Not Failure, Opportunity

A great deal of Easter weekend was devoted to the application for 10X, a competition through ONE Fund offering money and mentoring to tech startups. The Metropreneur explains the competition in more detail. The project team matched the set of criteria and could answer all of the questions thoroughly, so this seemed like the defining moment that was going to kick start the business. Not only did the ten chosen teams receive $20,000 in funding and a summer full of mentoring and aid from professionals, but they also had the chance to be placed in front of a panel of angel investors at the end of the summer. This was it-- this is what the team had been waiting for to really get the ball rolling. Everyone read the questions multiple times and had several brainstorming sessions before finally tackling every single question and getting the answers (in 125 words or less) to be concise and meaningful. This went on for about seven hours on Saturday and for another five hours on Sunday. Everyone was trying to get inside the heads of the judges and the mission of the competition to answer to the best of their abilities. After thorough editing the final submission went through with about half an hour to spare.

And so we wait...

The answer came through surprising soon. Less than four days after the submission the rejection letter came explaining the competitiveness of the competition-- of the 120 worldwide submissions just 25 were chosen. Luckily even to those not chosen advice is offered by the local experts, so the team is waiting to hear back from them to see what they need to improve or change. This was a major disappointment and blow to the team's steam, but everyone is trying to look at it as an opportunity. This apparently isn't the road the business is meant to take, and another one with come that better fits its needs and goals. It is extremely disheartening to put your heart and soul into something you're really passionate about only to be rejected, but it's no reason to quit or even slow down. Will it be a harder and longer road? Yes, but this gives the company a chance to regroup, find out what needs to be done, and find the opportunity that will lead to success.

While the engineers are working to improve the prototype and prepare for alpha testing, those on the business side are continuing to crunch numbers to prove the product is definitely a great investment. Also, we've created a spreadsheet to compile a running list of any personal contacts, educators, local experts, mentors and investors we can think of so we can get as much advice and guidance as possible. Though the 10X program would have been a huge asset, we're doing the best we can to attain some of the benefits of the program ourselves. We're continuing to look for networking and funding opportunities for tech startups to get the business of the ground.

I'm reading: Not Failure, Opportunity

Commencing Countdown

There haven't been many updates on the project lately other than the usual fine-tuning continuously being done on the hardware and software. There's now a team working on the software which should help somewhat distribute the workload. There was a meeting with a family friend who has invested in and aided startup businesses before, which boosted the confidence of those working on the project. It was great news for them to hear from someone who'd gone through similar endeavors that their product is marketable and the cost of start up and production is reasonable. The next step is to work out the kinks before sitting down with a patent lawyer. I haven't been working on it much lately either, but I've laid out a rough PR plan and definitely have some ideas for getting feedback before going to market as well as getting the company's name out there. I'm currently taking a communication research methods course which is giving me a lot of ideas for surveys relating to the company and the product to be distributed to upper level personnel within the industry.

Although there haven't been any major updates on this, another reason I haven't been working on side projects much lately is because I'm graduating in two months. Two. I'm trying to remain calm but wow-- I always imagined the end of my senior year as being totally laid back and fun, mainly used just for creating memories. I am so much more stressed than I was at this time last year. And so, the pressure is on and all free time must now be spent submitting applications to potential employers, and the eye strain begins from scouring the Arts and Sciences Career Services site, the PRSA job board and others. Once I've submitted applications for every job I could possible qualify for, I guess all I can do is cross my fingers and pray. Having a job lined up before the day I graduate will make the walk that much sweeter. 

I'm reading: Commencing Countdown

Talking Logos

Now that the group has temporarily decided on a name, coming up with company logo concepts is next on the list. First they talked about what they wanted the logo to represent, what style they wanted to go with, and how complicated/simple they wanted it to be. They determined simple would be best, and we all started coming up with sketches of ideas. We tried different fonts, played with capitalization and color, and tried to come up with simple graphics to embody the concept of the product. We started doing research as well not only to find inspiration, but also to see what other notable companies have done and how they have evolved in recent years.  Simply Googling "technology company logos" was helpful in seeing what types of graphics and fonts other companies in the industry are using, and an article on the evolution of 20 corporate logos was a great place to see what format popular logos are going toward. After the group gets together to discuss the sketches everyone has come up with and decides what they like or don't like and want and don't want, I can send all of their information to my friend who's a great graphic designer. This way they can narrow down their ideas first, and then the designer can come up with a few designs that meet the criteria they come up with. Once the name and logo come together, the company will be looking less like a concept and more like an actual business.

I'm reading: Talking Logos