We opened with our sponsor, TenRocket, delivering the ceremonial first pitch. Ten Rocket builds web and mobile apps for startups in 10 days for $10k with a 110% guarantee, and they’ve just launched a startup community built on slack called #makeitreal.
Intelligent Dots – Oil and gas prices are down right now because of the success of “fracking”; however, fracking has been linked to minor earthquakes because fracking actually fractures the rock and other material under the earth’s surface in order to reach the oil deposits. The problem is that, today, oil & gas companies have to wait 30 days or more to get an accurate seismic reading from the area in which they are drilling, causing delays or enabling work on unstable areas. Intelligent Dots has invented (and patented) a method of producing a real time seismic image using a mesh network of sensors. Intelligent Dots is seeking funding and introductions into the oil and gas marketplace.
Inside IT – the buying process for enterprise IT is broken. It’s like buying a home with no comps; total lack of transparency in pricing. Inside IT has built a marketplace to bring transparency to IT equipment pricing, and they are seeking scrappy developers to help bring the product to market.
FullChair Digital – a great product doesn’t mean a great business. How well you communicate your message is directly related to help you tell your story. Full Chair Digital is a digital agency that helps you turn prospects to promoters.
Lessons: Today, one of our entrepreneurs delivered a 6 minute investor pitch, which generated a ton of discussion and some great learning points. The biggest learning point is – similar to in the 30 second pitch – start with “why”, focus on the problem by telling a story to illustrate the magnitude of the problem. Then focus on the size of the TAM, the total addressable market. Next, focus on the validity of your solution. In today’s case, the solution was created by a bunch of PhDs and is patented already. That’s a big deal! The creators of the solution are part of the team, which, for most investors is “the jockey” (as opposed to the horse) and investors usually bet on the jockey, the team that they believe in.
Periscope: Our sponsor, Ten Rocket, broadcast today’s session in its entirety on Periscope. You can see it here if you’re so inclined.
Thank you to everyone who attended today, and to our sponsors. See you next Friday at 1pm after Startup Chowdown.