Just one week left!

The realization of the fact that it’s just one week left for Summer Lab to end makes me sad but the upcoming final pitch is exciting at the same time. Wow! We have come really far and gained so much in all these weeks. GridAKL – the innovation hub at Madden Street was a perfect environment to spark off an innovative thinking. It was an amazing opportunity for the entire cohort to go around the building which is a hub for so many innovative companies of different sizes.

With just a week left for a pitch, it was the most appropriate time to get to know our potential investors and what do they look for. We were pleased to have Ken Erskine and Greg Sitters to introduce to us the different methods of raising capital for startups. From friends, family, banks, venture capitalists or bootstrapping, each method has got its pros and cons which we were made familiar with. Greg also presented an investment staircase which was really interesting and valuable.

We then had a panel of Icehouse Venturers who answered a bunch of curious questions by us. What we learnt from it was that investors not only care about your idea but they have an equal interest in the strength of the team, the sense of urgency and accountability of the team and obviously how experienced we are in the industry we are trying to target. Also, we should look for investors not only with a deep pocket but a huge network. It was an intensive workshop which lead us into contemplation on various matters.

All our questions were answered the next day by Mark Smith and Prof. Peter Lee. We were given a deep insight into how should a pitch be and what should it include by Mark. Some interesting videos made it easier for us and we are definitely excited to work on ours now. It was followed by a lesson on Term sheets and founders agreements by Peter. It definitely made us reflect on our team quality and what do we want for our venture in the future. Entrepreneurship ain’t as easy as it is portrayed, it is a very broad execution which has to consider legal, social, technical and environmental factors. Nevertheless, it’s very exciting and is a very powerful practice to make this world a better place.

Our mentors have been a big support throughout our journey and it’s time to thank them. We do have some fun challenge with them scheduled for next week and I can’t wait. Also, pitch and final celebrations. It’s gonna be a fantastic week!