Class: 2013 Summer Accelerator
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7-15-13 - Radio interview with friends of kevin
Emil arranged a radio interview with the friends of Kevin radio show. I though it went well. He seemed to really like my product and spent more time promoting my product than I did. It was great to get the experience of having my first ever radio interview and I was pleased that he was able to readily understand my product and be able to speak to the benefits.
7-16-13 Accounting 101
The following are my notes for the accounting 101 session
MFA – moody famiglietti and andronoco
Jerry mahan 978 557 5309 tax cpa email@example.com
Scott mckenzie – audit cpa
- Get an EIN number
- Have a separate checking account and credit cards -cc hard until profitable
- Quickbooks – get online version
- Need to pay sales tax – the most important thing to remember to do – most overlooked
- need to apply for a sales tax forms/ filings
- need to remit sales tax monthly/quarterly depending on amount
- independent contractor – payments in excess of $600 need to issue a 1099in February
- have them fill out a w9
- if person refuses to fill out then you need to withhold a specific % defined by the government
- Quarterly estimates
- Have an end in mind – succession planning
- Sep Ira– simplified pension
- Solo- 401k if you do not have employees
Balance sheet -Snapshot of business at a single point in time
- assets(you own or are owed), liabilities (owed to someone else) and equity
assets – liabilities = equity
Income statement (profit and loss)
Activity for a period of time not a point in time
Statement of cash flow – inflow and outflows of cash
Activity for a period of time not a point in time
R and D expenses can be written off – trade shows can be partly considered R&D. Make sure you set up and R&D line under expenses in quickbook
Forecast – best estimate based on known factors – wanted by bankers, investors, accountants
Projection – what the numbers could be if xy happens …
7/11/13 - 1-1 Raj
Met with Raj today before the accelerator meeting. I reviewed with him the good the bad and the ugly of what is happening wth me (see below).We worked on what my priorities should be and where I should focus my time. I have been going in circles regarding this and it was great to get his thoughts. He has obviously been in my situation before.
- Christa mccauliffe technology conference
- Radio show on Monday
- New customer
- Table at the Learn launch beta teacher event 23rd
- content manage ill
- programmer got a job
- running out of money
ugly - 4 legged stool trade offs (tech, content, Sales/support, startup activities)
- getting my schools up
- finding resources to help
- participating in the accelerator – meeting my goals
- getting funding
7/11/13 pitch coaching – Todd fry
I was one of the people to be [resent and be critiqued. I Learned a lot about the do's and don'ts of my hand movements and my walking patterns.
The following are my notes form the meeting
Book recommendation : Chip and Dan heath: – made to stick – constructing the message
4 Questions - Why is public speaking a problem
- 1) Speeches scare us
- being nervous is not a problem – refraim it it’s energy, use it, you give a damn – if your not nervous that is aproblem
- Think about it as giving a gift to the audience – are you lucky to get something from me
- Sincerely commit to your words – not worry if you stumble – I mean this. No one will sweat a few stumbles – when menino talks he means it.
- Physically Relax yourself. Your shoulders, palms touching thighs, breath into your belly, eat a banana which has potasium
- 2) Preparing is a drag
- Don’t write a script - do not write it out – it’s not writing exercise it’s a performance. Don’t need it on paper, need it in your mouth
- Prepare actively – in front of mirror, friends, practice – assemble your pitch by talking it out and picking out the nuggets of what you are saying. Use improvisation to create the speech. Avoid recording yourself for preparing
- Prepare early – it’s got to seep in – chip away – don’t procrastinate. Practice right before you go to bed, first thing when you wake up
- Be familiar with the space
- 3) Knowledge can be a curse – the curse of knowledge
- Frame clearly - dumb things down – select – on what basis do you choose What’s the story - How do I want to frame this. The frames through which we see things is more important than the content. Outline/agends – tell them what your going to tell them, tell them, tell them what you told them
- Motivate the listener to understand how they can make things better - Problem/solution/action
- Story – think in terms of narrative – narrative is more important than analysis –take me to the movies –invite me along
- Proverbs are short sayings based on long experience – or symbol
- 4) Delivery is awkward
- Hand gestures above the waist below the shoulders
- Plan your walking
7- 10-13 Feedback from Raj
Reviewed the customer segmentation workbook I have been working on with Raj. I'm heading in the right direction but he focused me on some immediate areas to investigate. Specifically parochial schools.
7-9-13 Serious Social Media Skills – Bobbie Carlton (Woburn)
Mass innovation – launches businesses
Lots of articles about social marketing on web site
Advertising – you have control of the message - billboards
Promotion – event to get visibility – elephant parade – partial control
PR – crisis mode – positive spin – elephants out of control
Know what your goals are – buy now, get a demo, try now,
Know how are you going to make money from it
Where’s your target market – on linkedin? on facebook?
Network effect – linkedin
Groundswell – types of audience that use each media
Twitter has a search feature
SEO – search engine optimization
Google starts with perfect match to domain name
You need to pay $4-5000/mo for a pro or it’s a gimmick
Sources of info : search engine optimization for dummies
googles seo blog
pfc – pay for click
Use for focus group on-line – turn on for x people to fill out form for survey
Message - simple direct message - use the key word selector tool
Credibility builders – customer examples, testimonials, influencers
Press release/message document/takeaway
Messaging matrix Swot
Behind parity ahead
^ Leap frog/surprise competition
Pre-brief industry analysts
Issue press release
Are you Launching a company or product?
Google analytics is free and will give you all the statistics about your web site traffic.
Put hi-res head shot, logo , pictures on your website along with FAQ’s
Only one accelerator meeting this week on marketing. See notes below. I was able to take what was presenteed in the mmeting an incorporated it into what raj and pat are asking me to do with customer segmentation. I created and excel workbook that I need to get their feedback on.
7/2/13 - Marketing 101
Stephanie Cauvet, Marketing Manager at Moody, Famiglietti & Andronico, LLP
Stephanie covered all the basics of marketing. Gave me a full reminder of my MBA classes and why I did not go into marketing.
Reinforced my need to get help with my marketing strategy.
The workshop on the 4p’s was valuable in terms of identifying the areas where I have the most amount of work to do.
She mentioned that constant contact was a reasonably priced way to do email marketing but someone else mentioned mailchimp which is a free service.
Will definitely take advantage of the office hours.
Lost all the notes I was taking. Will have to go through the presentation deck when Lianna sends it out.
Found a very good Harvard business review article about what entrepreneurs get wrong about selling. http://links.mkt1960.com/ctt?kn=15&ms=NTI2MzM1NwS2&r=NTU4MjA4Mjc5NTkS1&b=0&j=MTU1MTA5MjA1S0&mt=1&rt=0
Goals - 6/27/13
Met with both my mentors this week, Pat and Raj, and we worked out my thre goals. We all agreed they were ambitious but better to set high goals than low ones.
The following are my three major goals for completion by the end of the accelerator program in august.
- Define customer segmentation strategy including the sales cycles associated with each segment.
- Complete my investor deck
- Define the financial model for the business