Ready, Set, Jump!

Perhaps the best way to describe the precarious place we find ourselves in right now is to liken our situation to the adrenaline rush one might experience before a great leap. For we are leaping into the unknown.

The business plan is done. The pitch book has been designed. Logo, trademark, business filings - all complete. We built our idea and we believe our idea. And now the moment of truth...

Will other people believe in it?

One by one, we research venture capitalists and web developers alike. We look for the perfect partners - firms that can bring our business dreams to fruition. After tirelessly tailoring our pitch, we have submitted the business plan that we spent the past 8 months perfecting to a select few potential partners.

Our outreach is built upon months of solid research, compiling lists of VCs and web developers found everywhere, from online resources, such as Sociable Blog, to alumni networking events. The process is by no means over; it builds each and every day. We have taken the first steps in putting our idea out into the world. With palpable anticipation, we leap...

-Caitlin

Fever Pitch

Today marked a true milestone in our entrepreneurial journey: our first meeting with a venture capitalist. As the snow fell lightly outside, Nicholas and I waited with terse anticipation at New York's swanky Gramercy Park Hotel. Despite endless weeks of preparation we waited, riddled with questions: what was our VC looking for? What would she want to hear?

Weeks ago I scoured the Internet with mild hope of uncovering what specifically VCs are looking for. Was there a secret formula to a successful pitch? Of course not. But nevertheless I found an article on Entrepreneur.com that truly resonated. The three following ideas stood out then, and were proven accurate by today's meeting:

1. Surround yourself with the best - Considering today's economy, the VC gods are no longer able to simply dip into an endless well of cash. A young entrepreneur may have all the drive in the world, but drive alone doesn't warrant investment. Surround yourself with seasoned professionals in your industry (rather by creating partnerships or by forming a Board). Nicholas and I have been very lucky to work with a partner with fifteen years of consultant experience in our industry. This partner's experience quickly legitimizes and adds value to our project.

2. Consume yourself with the consumer - Today's game is almost entirely consumer-centric. Why does the consumer need this product? Why would a consumer pay for this product? And most importantly, why would a consumer tell other people to buy this product? Not surprisingly, this was one of our VC's first questions to us: "If a consumer had only two minutes at a cocktail party to share with a fellow consumer, how would they convey the value of your product?"

3. Know where every single dollar is going - No matter the size of the pitch, know where every single dollar you are asking a VC for is going. Really, every single dollar. The days of frivolous VC investments are over, and every dollar counts. The financial charts in your business plan are not just for show. Investments will only be made after every proposed dollar spent is scrutinized and justified.

To say the least, Nicholas and I were pleased with our first VC meeting. The development chapter of our journey has closed, and we are embarking on a new chapter of securing the capital necessary to turn our business dreams into reality. If nothing more, the meeting provided us with invaluable insight and helped to shape a clearer picture of the road ahead.

-Caitlin

Ringing in "The New"

A new decade has begun, and how fitting, as "new" seems to be the name of the game these days...new ways of doing business, new media, new marketing, new technology. My business partner and I spend a great deal of time contemplating these new frontiers - not only how to navigate them but more importantly how to leverage and monetize them. Social media platforms aren't just for fun anymore - they represent a new way of doing business and engaging stakeholders.

This marks a different era, and I feel lucky to live in it. There's a certain rebelliousness in the business world that has arisen from both the peril of a sluggish economy and the promise of unprecedented technologies. It's the stuff young entrepreneurs live for. Suddenly the once concrete lines that separated independent industries are now crumbling. I would wager that a business in today's world that relies on any sort of one-dimensional platform is failing, or will soon fail. It's all about merging advertising, web sites, entertainment, investments, networking and more - in a way that is utilitarian and navigable.

I am a business. I am an entrepreneur - I am a business which dreams up new businesses. So the same notion of the merging industries that is affecting companies today also impacts my goals. The young and the restless in the business world are recognizing more than ever before that a narrow focus is detrimental. The winners will be those who can cherry pick the best aspects of several industries and combine them into an efficient new product or process.

So let's ring in The Tens with a toast to a new decade, and to a new business frontier.

-Nicholas

The Rush

I came to New York City because I wanted to build something for myself. I’m not quite sure how that thought evolved – I’ve really always known that I wanted to run a business of my own. Everyone has heard that “New York has an electricity about it” so I won’t bore you with the clichés. But even as I walk to and from work - dodging the continuous chaos of Times Square and the tourists scrambling to see Rockefeller Plaza’s lighted Christmas tree – the buzz is there. The city radiates something, and I can almost feel it smack me in the face and say, “Look, if you’re gonna do it, this is the place.”

Does that sounds too opportunistic for the times? Yes, New York City, like every other city in America, is still battling out the most dire economic crisis since the Depression. The scene is grim for the time being, but the business world will rebuild. With that comes a restructuring, a widespread wave of new players with innovative new ideas. Can our current economic downfall eventually breed opportunity? Well, that’s our adrenaline push.

And so began a plan…

-Caitlin

From the Ground Up

As business partners, we chose to start a blog to document the day-to-day progress of our chosen endeavor – exercising our entrepreneurial abilities in none-other than New York City. But what sets this blog apart from the millions of others we are inundated with everyday? Let's start with the basics:

We are building a new business. We’re in our twenties. We’re not independently wealthy. And we are facing a tough economy.

We are building from the ground up. Our partnership was built on the combination of our separate skills (Nicholas handles the financial logistics, while Caitlin spearheads the creative aspects of the business). The challenge we face is urging prospective partners to look at the intangibles (experience, drive, perseverance) as commodities and keeping faith that the capital necessary to launch will follow.

The odds are against us, but hey, what’s better than a challenge? Nothing.