For the sixth year, UCLA hosted the Fast Pitch Competition apart of National Entrepreneurship Week, which is organized by the Los Angeles investment group called the Tech Coast Angels. Since founded in 1999, TCA has invested $100 million and received over $1 billion in returns from these investments, said Robert Jadon, co-chair of Fast Pitch. The competition consists of 8-10 entrepreneurs giving fast pitches to a panel of investors and other members of Southern California’s entrepreneurial community. Pitches are judged on the quality of the CEO’s presentation and the company’s investment potential.
Johnathan Lehmann, a UCLA Anderson Business School graduate student presented his idea to investors for funding. As Jonathan Lehmann prepared to move from Paris to Los Angeles, he compiled a bag of items he no longer wanted, but he felt they should go to people who would appreciate them as much as he did. Lehmann’s dilemma inspired him to create a Facebook-integrated website that would allow users to sell items on an online marketplace and give 85 percent of the proceeds to a charity of the seller’s choice. Lehmann spent the summer developing the business model for his new company, an online commerce site with proceeds going to charity, which he decided to call KarmaGoat. The name of the company represents two concepts. The cycle of rebirth defines karma. Quote: “The goat represents a commodity that, while not useful to the donor, acts as a source of food and clothing to the recipient”.