Ideate Community Update #2
TL;DR
1. Denied from PearX, pitch practice, more prototype demos, waiting on tech stars rising stars
2. Named the 2nd best tech start up in Philadelphia??
PearX
For the last month or so we had been in consistent contact with a Principal at PearVC. He had reviewed our deck and demo video and felt that we could potentially be a good fit for their PearX program. The PearX program has a .25% acceptance rate and PearVC was started by a man who is considered to be the best angel investor of all time. Although we were ultimately not selected to participate in their accelerator program, we received some great feedback on clarifying our problem and also showing how scalable Ideate is. We got denied from several other accelerators this week as well, but I will save the sob story. This one hurt a little, but I look forward to reapplying next batch!
Tech Stars Pitch Series
We were selected to participate in the Tech Stars Pitch Series. I didn’t know what this was fully when I signed up, but it was a great opportunity to practice our pitch in front of 300 people on Zoom and a bunch of Tech Stars Accelerator program operators. In addition to some great feedback that led to us reworking the hook in our pitch, I was able to connect with an investor based in Los Angeles who previously created and sold a product with a similar feature. I meet with him this week and am looking forward to any insight he may be able to provide!
Prototype Demo | Takeaways
Freelancers like free (lol) - I spoke to two freelancers who only used free design tools but would not be bothered if their free version had ads.
Feedback portion needs to be easy for clients - some clients will still want to receive a pdf, send you an email, and schedule a call if the alternative is that they have to learn something new.
Freelancers want an all in one tool for their design operations. Piecing together multiple tools is frustrating and can become a financial burden
Tech Stars Rising Stars | Update
We finished our 3rd and final step for the Tech Stars Rising Stars program. The final stage was a 3 minute pitch in front of a screening committee of Tech Stars Accelerator program operators and staff followed by 9 minutes of Q&A. If selected, we would receive a $100,000 investment and increase the likelihood of being accepted into a Tech Stars Accelerator program. The pitch went well! However, I am still trying to figure out how best to communicate that our prototype is only one critical feature and that we are not just a presentation tool (WIP). We should find out the results this week so fingers crossed!
Philly Regional World Cup Pitch Contest | Recap
The Philadelphia department of commerce partnered with Pegasus Tech Ventures to find “the best tech start up in Philadelphia.” The winner would go on to San Francisco to pitch at the global competition for a chance to win a $1million investment. We were one of 10 finalists selected to pitch, but I was a little nervous going in because we were the only pre-product company that competed. With that said, WE PLACED 2ND! Although, I was bummed to not advance in the competition, I was very pleased to walk away with $5000. The company that won had been around for 4 years and already secured several million in funding. Therefore, I will be calling Ideate the “2nd best tech start up in Philadelphia” and the “best pre product tech start up in Philadelphia” until further notice.
What’s Next?
Each day we get closer and closer to the launch of our MVP. We are continuing our fundraising outreach, as well as seeking feedback from designers.
How Can You Be of Help?
We’re looking to connect with more designers, art directors, creative directors, and studio owners.
Funding Sources : We’re seeking more intros to get the ball rolling on our pre seed round. If you know someone we should talk to, please share this substack or connect us!
Thank you for joining us in our journey to create a world where designers can just design.
Feel free to reach out directly at rahmi@ideatebetter.com
Thanks,
Rahmi Halaby