Our project experienced its biggest misfortune to this date today. Our business plan failed to make the top 10 with in Venture Cup. Feel free to check out the finalists, there is definitely some great stuff in there!
It is noteworthy that there is only one web service that made the finals. It is extremely difficult to determine the value of a web service. It all comes down to the actual users that the service gets. In favor of this finalist called AudioDraft, it must be said that their service is targeted for experts. That makes it perhaps a bit easier to put a price tag on their product.
Where do we go from here?
Now that we no longer need to concentrate on the Venture Cup we can focus our time and energy in developing our idea further. We have a proof of concept and now we need to take the steps to make it publicly available for a group of testers.
I want to personally invite everyone interested in helping to fill out this form to join an alpha tester mailing list.
What else is going on?
We’re getting closer to actually founding a company that will start making great things. We’re starting discussions with TEKES to show how our solution could help the Finnish economy.
We’re also eagerly going to the Aalto ES Boot Camp. This is a great opportunity for any entrepreneurial team to fast-track their ideas into a successful business.
So far this project has been an outstanding success
Four weeks ago I had no idea how much we could achieve in less than a month. What I do know is that we will do something big. Here’s a small overview of the current status:
- Apart from myself, six fantastic and talented people have expressed their dedication for my project. A few more were hired.
- Four multi-million-turnover companies were interviewed and all of them found our solution interesting. One of them even considered it worth paying for. All of them share the pain in the way things are currently handled.
- 100 people were interviewed for a market study and 74 of them say they would pay for our service if it sincerely tried to help them. If it actually succeeded in helping them the figure was 95.
- The global annual market size is estimated to be around 200–300 M€.
- Three “big shots” in the field of web 2.0 and social media have agreed to give us an audience.
And we quote Jesus on our business plan. Can it really get better than this?
I’ve been saving today’s post to send a status update to all of you following my project.
As I mentioned before I was pitching an idea at the Aalto ES today. It went about as good as I expected and definitely better than the rehearsal speech on Monday.
The judges apparently liked my pitch and my idea came third out of eight. That was probably the best possible place to be at, since I got concrete help on where the drawbacks of my idea are. I will have plenty of time later to tell you more about the idea and how I’m going to make it happen.
In the pitching competition the first place was awarded to a great social media experiment called Promises where you can make a promise that your friends can see so that you have the social pressure of keeping it. I love the idea. Get the site running guys and I can come and promise to do the million before thirty.
The second place went to an idea of starting a Colombian coffee franchise in Finland. All they need is two million to start with but really I hope they pull it through.
So what now?
Now I will discuss with the Tuli people on Monday how they see how they see the market potential in what I’m doing. After that we’ll just start doing it together with the team I will be building in the next few days. It was great to see so many people who had good ideas and wanted to help me in any way they can. Thank you all, I really appreciate your expertise and love to see your ideas developed further.
What comes to this project financially, obviously so far it is on the negative side. After registering a couple of domain names, I’m now at -$21.90.
People asked me how I plan to do what I’m doing. I don’t have an answer ready but I’m not going to sit back and think about it for too long. Realizing a plan calls for action and I’m ready to do what it takes.
Do you have a business idea ready to make the million?
I don’t think any business idea can ever be ready and no idea is worth anything without the people determined to pull it through. Ideas I have plenty of and the more I talk about this project with people the more ideas keep popping up. I’m planning to present one of these ideas at the Aalto Entrepreneurship Society pitch evening on February 17th.
But you do have to have a lot of money and a really good idea to succeed
I’ll argue that a successful business is about:
- 10 % about the idea
- 20 % about the resources
- and 70 % about the team
So you’ll just found a company and try to get it sold for a million by your birthday
Well yes, this goal requires founding one or more companies but I don’t intend to sell my share in them just to cash in. Instead I’m most willing to help entrepreneurial spirits find their own companies to pursue their dreams. I want people to stop dreaming and start acting. I only want be a part of a company where the whole is more than people doing it alone and where I’m worth more to the others than the cost of having me aboard.
What is this blog for?
It is primarily for all my friends as a source of inspiration on how to affect their lives. But it’s also for anyone interested in keeping up with current events and the status in this kind of project. Finally, it is an important tool for myself to keep me on the right track with the goal clear in mind. This being said, I’m planning to send an update daily and try to do something, however small, in my life every day to improve myself in terms of pursuing the goal. That will amount to a staggering number of things throughout the project.
Where can we follow the status of the project.
I’ll send an update every time something happens on that field. At this point I’m still firmly standing on the zero marker.