Mentors

Tweets

Jumply

Web: Jumply.co
Class: 2013 Summer Accelerator

Company Description

A mentor and funding platform for women entrepreneurs.

Updates

On Wednesday, August 14, 2013, we continued ‘Entrepreneurs Tell All’ with more war stories from Joe Lane, CEO of SafePath, a medical device company, and Parul Singh, CEO and founder of Gradeable, an EdTech company.

 

Joe has a background in engineering as well as an MBA. He helps physicians develop ideas for medical devices. He develops, commercializes, and sells the idea to strategic companies. His work is made up of 40% engineering and 60% fundraising.

 

Parul’s company stemmed from her background as a data analyst and programmer as well as from the fact that schools do not utilize a lot of technology. She wishes to give teachers better tools for data similar to the dashboards that advertisers use. She hopes to make grader easy, faster, and more enjoyable for teachers.

 

Some tips that we gained from this session were:

  • Don’t go premium until you are sure that people will pay for the device

  • Have a creative financing technique. Ex. The physician seed money that Joe receives

    • Don’t be shy about asking.

  • Always ask for referrals and build a network.

  • Value proposition: Who’s going to like it more? Who’s going to pay more?

  • Graduate school is not essential, but helps make connections and gives trust to investors

  • Put yourself out there (investors are putting themselves out there, too!)

  • Increase credibility: Do all research beforehand and have done everything that you possibly can on your own without money. Some other terms for this are have your ‘skin in the game’, ‘sweat equity’, be willing to make it happen - just an idea isn’t enough

  • Testimonial VIDEOS are so effective!! Adds A LOT of credibility - self-referencing helps build your case. Videos are more powerful than quotes on paper. It also makes it more realistic - the audience can see, feel, and know that it is REAL. Vsnaps is a good place to start.

  • People have to like you, not just what you are doing

  • You are never really alone - you are either constantly talking to advisors or mentors and/or talking to people in the office or offshore.