Here at SRN Broadcasting, we have decided to take our business to the next level. So this is the debut of a blog series as we chronicle our efforts to land a seed round of funding based on our InternetFM streaming radio app.
The pitch: We’ve constructed a mobile app featuring some of the cream of the crop of independent streaming radio stations in an easy to use, ad-free app.
Our objective is to raise enough venture capital to make significant modifications to our tech, and have the kind of resources to mass market the InternetFM app. The ultimate goal is to reach sufficient downloads to begin our low cost subscription service.
The effort started last week when I attended Techstars Startup Week Chicago, hosted at 1871, and mHub, among other local sites.
Things started promptly with an inspired talk by Pete Wilkins of Hyde Park Angels on optimizing your performance. He keyed in on the concept of Focus, Awareness, and Mindset. Wilkins explained that one should “monitor, measure, and adjust,” setting daily micro goals. He also encourages would be entrepreneurs to take time out to eat well and have healthy workouts.
I caught up with Wilkins as he was heading for the exit. He was kind enough to allow me to pitch InternetFM. Wilkins corroborated what other experts have told me, namely, that venture capitalists want to see an income stream before considering an investment.
The next two speakers were about lessons learned and the journey of two startups. My take home lesson from those were to define a set of core values if you are building a company. We are working as of this writing to develop our list of core values including data privacy, a safe and inclusive workplace, and a commitment to provide a superior customer experience.
The first day also included a session on building awareness for our product. I learned about creating a media list of ten people that could include local journalists, trade publications, and business journals.
I returned Thursday to mHub, another one of Chicago’s tech hot spots to hear two more sessions. The first was on product design. The lessons learned were about having cross functional teams, as well as identifying proper processes and methods. A major theme was also the importance of collaboration and good communication.
One of the most helpful speakers was Curt Mario from Founder’s CPA. He explained the benefits of setting your business up as a C-Corp for legal and tax purposes. SRN Broadcasting is an s-Corp, so when we get funded, IntenetFM will have to be spun off as a separate entity.
The last speakers talked about early stage growth, with an emphasis on metrics. I learned about customer acquisition, paid marketing, and favorable unit market economics.
Kudos to Brad Schnitzer and everyone at TechStars for putting on a first rate conference. The speakers were engaging,and the topics were very timely. Get more info at TechStarsStartupWeekChicago.