Business Accelerator #2 opportunity

Last night, my parents asked me how I was going on a video chat. I told them I was just working on the product designs still. Suddenly, they went deadly quiet. I realised then that I hadn’t told them that I started a new business. Oops! I’ll write a proper article about this here.

I received an invitation to join a business accelerator program today. This is after I pitched my start-up to them a few weeks ago. It’s a real honour to be considered, and I certainly wish that I did have some help. After all, it’s been a pretty lonely journey so far. Though, I had a quick read of the T&Cs this afternoon, and I’m not convinced that I need as much support at they’re offering, especially for what they want in return in terms of time and comms – though no equity this time. I’ve asked for a meeting to chat.

Pitch to business accelerator

Gave a business pitch to a bunch of mentors and investors at a local business accelerator. It was a really good experience, and it validated my business concept. The question now – what support do I need from them? Honestly, I’m not sure yet, though I know that I will eventually need some investor support.

Projections – possible to be profitable in Year 1

Finished preparing the presentation slides for my pitch to a different business accelerator next week. My first draft budget is promising if I can indeed manufacturer the products at my target cost. Though this ignores the amount of cash needed to just get to that point as the moulds will have to be depreciated over time rather than expensed. So possibly profitable in Year 1, but cashflow poor for sure.

When to say no for help

Decided not to apply for the accelerator program which is due on Friday. I had my application pack ready, but with my business background and experience, I don’t know how much value I’ll get out of all the mandatory workshops, etc. Plus, the cost of entry (equity) is greater than I want to give in exchange right now.

A start-up like mine will appear nearly worthless when it has yet to make or sell one product. I’m not ready to exchange capital for investment dollars yet, but it would awesome if I can still hang out with these smart people and network. There will be a time in the future where I need more help, and hopefully my company is worth a bit more then.

Procrastinating because I’m not sure that I have a good idea

Read the ACT Government Discussion Paper about a proposed single-use plastic ban. A similar proposal is being considered around the world right now. Single-use plastic, particularly soft plastics are the hardest to recycle and now there’s less demand for even the recycled harder plastics since the Asian plastic export bans. Something must change to avoid bigger environmental problems in Australia. It’s good that this government is looking at proactive measures.

Met with the business accelerator. They invited me to apply for their program. They also asked me some good questions like – why haven’t I already started prototyping my product idea? I guess, I’m not 100% convinced it’s a good idea yet.

Just another day

Confirmed a meeting in two weeks with the accelerator group. Gives me time to prepare some materials and do more research.