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3 years ago, my roommate lent 90K of his College medical degree loans, to my associates and I, so we could start our first business saying ’’ I may not believe in your company but I do believe that you guys will pay me back personally no matter what’’ It was a big bet and I still don’t understand why he did so. We used the money to leverage some more and ended spending most of it in stupid newbie facebook adds and to outsource the development of a circuit board (we developed a Bluetooth speaker).
We Launched our first Kickstarter and failed, aborting the campaign after 1 week with 20K/100k. most backers were supporters from family and friends. No need to say that my roommate was kind of nervous at that time and we didn’t really know what to do. By a miraculously turn of events a company had seen a small article in an entrepreneurial local business news paper and offered us to develop the technology for their furniture. (not exactly furniture but I’m changing part of the story to preserve confidentiality) We signed a contract of a total value of nearly 500K (most of the value was for units we would sell them once their technology would be developed so we were not touching any money yet, so we still couldn’t pay back my roommate.)
We still got lucky, the lawyer that incorporated our company offered us to invest in our company, in exchange od 5% stake, so we could give back the 96K to my roommate (90K + interests) He did so because the new contract was kind of assuring the return on investment.
One of my associate is a mechanical engineer and had the mission to learn from scratch how to develop a circuit board, and we took the presentation templates of the company that we hired to develop the circuit board of our first Kickstarter campaign to present the advancements to the company that we had sign a contract with.
We were doing good with the development, I’m a product designer so I worked on the design, my associate mechanical engineer worked on the electronics and my other associate, who is an aerospace engineer, did all software coding.
We had some funds from the government to hire two employees so we got a graphic designer and a communication specialist since we were planning to relaunch the product we developed for our first campaign but with a better communication angle and better design and technology.
One year after we started the contract, the company that had hired us decided that they wanted to pause the contract since they weren’t sure of their approach with their market. We had nearly received only 1/10 of the contract but we knew they had fair reasons to do so. We then accepted their decision even though that didn’t place us in a good position.
So we were back at the start once again. Luckily, what we developed for the contract was technologies we wanted to integrate in our own product.
We worked hard to improve on all the ways possible the Speaker we launched on Kickstarter 3 years ago and we just launched an Indiegogo campaign. Still don’t know were all this will lead us and the entrepreneurial life is a hard rollercoaster where we never know what will appear in the next curve but one thing is sure: We will always do anything possible to make things work.
If some of you are interested on seeing the speaker: http://ift.tt/22qJEiR
I also just finished the product’s portfolio on Behance: http://ift.tt/1NQsQ2f
Thank you for reading
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