The top of the month of May saw the return of Tech ID Day, an event created by Accel Innovation Corporation (AIC) located in Pinehurst, bringing together 20 chosen businesses to present their products, technology and tech services to the Department of Defense and military buyers.

Tech ID Day returned to Hoffman, N.C. on April 30 and May 1 at the Oak Grove Technologies (OGT) Training Center located at 158 Rushing Road. Day one consisted of an in-person version of their Dual Use Capital Call, a focused gathering that brings together industry leaders, academia, entrepreneurs, government innovation stakeholders and capital providers across various stages.

Each session is held monthly and attended by 50 to 100 participants, including members of government, the military and trusted capital providers from the private equity and venture capital (VC) community.

This time, instead of meeting virtually, the event was converted into an in-person pitch opportunity for the first time. During the contest, leaders of a chosen few of the companies attending were able to explain their products and services to raise funds for further development. Asks ranged anywhere from $2 million to $10 million and investors, buyers and government representatives were able to ask questions and connect.

“You saw a lot of government reps also asking questions. Well, that shows an investor that the government is interested in and sees value in it,” shared AIC President and Co-founder and retired Col. Dean Hoffman IV. “Usually, a company trying to get this type of money, they don't get an investment banker because investment bankers are usually looking to take on things where they're trying to raise $20 million plus. So that problem area is that [for] $250,000 to $10 million, there's nobody out there that an investment banker is going to take on. So, what we are doing is inviting all those VCs into one meeting and then letting companies pitch to them.”

Returning Dual Use Capital Call participant Chuck Gershman, CEO and co-founder of OWL Autonomous Imaging shared that their company can receive a potential funding match from the CHIPS acts for any investment they receive, so being in front of key VCs allows for them to potentially double money they’ll use to access high quality manufacturing, create prototypes and expand product offerings to cater to a large customer base.

“I pitched at this event via Zoom a couple of months ago, but they invited me to come in person. I much prefer in-person events. Zoom is a great tool, lots of efficiency, but something gets lost in the translation,” shared Gershman. “If you can be concise, tight and compelling, and not necessarily in that order, you can attract the interest of potential investors, of which there were a number that were invited here today, and exposure to companies is what they're looking for.”

Following the conclusion of the pitch event, and additional browsing time for buyers, OGT also celebrated a new addition to their campus. In a private ceremony, CEO and retired Col. Richard Haggerty gathered with the OGT team to cut the ribbon on The Forge, a cutting-edge 5,000 square-foot innovation hub designed for prototyping, integration and tactical innovation. The Forge features a design lab & makerspace for hands-on development, additive manufacturing to bring concepts to life and a state of-the-art classroom for advanced instruction.

To wrap up the first day, Tech ID Day attendees were able to meet up for a social event at the Brad Halling American Whiskey Ko. in Southern Pines. While there, a $10,000 check was presented to the Joint Special Operations Foundation for their scholarship fund. Funds are gathered through vendor fees from companies attending Tech ID Day.

“It’s an event that provides a good fundraiser for them too, so it goes back to a good cause and supports the warfighter, which is really what we’re all meant to be,” shared Hoffman. “This is totally focused on supporting the warfighter. We’re not only doing it with technology, but we’re also doing it with funds to support their loved ones and soldiers getting scholarships to improve themselves and their education.”

To learn more about Accel Innovation Corporation, and keep an eye out for information on next year’s Tech ID Day, you can find them online www.accelinnovationcorp.com. Learn more about Oak Grove Technologies online at www.oakgrovetech.com.