This past week wasn’t as busy as previous weeks as we did a lot of the work last week and had our 2nd advisory board meeting. Karan has continued to work on the prototype which has been coming along so at least we’re making progress. I’ve talked to my advisory board member who has an engineering degree so we’re hoping he can help us figure out the logistics of making our light work the way we want it to. One of our other Advisory Board members Eric was a big help as he let us know of a few government grants and such we could apply for which help students with small business and new ideas. As well, he gave good advice with how to go ahead with our idea and essentially forget everything and just get our product to market. Obviously do the research to target those individuals, but get our product to market, then worry about the capital to fund further development. Investors look at sales, so without those we won’t be going far.
We’ve been making good progress so far, but still need to find a few things if we were to ever get this off the ground, like manufacturing, distribution and continue doing market research.
That's really interesting that your team is looking into securing grant money. On what terms would your company potentially qualify for them? as in is it because it is a safety product, technological product, or is it like a broad entrepreneurial grant program?
ReplyDeleteI also like your teams mindset to just focus on getting the product on the market, and putting long term logistics on the 'back burner'. I think you guys certainly do have an innovative product so to get it out there sooner rather than later seems really important. Get it out there and you'll hopefully land investors or strategic partners to grow your company...