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Introducing the Entrepreneur Challenge, Powered by spigit: Sponsored by Keiretsu Forum SoCal, Sun Microsystems, Mashable and Southwest Airlines

Introducing the Entrepreneur Challenge, Powered by spigit: Sponsored by Keiretsu Forum SoCal, Sun Microsystems, Mashable and Sou

SAN FRANCISCO, November 28 /PRNewswire/ --

- Web 2.0 Meets Funding 2.0, Forging a New Way for Technology Startups to Engage Investment Communities and Get Evaluated for Real Funding on the Web

As global communication accelerates, entrepreneurs and investors are seeking new ways to connect with potential investors. spigit, inc. the smart, social collaboration platform (www.spigit.com), today announced the official start of the Entrepreneur Challenge, a competition to discover tomorrow's best innovative ideas and startups. Premier sponsor Keiretsu Forum SoCal and co-sponsors Sun Microsystems, Mashable and Southwest Airlines, will contribute prizes and support for contest winners. Additional sponsors include Lithespeed, Killer Startups, LaunchSquad and Multilingual Eyes.

"The landscape for startup investments is rapidly changing as the Web makes it possible to discover pockets of innovation around the world. Our intention is to provide angel investors with a structured community for innovation and investment deal flow," said Chip Parker, Keiretsu Forum SoCal Chapter President.

The Entrepreneur Challenge invites entrepreneurs to showcase their start-ups on the website, develop ideas, business plans and leadership teams, and connect with industry leaders and investors worldwide utilizing the spigit platform. Some 1,000 companies registered for the competition and 130 have been chosen at this point to participate on spigit's platform for innovation, which incorporates a market-tested, seven-step process where entrepreneurs build their reputation based on the quality of their ideas and contributions to the ideas of others, earn badges and expert approval, and finally, launch their company on a virtual stock market.

"Today, we're opening the doors for the new era of Funding 2.0 with the launch of our Entrepreneur Challenge. spigit combines prediction markets, advanced reputation algorithms and collaboration tools to vastly extend the reach and relevancy of each participant's connections, pulling investors and innovators close together from around the world to make real investments and build real companies," said Paul Pluschkell, spigit CEO.

The top six startups will be awarded prizes by industry leaders to help make their dream a reality: Keiretsu Forum SoCal, one of the nation's leading angel investment communities and premier sponsor, will offer the opportunity to present live in front of the forum; Sun Microsystems will supply hardware; Southwest Airlines will provide nationwide air travel; and Mashable, the popular social networking news site, will publish live, on-going coverage of the event and its winners.

The Innovation Challenge for Entrepreneurs is now live at: http://innovation.spigit.com/

"spigit's Entrepreneur Challenge is the first online platform competition that will truly give an insider's view on the funding process. The capabilities of outsiders, insiders and experts to engage in discussion and push one company ahead of another is the true meaning of Web 2.0 technology at work. The opportunity for the participants is not only measurable by their success throughout the competition, but the buzz that is generated from the platform," said Adam Hirsch, Mashable Community & Marketing Director

About spigit (http://www.spigit.com)

spigit is the only platform for smart, social collaboration that brings advanced algorithms to social networking to extract relevant meaning from social interactions and enable the best ideas and contributors to shine. The spigit platform evolves the structure of business innovation and smart collaboration for today's leading enterprises (spigit for Enterprise), contests (spigit for Contests) and conferences (spigit for Events).

spigit recently won The New New Internet Conference "Technology Pace Setters" Award for advancing the future of social networking technology. spigit powers innovation discovery for today's leading enterprises, including SAP; conferences, such as Blog World; and contests for companies such as Southwest Airlines.

Web site: http://www.spigit.com http://innovation.spigit.com

spigit, inc.

Vincent Chang of Antenna Group, +1-415-977-1911, [email protected]

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