November 06, 2019
PHOENIX, Nov. 6, 2019 /PRNewswire/ -- Denver-based Vita Inclinata Technologies has been named the overall winner of BBVA's Entrepreneurial Opportunity Contest, winning the $50,000 grand prize over other geographic winners from previous regional rounds. The company is focused on delivering the first agnostic, autonomous suspended load stability system for both earth and space applications.
The idea came 10 years ago when company CEO Caleb Carr was on a search and rescue mission in the state of Oregon. One of Carr's friends collapsed from a heart attack and the ensuing emergency helicopter had to pull out of the remote area, as they were unable to lower a rescue basket because of its uncontrolled, pendulum-like swing in violent weather conditions.
"While all of our six regional finalists possessed unique and clear business growth plans, the panel concluded that Vita Inclinata's mission was an exceptionally powerful venture," said BBVA USA Director of Business Banking Elizabeth Dobers. "The story behind the company, its business model and its use of digital capabilities were all significant factors in deeming them the overall winner. I want to thank our contestants and the Business Journals for making this year-long campaign a wonderful success for small businesses across our footprint."
The overall contest was launched earlier this year in six different markets, with the bank teaming up with the Business Journals for the initiative. Winners were selected in each market, with winning businesses getting $10,000 in prize money. Those same winners then participated in the final round on October 30 in Phoenix for the $50,000 prize.
During the contest, winners from San Antonio, Dallas, Austin, Houston, Denver and Phoenix pitched their business, where a panel of judges, combined with public online voting, selected the final winner. The event took place at the Hyatt Regency Scottsdale Resort and Spa.
On October 29, Trainual won the Phoenix area contest, and then participated in the final round the following evening. Trainual, a customizable procedure app, specializes in helping emerging companies build a centralized operations and training manual to automate and simplify onboarding, training, and knowledge transfer.
Trainual states their mission as using technology to make companies' manuals write themselves by collecting the knowledge inside a business, organizing it, and keeping all employees apprised of updates and changes.
"As a financial institution that specializes in producing its own industry-leading app, we felt Trainual was a candidate that fully demonstrated why they were deserving of the $10,000 prize," said BBVA USA Phoenix CEO Brad Parker. "Arizona has become a hotbed of innovative ideas that smartly utilizes digital transformation. Trainual is another example of that growing trend. Congratulations to their team and the amazing product they have created for other emerging companies."
The final list of contestants that were eligible for the $50,000 grand prize is as follows:
The contest was open to small business owners that have been established for a minimum of two years as of the date of entry and have at least $1 million in annual revenue. The series of contests aimed to garner funding for an established local operation that demonstrated an innovative service, product or business model.
For more financial information about BBVA in the U.S., visit bbvausa.investorroom.com.
BBVA (NYSE: BBVA) is a customer-centric global financial services group founded in 1857. The Group has a strong leadership position in the Spanish market, is the largest financial institution in Mexico, it has leading franchises in South America and the Sunbelt Region of the United States. It is also the leading shareholder in Turkey's Garanti BBVA. Its purpose is to bring the age of opportunities to everyone, based on our customers' real needs: provide the best solutions, helping them make the best financial decisions, through an easy and convenient experience. The institution rests in solid values: Customer comes first, we think big and we are one team. Its responsible banking model aspires to achieve a more inclusive and sustainable society.
In the U.S., BBVA is a Sunbelt-based financial institution that operates 642 branches, including 330 in Texas, 89 in Alabama, 63 in Arizona, 61 in California, 45 in Florida, 37 in Colorado and 17 in New Mexico. The bank ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (6th). In the U.S., BBVA has been recognized as one of the leading small business lenders by the Small Business Administration (SBA) and ranked 8th nationally in terms of dollar volume of SBA loans originated in fiscal year 2018.
SOURCE BBVA USA
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