Sep 13, 2012

Madison entrepreneurs win San Francisco tech prize

Excerpted from Milwaukee Journal Sentinel
by Kathleen Gallagher

Two executives of a Madison start-up parlayed their company’s technology into a new use to win the grand prize and a total of $70,000 at a San Francisco technology contest this week.

Claus Moberg and Matt Lea teamed up with three other participants at the Disrupt SF Hackathon 2012 to best 146 other teams and win $5,000.

The technology at the heart of their entry, which they call livebolt, was a virtual rewards system where retailers use a small aluminum block to “stamp” people’s smartphones. The livebolt entry used the aluminum stamp to create a lock that can be attached to any door with Velcro and opened with a smartphone.

Livebolt also won a $65,000 award from Nokia for being the most innovative mobile product.

As for all the offers to move to California, Moberg says he’s got a standard answer.

“We have a great team in Madison, our company has been doing very well there, we have huge support from the Madison tech community and we’re very happy where we are,” he said.

Read the full article.