One of the best parts about attending 1 Million Cups is the opportunity to hear from a spectrum of companies: those with traction and looking for funding, to those in development and pitching their concept. The community will always bring their feedback and comments… it’s on the entrepreneur to bring the pitch. On Wednesday morning, June 8th, the pitches were brought!
Chintan Sutaria from CalcuQuote, and Eder Teixeira from Be Right Back App pitched the community in prep for their Series A round and product launch, respectively. But those weren’t the only entrepreneurs pitching. There were four entrepreneurs from high schools across the Metroplex who gave their 30-second elevator pitches in prep for the NFTE North Texas Regional Challenge Finals at The Dallas Entrepreneur Center (Wednesday, June 15th).
CalcuQuote had to follow super-cute skirts, custom novelty clothing accents, and a protective shirt for baseball/softball catchers. Tough acts to follow! But, Chintan persevered and delivered a well-rehearsed pitch for his solution to quote preparation for the electronic contract manufacturing process. Having grown up in the industry, Chintan knows what his target customer is currently using to prepare quotes: Excel, pen and paper, napkins, whatever they can find. He knows the excel formulas that they are using (sometimes incorrectly!) and the problems that they face in putting the quotes together. He lived the problems… in high school while working for his parents. He built CalcuQuote as an cloud-based management tool to solve his problem and help the printed circuit board assembly (PCBA) industry.
“Quotes made simple.” That’s the tagline. Materials, labor, overhead, and markup accounted for in a few easy questions, helping companies streamline quoting from days to minutes. Awesome! Be Right Back.
Just kidding. “Be Right Back” is the name of Creative Mind Lab’s new app. Brainchild of Eder Teixeira and his Co-Founder. The duo have claimed to create the first, real loyalty app capitalizing on consumer’s desires for instant gratification vs. delayed gratification. The team is committed to their definition of loyalty: Allegiance. Eliminating the need for customers to visit competitors. They incentivize repeat visits by creating a scaling, discounted price structure. Visit once and get 5% off, again and get 10% off, and then a third time to get 20% off. Keep your regular visitation schedule and you’ll maintain your highly discounted status. They see this discount as a reward for their most loyal customers. It’s a competitive space into which they’re launching, but they think that they’re going to lead the market with their new business model. We’ll just have to wait and see.
Never one to disappoint, the community brought lots of questions and learned even more from the entrepreneurs and their companies:
Living the problem for yourself, however old you are, makes for a passionate and effective entrepreneurial solution… with traction (and revenue).
When developing your product, always take into consideration the positives and negatives of implementation to the end-user.
When in doubt, take a deep breath and start over… during your pitch.
Think you have what it takes to pitch? (It’s harder than a push-up competition with Chirag!) Sign-up to present at 1 Million Cups. Or, just practice your 30-second version over some Kurtooo pastries next week.