You bring up some great points Dan. Yes, it is highly unlikely most start ups have 8 partners to pool resources and capital. This was an incredible asset for you. The process you went through is the exact reason we’ve taken a different approach in this program than most institutions do. We believe in building a prototype you can bring to market quickly, to begin testing and shaping based on real market based feedback. Essentially, what’s the fastest path to revenue? The old ways of building a 50 page business plan and 3 years of financial projections, is as you say, pretend. You haven’t done anything yet, how can you possibly know? You MIGHT be able to make reasonable assumptions on your first year, but there’s no way we can predict what’s going to happen in years two or three. You make one wrong guess, and your trajectory goes off course. Better to start quickly and have actual information to work with and establish your baseline.
Thanks for sharing your experience Dan.
Erin.
