SHERMAN, CT -- (Marketwire) -- 03/26/13 -- Travel industry research authority PhoCusWright announced today that General Catalyst Partners has committed to provide a monetary award at the 2013 Travel Innovation Summit.
Now in its second year, the General Catalyst Award for Travel Innovation provides a US$250,000 convertible bridge loan to the travel technology startup that demonstrates the most groundbreaking travel application or solution at The Travel Innovation Summit, to be held November 19, 2013 in Hollywood, FL USA (Ft. Lauderdale/Miami) during The PhoCusWright Conference. The winner will be selected from among the Travel Innovation Summit finalists meeting the eligibility criteria.
"Companies chosen to demonstrate at The Travel Innovation Summit are selected via a rigorous application process, and only those innovations with significant potential to transform travel, tourism and hospitality make the cut," said Douglas Quinby, principal analyst at PhoCusWright. "But it takes more than a great idea to succeed in the marketplace, and the General Catalyst Award enables us to support one winning innovator with a substantial financial boost."
Eligible companies must be less than three years old, be currently raising capital and have not raised more than $1 million in funding to date. The bridge loan will convert to equity when the company raises their next round. Companies currently in General Catalyst's portfolio are not eligible.
"General Catalyst's participation in The Travel Innovation Summit truly embodies our credo: entrepreneurs helping entrepreneurs, as some of the most successful entrepreneurs among our portfolio companies are the ones solving challenges in travel and tourism with ground-breaking solutions," said Joel Cutler, managing director and co-founder of General Catalyst Partners. "Through the General Catalyst Award, we are truly proud that we can empower the next generation of travel entrepreneurs to deliver their solutions to the market."
In addition to the General Catalyst Award for Travel Innovation, this year's Travel Innovation Summit includes awards for the top innovation in the Startup, Emerging, Established, B2B and B2C categories, as well as an audience-selected People's Choice Award.
PhoCusWright is currently accepting applications to demonstrate at the 2013 Travel Innovation Summit. To learn more, visit http://phocuswrightconference.com/travel-innovation-summit.
ABOUT PHOCUSWRIGHT INC. (www.phocuswright.com)
PhoCusWright, the travel industry research authority, fosters smart strategic planning and tactical decision-making by delivering primary research on the evolving dynamics that influence travel, tourism and hospitality distribution. To complement its research in North America, Europe and Asia, PhoCusWright partners with and produces several high-profile conferences around the world.
ABOUT GENERAL CATALYST PARTNERS (www.generalcatalyst.com)
General Catalyst Partners is a venture capital and growth equity firm that invests in exceptional entrepreneurs who are building the technology-based companies that will lead innovation and transform industries. Founded in 2000, General Catalyst Partners leverages its principals' extensive operational, business development and technological expertise to provide portfolio companies with a catalyst for success through business-building and partnership development assistance. General Catalyst has offices in Cambridge, MA and Palo Alto, CA.
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