Hershey Company Wins Ben Franklin Venture Idol Competition

A Hershey company, Apeliotus Vision Science, captured the top award on November 5, 2009, in an entrepreneurial competition in Scranton, Pennsylvania.

“It’s important that the community came out and that there’s this level of interest for startup entrepreneurship in Pennsylvania,” John Edwards, chief executive of Apeliotus Vision Science, said after his company won the $5,000 top prize during Ben Franklin Venture Idol at the Hilton Scranton and Conference Center.

About 250 people turned out for the program, which was co-hosted by NEPA Venture Partnership, a consortium of regional economic development agencies that plan to provide access to $10 million in financing for promising startups. The event included presentations by entrepreneurs seeking funding and head-to-head sessions with investors and venture fund managers.

“Venture capital these days is incredibly scarce,” said state Treasurer Rob McCord, who was master of ceremonies at the event. “This area is well positioned for entrepreneurial growth.”

Mr. Edwards’ company, which was formed in 2008, developed a device that provides early detection of age-related macular degeneration, a disorder that leads to blindness and affects 30 million people worldwide. The device, which will be marketed to medical and opthalmic companies, sells for about $25,000 and the company projects it will turn a profit in 2012.

To read full artticle, click on the following link http://www.thetimes-tribune.com/.