Feedback from MassChallenge

[Sai To Yeung]

Hey guys,

We got some feedback from the MassChallenge application we submitted.  We didn't advance, but there are encouraging things here if only we lock down the business model.

Thanks,

Sai To

Round 1

Please find below the feedback from judges who reviewed your application online in Round 1. Component scores are on a scale from 1 to 10, with 10=best. Note that these component scores were not directly used to rank your application -- they are intended as feedback from the judges to you on the relative strengths of the various aspects of your application and startup, as perceived by each individual judge.

Judge #1 (Executive)

Customer Pain and Solution	8
Overall Impact	5
Customer Needs and Acquisition	4
Industry and Competitors	6
Financials / Business Model	5
Regulation and IP	7
Team and Advisors / Investors	8
Written Feedback to the Startup	You'll need a more compelling strategy for the chicken/egg problem. Either an app so utterly delightful that everyone wants to use it. Or a major partnership with a card printing company (like Boston area vista print whom you cite as a competitor) to subsidize the distribution so it's "free" to have this added functionality. But at 1% of the market, you won't cross the chasm, you'll need broader penetration for the idea to catch on. Becoming a business card company yourself is a separately high bar to go after, even with the flagship feature of the digital touch. Be cautious of how you organize your time and goals given team members still full-time in school, and be clear about expectations with investors and each other. Overall, curious about the tech, look forward to a demo and seeing more.

Judge #2 (Other)

Customer Pain and Solution	3
Overall Impact	3
Customer Needs and Acquisition	5
Industry and Competitors	5
Financials / Business Model	3
Regulation and IP	N/A
Team and Advisors / Investors	2
Written Feedback to the Startup	A team of students with no significant experience is not fundable. Saying that you will get 1% of a large market is called "The Chinese Glove Syndrome" and is also unfinanceable. -- we need to know how you will get 1% of a market -- getting even that much of a commodity market is hard. Your explanation of the product is weak -- I have no idea how you are actually going to do this -- RFI?

Judge #3 (Executive)

Customer Pain and Solution	7
Overall Impact	6
Customer Needs and Acquisition	4
Industry and Competitors	4
Financials / Business Model	6
Regulation and IP	4
Team and Advisors / Investors	5
Written Feedback to the Startup	This is a big pain point. Most people with cards have had the problem. Adoption hurdles are the key element I worry about (as a judge). Your application describes how you avoid the issues with camera, near-field, etc.; but says nothing about whether special printing is required. Also, does the recipient need to download an app? If so, what's the difference between your solution & Bump? Without awareness of the full extent of solutions to adoption hurdles, I can't score as highly as I would otherwise. Generally, however, the bigger concern is whether you're solving for this problem only, or for some bigger possible vision - e.g. some social / network element, or CRM element, or .... Solving this problem only would make an interesting, and probably successful company, but maybe not a company with big impact - which is possible if the vision is big enough. A more crisp / functional description of how the partnership with conference organizers would work would have helped with short-term validation grading; but long-term go-to-market beyond that was lacking. Simply claiming you want a small % of a big market doesn't explain how you expect to reach that market. You didn't really give me anything to relieve concerns about competition. You simply cited them, not your advantage over them. Generally, it looks like there might be a reasonable business here; but there's some work to do to describe it more compellingly, and my biggest concern for the business is customer acquisition & inertia.

Judge #4 (Lawyer)

Customer Pain and Solution	7
Overall Impact	4
Customer Needs and Acquisition	4
Industry and Competitors	8
Financials / Business Model	4
Regulation and IP	6
Team and Advisors / Investors	4
Written Feedback to the Startup	The business model does not seem sufficiently developed to be credible. The cards are relatively expensive, 50 cents is not cheap, and the benefits require the app to be on the recipients phone. Given these two factors, i don't see a path to market growth. The convention market does make sense but that is a niche product and not earth changing.

Judge #5 (Investor)

Customer Pain and Solution	8
Overall Impact	6
Customer Needs and Acquisition	6
Industry and Competitors	8
Financials / Business Model	8
Regulation and IP	7
Team and Advisors / Investors	6
Written Feedback to the Startup	Many positive points in understanding market. Constructively, the concept of valuing the print card market as proxy for 1% revenue is hard to defend. Other points were stronger per partnering / channel strategy and premium pricing yielding revenue growth and richer margins. Wonder if you'll be able to take full advantage of MassChallenge and contribute as fully with limited time available to be together as a team.

Judge #6 (Executive)

Customer Pain and Solution	10
Overall Impact	7
Customer Needs and Acquisition	8
Industry and Competitors	9
Financials / Business Model	9
Regulation and IP	8
Team and Advisors / Investors	9
Written Feedback to the Startup	This is a terrific concept with much potential. I like the description of the problem and mobile technology solution outlined. Unclear financial model, revenue, stream, and customer aquisition, but great video presentation and application.