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GearBrake Wins Entrepreneur Pitch Competition in Louisville
Brake light company receives prize to grow business
LOUISVILLE, Ky. (July 24, 2014) – A potentially life-saving startup company has received a significant boost in accelerating its business.
Chris Bailey presented his company, GearBrake, to a panel of local judges during the Kentucky Cabinet for Economic Development’s entrepreneur pitch competition in Louisville Wednesday. For the award-winning idea, GearBrake received a cash prize and the opportunity to present to the Kentucky Angel Investors Network in Frankfort later this year.
GearBrake has developed a specialized brake light system to better protect and alert motorcyclists.
“We are honored to accept first place and represent the Louisville region in the competition finals,” Bailey said. “These prize winnings will go a long way by helping us further market and sell our product and ultimately save more lives. I was really proud of all the other teams presenting [in the competition]. Louisville has some great ideas sprouting.”
Motorcycles are able to rapidly slow down without using brakes by downshifting and engine braking, but other drivers are left in the dark because downshifting doesn’t light up a bike’s brake lights. GearBrake’s patent-pending module can sense deceleration and will automatically flash the brake lights.
According to the National Transportation Safety Board, one extra second of warning time can prevent up to 90 percent of rear-end collisions. GearBrake provides up to three to five seconds of extra warning.
“The Louisville regional pitch competition gave four great startups the opportunity to get their ideas in front of our panel of experts to test their wings and their business plans as they continue to make progress,” said Lisa Bajorinas, director of the Kentucky Innovation Network Office in Louisville. “We are very excited for GearBrake to represent us in the statewide competition in November.”
The event is sponsored by the Office of Entrepreneurship within the Kentucky Cabinet for Economic Development, along with the Kentucky Angels Network and the Kentucky Innovation Network. For more information on the competition, visit kyinnovation.com
Last year, the Cabinet successfully launched the Kentucky Angel Investors Network. Kentucky Angels brings new ventures and accredited investors together via monthly online meetings, providing investors access to form deals and partnerships with entrepreneurs statewide. Membership is open to those accredited investors in and outside the state who are passionate about investing in Kentucky companies. To learn more about Kentucky Angels, visit www.kyangels.net
Learn more about GearBrake at https://gearbrake.com
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The Kentucky Cabinet for Economic Development is the primary state agency in Kentucky responsible for encouraging new jobs and investment in the state. New capital investment announced in Kentucky in 2013 totaled more than $3.3 billion, spurring more than 14,000 projected new jobs. Information on available industrial properties, workforce development assistance, incentive programs, community profiles, small business development and other economic development resources is available at www.ThinkKentucky.com.