By Heather Lusk
Megan Glover and her team at 120WaterAudit had four minutes to condense her company’s business information in a pitch competition for a prize of $100,000, covering everything from their financial situation, what they do and issues facing the industry.
It was just enough time to make to make their case, as the Zionsville-based company walked away with the winnings.
“They heard the pitch, they understood what we do,” Glover said. “They understood the problem that we are trying to solve.”
The competition was part of the Rise of the Rest Road Trip, which came to Indianapolis Oct. 12. Led by AOL founder Steve Case, Rise of the Rest helps entrepreneurs who are using technology to improve non-traditional industries in the heartland of America.
The effort is designed to call attention to smaller businesses in the Midwest and give them assistance in moving forward.
120WaterAudit, founded by Glover in 2016, was among more than 100 entrepreneurial submissions in Indiana, narrowed down to 10 to present to Case and the panel of judges.
“All 10 companies deserved to win,” she said. “We were all nervous.”
120WaterAudit helps schools, utilities and consumers test their water for harmful contaminants. It recently launched a software platform and eventually wants to serve as a database of record for those industries.
“I liked what Steve Case said when he announced our name. He said, ‘A company really trying to change the world,’” Glover said. “It was good validation.”
The $100,000 prize is just a small step toward the company’s goal of raising $1.5 million in equity in the next two months to expand into other industries that have water quality mandates and problems such as health care and manufacturing.
120WaterAudit has a full-time staff of seven that will more than double when the equity is raised. Housed in a converted conference room at zWORKS, the company is in the process of moving across the street to share office space with Clear Software but will maintain the area at zWorks for fulfillment.