankful for the platform given by JEDCO at this competition to share our passion."
"We are very excited to celebrate the successes of Instapath this year. This company has proven itself to be a true innovator in the bioscience industry and we are enthusiastic about the potential for positive impact that Instapath will have on Jefferson Parish and the rest of the world," said JEDCO President and CEO Jerry Bologna. "Instapath's mission fits directly into the Jefferson EDGE 2020, the Parish's long-term economic development strategic plan. The growth and success of companies in the Healthcare Industry remain a priority for JEDCO and Jefferson Parish."
"Through the JEDCO Challenge, our community has an opportunity to experience the high level of talent, innovation, and excellence displayed by a number of startups building their companies locally," Bologna added. "The entrepreneurs showcased through our event this year represent the future of economic growth in Jefferson Parish. They are passionate, driven, incredibly creative, and we commend each of them for their efforts in this competition and beyond. We look forward to continuing our support of their endeavors as they grow and thrive in our community."
The JEDCO Challenge powered by Greater Lakeside Corporation is a pitch competition developed to highlight entrepreneurs with ties to Jefferson Parish. Nearly 30 companies applied to compete in Tuesday's live pitch event at One Lakeway in Metairie. Leigh Issacson of Dig – The Dog Person's Dating App, Jennifer John of Pang Wangle, Paul Reynolds of Pilothouse Software and Sean McCloskey of Stop & Block joined Tulman to compete for the Jefferson Parish prize package.
The entrepreneurs pitched to a full house on the 11th floor of One Lakeway Tuesday afternoon. The winner was partially chosen by a panel of Jefferson Parish business leaders: Sherif Ebrahim of Strategic Management Group, Courtney Richard of Anchor 36 Trucking and Logistics, Tricia Philpott of Greater Lakeside Corporation, Neel Sus of Susco Solutions, and Daryl Schloz of NO/LA Angel Network.
The judges scored the pitches on presentation, innovation, ability to answer questions effectively, Jefferson Parish impact, potential for success, and company scalability. The entrepreneurs also received points based on a crowd vote and business plans submitted in advance of Tuesday's pitch competition.
Instapath won a prize package worth $60,000 in cash and donated business services, including:
- $20,000 in direct capital thanks to Greater Lakeside Corporation, Home Bank, Ochsner Health System, Daul Insurance, Susco Solutions, and Wegmann Dazet & Company
- 25 hours of strategic and competitive intelligence work from Ardyn Thriffiley & Associates
- Ad placement for three half-page ads to run in Biz New Orleans at the end of this year
- Legal services through Carver, Darden, Koretzky, Tessier, Finn, Blossman & Areaux Intellectual Property Practice Group
- Insurance consultation with Gillis Ellis and Baker
- Marketing strategy and support from Toucan Advertising
- Membership with the Jefferson Chamber of Commerce
- Discounted accounting services with Wegmann Dazet & Company
- Presentation training with Connect2Sell Training
- Recognition at the June 1st New Orleans Baby Cakes game
The second place winner, Stop & Block, won insurance consultation with Daul Insurance and legal assistance through Carver, Darden, Koretzky, Tessier, Finn, Blossman & Areaux's Intellectual Property Practice Group, valued at over $5,000. All of the finalists received a free year of membership through the Jefferson Chamber of Commerce and access to Gillis Ellis & Baker's GEB University Seminars.
Instapath plans to use the $20,000 for a pilot program with Ochsner Health System, the largest employer in Jefferson Parish. The company already has a letter of intent from Ochsner to collaborate.