Kicking off Session 3, Prakash Kondepudi with DepotPoint discussed their innovative product offering for the real estate foreclosure market. Their platform streamlines the entire foreclosure process, saving significant time and money for all parties involved (financial institutions, lawyers, brokers and investors). Too bad the timing just isn’t right for such a solution (note sarcastic and ironic tone). Knowing the unfortunate explosive growth in this market, I foresee DepotPoint will not be foreclosing on their office space anytime soon.

Max Risenhoover with M-SIXdemonstrated their 3-D visual collaboration software. The SAS solution provides the building industry with the ability to create, model and collaborate. For example, the average 3-D rendered image would cost $50 instead of $2,000, which is the current industry average. Additionally, the technology enables interaction, commentary and click tracking.

Jeff Allen from Rallypointwas next to bad. Rallypoint is a TV widget service or portal provider, delivering Web-based content and services to Internet-enabled TV sets. The basic business model is advertising revenue, and the market potential is huge: by 2012, all TVs will be fully internet-enabled. The platform overlays content over video (via frame buffer) to layer interactive content. Examples include sports scores and statistics during a football game and social networks accompanying popular programs. It’s always interesting to see how TV and the Web interact, as my senior paper in 1994 was on this very topic, aka The Information Superhighway. Ironically, these concepts are far from new, but behavior is now changed enough to make this a viable business.

For the final presentation of the day, Terri Fiez discussed her venture: Wi-Chi. Wi-Chi designs, manufactures and markets reliable, efficient nano inverters for solar photo-voltaic systems. Essentially, the inverter is more efficient and affordable than current solutions. With the current energy crisis, and a greater reliance on alternative sources, Wi-Chi will provide a key element to making solar a bigger player in the power industry. By providing a powerful solution to the weakest link in the solar power chain, Wi-Chi is well positioned for funding and long-term success.

The Regional Success Story #2 is nLIGHT, a leading supplier and innovator of high-power semiconductor lasers and fibers for industrial, medical, defense and consumer applications. Scott Keeney, President & CEO provided insights into the company, which includes a major failure and resulting insights. Key lessons learned: don’t buy industry forecasts from “experts,” be cautious about hot markets and best of all, that our region is a great place to build a company.

Kent Lewis reporting live from the Downtown Marriott at the first session of OEN Venture Northwest. Michael Wright with Advanced Inquiry Systems, Inc. kicked off the first session. AISI is a full waver at-speed and at-temperature integrated test solution (aka circuit tester). They have a stacked management team, a unique technology and strategic partnerships. I would tell you more about AISI, but the technology is so far over my head, it would be like translating Swahili.

The second presenter was Ben Finklea with END, a sustainable footwear manufacturer. Their unique selling proposition is the combination of a core sustainable culture with ultra high performance products. I personally checked out their sample shoes, and they are good looking, lightweight and affordable. The fact that they are sustainably made, and are performance-oriented is a bonus in my mind. END now has product on REI.com, and will be on Zappos soon. Their marketing strategy involves reaching out to Gen Y via social media, which is a key influencer market as Web and environmentally-savvy consumers.

Michael Berkley with SplashCast next discussed his content syndication network, designed for emerging high-growth media. Essentially, the SplashCast service allows brands to engage with consumers via social media. The SplashCast immersive media (aka mini televisions) are embedded in various social media sites, and can be easily branded and shared. Michael gave a few examples of the impact of the product in Nike's NKE6.0 SplashCast channel generating more views than the Nike site itself. From personal experience, I can tell you SplashCast is going to be a major player in social media, and they are well on their way.

Next up was Stuart DePina with Tamarac, Inc.http://tamaracinc.com/, which is the leading portfolio rebalancing and trading platform. For those of you that are not financial advisors, their Web-based product reduces costs by automating portfolio construction, maintenance and monitoring. DePina and the rest of the executive team is stacked like pancakes, in terms of deep relevant experience.

Paul Lorenzini with NuScale Power anchored the morning session. NuScale Power is commercializing modular, scalable 45 megawatt electric light water reactor nuclear power plants. That’s right, they build small nuke reactor power plants. Before the hippies out there plan your sit ins, you should do a little more reading on the energy crisis and how nuclear power is one of the cleanest opportunities to provide energy for the growing global demand. The modular systems are built at the factor and can be shipped anywhere via truck. The light water power is one of the safest forms of nuclear power available today.

The OEN Regional Success Story was Insitu, Inc. Steve Sliwa, President & CEO, described their product offering, which develops remote aircraft like ScanEagle. Their success has resulted in recognition from a variety of publications like Fast Company and Portland Business Journal. The history of the company is quite interesting, in that the co-founder Ted McGeer built the first unmanned aircraft vehicle (UAV) to successfully cross the Atlantic Ocean. Boeing recently purchased the company in September 2008, but we can't say for how much. Steve finished off his presentation discussing the downside of locating the business in Bingen and White Salmon Washington, which includes limited facilities and recruiting.