Seattle entrepreneurs bank on new iPad

UPDATE:

Apple’s new iPad model features a sharper screen and a faster processor.

Apple said the new display will be sharper than the high-definition television set in the living room. The company says it will show more saturated colors than previous models.

The company said the iPad is powered by a new chip with four processing cores, for smoother graphics.

At the launch event in San Francisco, Apple Inc. CEO Tim Cook said, “We are taking it to a whole new level and are redefining the category that Apple created with the original iPad.”

Earlier, Cook spoke of a “post-PC” era dominated by the iPad and other Apple products.

Prices aren’t changing from the previous models. They will start at $499. Versions capable of accessing cellular networks will cost $629 to $829.

The new iPad model will go on sale March 16 in the U.S. Preorders begin on Wednesday.

Compared to the iPad 2, the new model features a higher-resolution camera on the back, comparable to the one in the iPhone 4S.

Apple also confirmed that the new model will come in a version that can use Verizon Wireless’ and AT&T Inc.’s “LTE” wireless broadband networks. The offer speeds that are faster than the “3G” networks used by previous iPads, and current iPhones.

Apple is also going to start letting users store movies on its iCloud remote storage service, allowing them to access their movies from PCs, iPhones and other Apple devices through the Internet.

The company is also upgrading its Apple TV set-top box so that it can play movies in “1080p” format, the highest-resolution commonly used video standard.

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So you think you can’t wait to see the new iPad or take one for a test drive?

You have nothing on two Seattle entrepreneurs who have banked their futures on Apple’s latest offering, and they’re hoping the accessory they’ve designed will be compatible.

Steve Isaac and Brad Melmon are trying to get in on the $2 billion iPad and iPhone accessories market. They’ve spent the last year and a half designing a super light, rubber overlay called the Touchfire that allows users to type without looking at the screen and gives the feel of a keyboard.

Isaac said they’re banking that the new iPad will be compatible with what they’ve designed.

“We are extremely nervous right now about Touchfire working with the iPad 3,” Isaac said. “Touchfire is compatible with iPad 1 and iPad 2 so we are really hoping for a trifecta.”

But they don’t know. They’ve been designing in the dark and gambling their start-up company that things will work out.

Isaac said he needs to hold a new one in his hands to be sure.

“I am going to be sitting in front of an Apple Store for about eight hours the instant it comes out because we need to see it in person to make sure it really is as compatible as we think it’s going to be.”

Both Isaac and Melmon laughed nervously when we asked “What happens if the new iPad is round?”

Melmon hopes their new company is flexible enough to make even that work.

“We’ve got plans in place to respond very quickly should we need to make some modifications to the product to make it compatible,” he said.

But Isaac admits there are going to be some very stressful days ahead.

“We will have some very hard choices if in fact it is incompatible,” he said. “Do we sort of stop and regroup or do we keep going?”

It all depends on what Apple unveils next.

The Associated Press contributed to this report.