12 of the world’s top hardware startups compete in Pittsburgh for the AlphaLab Gear Hardware Cup

  PITTSBURGH, PA - 04/17/2017 (PRESS RELEASE JET)

An interest in hardware is sweeping entrepreneurial and investment circles globally, as investors see acquisition valuations increase while the cost and time to commercialize technologies decreases. Enter The AlphaLab Gear Hardware Cup: a platform for top national and international hardware startups to access investment, potential customers and corporate partners.

Now in its third year, the 2017 Hardware Cup featured seven regional competitions in the U.S. and - for the first time - five independently-organized international competitions. Winning teams from the 12 regional and international competitions will compete for a $50,000 Startbot VC investment and other prizes at the finals, April 19, 2017, starting at 6:00 pm. The event takes place at 6024 Broad Street (2nd floor), Pittsburgh, PA 15206. While tickets are free, registration is required. The following day, company teams will meet with regional and national investors as well as potential customers and corporate partners.

Regional competitions were held in the following US cities: Los Angeles, Boston, Ft. Lauderdale, Washington D.C., Chicago, Austin and Pittsburgh.

International competitions were held in Japan, Canada, India, Israel and South Korea.  Ilana Diamond, Managing Director of AlphaLab Gear, says, "Over the last two years, the Hardware Cup has grown from a 5 city US-only event to one of the largest international hardware startup competitions. In 2016 over 2,000 people attended events around the US and almost 4,000 viewed the online livestream, and we expect this year to be an even bigger success."

Winning the Hardware Cup itself is not the end of the road for these teams, but rather the beginning – 2016 Hardware Cup winner, Lucid VR, went on to raise 2 million dollars in funding not long after claiming the Cup.

The AlphaLab Gear Hardware Cup is sponsored by Bosch, Startbot VC, Dassault Systèmes’ SOLIDWORKS brand, Arrow Electronics and the BNY Mellon Foundation.

AlphaLab Gear (ALG) is a top-ranked accelerator nationwide. It provides early-stage physical product companies with an initial investment, extensive mentor network, educational programming, and manufacturing assistance. Founded in 2013, ALG is a program of Innovation Works, one of the nation’s most active seed-stage investors.