Iconic Moments, the NFT (non-fungible tokens) marketplace for museums and other cultural institutions founded by Chris Cummings, is one of three finalists in today’s “IDEApitch Investment Competition,” the culmination of “New Orleans Entrepreneur Week.”
The start-up, which was founded in Chattanooga and has an office there as well as in Baton Rouge and Austin, will be competing for the top prize of $400,000. The two runners-up with take home $175,000 each.
As described in this post, the prize is structured as a pledge to invest in the company’s next open round of financing on the same terms agreed to by the founders with other investors in the round. The three companies participating in IDEApitch will need to raise a total round equal to three times the prize amount including the prize within 18 months to trigger the IDEApitch investment prize.
The Founders of Lucid and Levelset, New Orleans start-up companies acquired for a combined $1.6 billion in 2021, came together with local investors and start-up champions to pledge the $750,000 investment in three leading companies from Idea Village’s “VILLAGEx 2022 Accelerator Program.”