TAIGER (formerly Playence) Wins 2011 Global New Venture Challenge
TAIGER (formerly known as Playence) multimedia search and received great potential for growth in the company’s unique contextual annotation and search engine for audio and video files, said Sinuhe Arroyo, EXP-16, founder and owner of the company.
“The use of multimedia grows every day,” Arroyo said. “We have a solution that actually fits very well in the market niche. This is a problem everyone perceives and is very well understood. I think they simply saw a lot of potential for the business.”
The company, which has operated for more than a year and is seeking venture capital, provides a search solution that understands and exploits the meaning of information. Essentially, TAIGER allows corporate users to search audio and video files in much the same way Google searches text files. “Basically, you can search within a video or audio file for the pronunciation of a word or the appearance of a character, and that using natural language expressions” Arroyo said.
TAIGER rose above the other teams because of the exciting, innovative technological service Arroyo conceptualized, said Robert Gertner, Joel F. Gemunder Professor of Strategy and Finance, who served as a judge during the finals. “The business is really pretty far along,” Gertner said. “It’s got customers and it really has enormous potential. He’s very dedicated to it, and people are really excited by the business.”
Gertner, who also judged the 2011 finals, said the field was very competitive this year. “I thought they were really good,” he said. “The quality just keeps getting better and better.”
Even though IMI did not win the competition, Dessert found the GNVC extremely valuable, he said. “Two weeks before the finals, I pitched my plan to a VC,” Dessert said. “We talked for about an hour, and he said, ‘I don’t know. Let me get back to you.’ Three days later, he called back and said, ‘OK, we’re in.’ Now they’re on our advisory board. That would not have happened had it not been for us participating in this experience. I won before we even came in the room today.”Arroyo agreed. “This whole process, especially the feedback the judges and Booth faculty and staff gives you, helps improve your pitches,” he said. “It’s very insightful. They’ve been doing this for a long time, and they really know what they are doing. Participating in this process really sets you apart from other start-ups. You get access to first-tier investment people, like VCs. Anybody can organize a business plan competition, but all the feedback, help, and the intense process set this event apart from anything else.”
Click here to see the original announcement on Chicago Booth’s website.