Pandoland 2015 startup battle has a winner!
The Pandoland 2015 Startup competition has drawn to a close, and our lucky winner is... umano!
The company makes T-shirts designed by disadvantaged kids and gives away free backpacks full of school supplies for every item sold. After being announced as winners, the two-man team from Athens, Georgia negotiated its term sheets live on stage with our hand-picked coterie of investor-judges.
Since the judges were investing their own money, the negotiations had more than a whiff of verisimilitude. Luckily for the outnumbered entrepreneurs, August Capital's David Hornik jumped on stage in his best approximation of Kanye to advocate and translate on their behalf. After a good half hour of back-and-forth, with plenty of punctuating levity, final terms were agreed upon. We have a deal!
The team will receive a $100,000 note, with a 15 percent discount capped at $5 million. They say they're going to use that money right away to build inventory in order to fulfill an existing contract with Bloomingdales. Congratulations umano, and school-aged designers everywhere!
[photo by Geoffrey Ellis]