These Ladies Have Been Entrepreneurs For Just 6 Weeks & Have Already Raised $20,000
“The past two weeks have been really fast paced. We started the project, the next day we applied to the Triton Technology Fund and we have an interview with them to get some initial funding. The funding for parts and things so far comes from the Gordon Center. A couple days later we applied to this pitch competition, made a one minute video pitch and the next day we got a response that we were in the next round and now we are pitching again in front of a panel of judges, so it’s all really fast paced and its all coming together a lot faster than I initially expected.”
Who has mentored you so far?
“We have mentors at the Gordon Center; they’ve been really supportive in helping us find pitch competitions. So today, this evening, we are going to go pitch at the Recess Semi-Finals Pitch Competition that’s brought to UCSD by Mark Cuban, so they’ve been helping us prepare to have an entrepreneurial mindset. We are all engineers and we are doing all the technical stuff but they are helping us keep in mind market size, if we can have a profitable product, questions about IP, so that’s where we reach out to them more. Our future now is about how we are going to secure intellectual property and how we will organize ourselves to make it a legitimate company.”
What stage are you at now in development?
“We are now collecting market data. We sent out a Surveymonkey survey with different questions like “how useful do you think this product can be,” “do you think it can deter theft,” “would you buy it,” “how much would you pay,” and so on.”
“We surveyed around 200 people, mostly students ages 18-22 responded but we did have the random 65 year old, but in general 75 percent of the participants believe this product can help deter laptop theft. Another interesting statistic that we found was that 50 percent of the participants often times found themselves in the situation where they don’t want to leave their stuff unattended but they choose not to because they are worried about security. So it’s really promising to hear that the market will be receptive to our product.”
How did you put your team together?
“We mostly found everyone through the Gordon Engineering Leadership Program. I met Danee through there and met Jorge in another class so we all just fell together and we were in an engineering leadership class where we do presentations about potential products and potential solutions to problems that students have and what not, and Danee gave her really general pitch idea for this product, I found it interesting, was interested in entrepreneurship since freshman year but never found the idea that I wanted to work on, and when she gave her presentation, it just sparked my interest and I definitely saw something that is relevant, could be useful, so I approached her and told her we should make this a thing.”
Have you put any of your own money towards the project?
“No, not initially. We would have but the Gordon Center has been really generous and helping us out with the initial jump start until we get more funding. We are looking forward to the Triton Fund to really get going.”
What has been your biggest challenge so far?
“Probably setting meeting times when we can all get together and work on things, but to be honest we have some really talented students and that helps a lot. Danee and Jorge have been taking a lead on the technical things, they seem to be getting along and making progress so I think communication has been the biggest challenge. I also anticipate the manufacturing to take a long of time because I haven’t done that before.”
What has been the greatest lesson so far?
“Seeing the results are very encouraging. Before you see any results it’s… not discouraging, but I would be hesitant because I don’t want to waste my time, I don’t want to do something that I don’t think will succeed, but you really have to just just go for it, do something, and if it doesnt work out, try something else but definitely take that first step.”
“We were able to meet a lot of young entrepreneurs, people who have had experience with startup incubators, and leaders of large companies like Scott Case, the founding CTO of Priceline and Steve Case, the former CEO of AOL.”
“We didn’t end up placing in the pitch finals, but won a contest for a $20,000 prize pack from a company called Neon Roots for the best idea not yet built from all of the submissions at the pitch finals. They run a product workshop called Rootstrap, and want to help us accelerate and validate our idea.”
“We are in a very early stage of development and growth compared to the other college startups who were competing, which was a slight disadvantage since we don’t have revenues and haven’t produced a final product yet. Regardless, we learned more about how to go about valuing our potential market, and got a lot of feedback regarding ideas to think about when branding and marketing USKey. It was also very helpful hearing the other students pitch and seeing what parts of their presentations were effective. In the future, I think we’ll adjust our pitch to focus more on the market potential we have and go-to-market strategy rather than the market research statistics we collected.”
What’s next for you and USKey?
“We gained a lot of momentum from the pitch finals in Vegas, and have a lot planned for the upcoming two weeks, including: meetings with Neon Roots to start up our Rootstrap, conference calls with mentors who we met in Vegas, meetings with the directors of UCSD entrepreneurial centers (namely Moxie and Von Liebig), attending the San Diego Venture Group’s Venture Summit on June 19th, and also pitching at the Geek Girl San Diego Tech Conference at their ‘Sharkette Tank’ pitch competition on June 21st.“