Philadelphia Startups Took Home Over $1 million in Funding

PACT offered insights and opportunities for 1,000 attendees to succeed through collaboration, inclusion, and access

PHILADELPHIA – November 3, 2017 – Philadelphia Alliance for Capital and Technologies (PACT) announced the results of the PACT Capital Conference 2017. After a day and a half of keynotes, lightning talks, panels and company pitches, close to 1,000 attendees walked away with key insights, new connections and (for some) investment dollars. This year’s Lion’s Den was a home run.  After a full day of pitching, three companies were chosen out of 45 featured company presenters to enter PACT’s inaugural Lion’s Den. Roundtrip, Statum Health, and SocialLadder pitched their innovations once more live in front of the conference audience to five highly successful entrepreneurs. Three of the “lion” investors offered Statum Health $250,000 followed by SocialLadder who walked away with $800,000 from all five investors (the largest amount yet in all three years of the Lion’s Den).

“We are extremely proud of this year’s PACT Capital Conference and thankful for the investors of the Lion’s Den – David Adelman, Dr. Robert Corrato, Michael Wells, Sashi Reddi, and Rudy Karsan. The collaboration in the room was palpable and that is thanks to the entrepreneurs, who put their company on the stage, and the investors, who provided important insight and funding,” expressed Andy Hamilton and Jeff Bodle, 2017 PACT Capital Conference co-chairmen and partners at Morgan Lewis.

The 2017 PACT Capital Conference offered exciting new elements. It created a roadmap for the stages of successful collaboration and how startups, enterprises and investors become collaborators. The PACT lightning talks shared stories of when large enterprises collaborate with entrepreneurs across all verticals. The healthcare and technology tracks centered on the enterprise to startup exchange, mirroring PACT’s new Customer Connect initiative in which entrepreneurs pitch their inventions to enterprise buyers. Additionally, PACT released a new venture report by Pitchbook and in collaboration with Ben Franklin Technology Partners and others. Entrepreneurs and investors also connected one-to-one by scheduling business meetings through the 2017 mobile app. This year’s conference also featured keynote remarks from regional and national leaders: Polina Marinova of Fortune and Author of Term Sheet, Anita Elberse of Harvard Business School, and Jeffrey S. Moorad, Chairman of Morgan Lewis’s global sports industry initiative.

“The conference provided an ideal platform to connect entrepreneurs, investors, industry and thought leaders, and promote collaboration, particularly in the technology and healthcare spaces,” commented Morgan Lewis co-chairs Andy Hamilton and Jeff Bodle.

To learn more, please contact Amanda Nardi at anardi@philadelphiapact.com or by phone at 609-790-6206. You can also learn more by visiting the conference website www.pactcapconf.com, Linkedin, Twitter (@PhilaPACT), and Facebook.

The revenue recognition transition: What emerging growth companies need to know about ASC 606

Authored by Phil Santarelli, CPA, Partner Emeritus, Baker Tilly and Howard J. Heyman, CPA, Partner, Baker Tilly

Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, affects virtually every entity that prepares financial statements. The new standard impacts one of the most important numbers in financial statements — revenue — and could impact key financial ratios, sales, contracts, technology systems, accounting and internal controls. Organizations that prepare financial statements under generally accepted accounting principles (GAAP) must act now.

There are important factors to consider if your organization is considering following GAAP. Even pre-revenue companies should consider whether and how contemplated arrangements with customers might be impacted by ASC 606. Emerging companies must understand this issue to avoid providing guidance that may conflict with the new accounting guidance.

Transition timeline
The new standard is now effective for:

  1. Fiscal years beginning after December 15, 2017, for public companies and certain not-for-profits that have issued conduit debt obligations
  2. Fiscal years beginning after December 15, 2018, for all other entities

For accelerated filers, the revenue recognized during 2016 may need to be restated as part of the transition in 2018.

If an Emerging Growth Company (EGC) as defined in the JOBS Act has made the initial election to defer application of new accounting standards until the effective date for non-issuers, the effective date is 2018. EGCs nearing the end of the five-year deferral window may need to consult with SEC counsel as to the required effective date.

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