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Colin Devroe

Reverse Engineer. Blogger.

Attending Venture Idol 2017 at Ben Franklin TechVentures

In 2007 I visited the area where Ben Franklin TechVentures is now. I was there for an interview with the then CEO of Viddler, Rob Sandie, to see about working there full time. At the time, Viddler was housed in Jordan Hall – a one-story building next to the now incredible Ben Franklin TechVentures complex. It wasn’t until many months later we moved Viddler out of the closet-like space in Jordan Hall and into the future-feeling building next door.

That memory pales in comparison to what exists there today.

I make mention of this fact because the feeling one gets when walking into Ben Franklin TechVentures is that the work that goes on in this building is new, exciting, and is the future of technology in our area. I personally want schools, libraries, incubators, and town squares to feel as though they are leading us into the future. Where the work that I do is raised to meet the expectation of the environment. I feel that Ben Franklin TechVentures does that.

In August when I presented at the local meet up I loved seeing the new wing being constructed. This month that wing was completed and this year’s Venture Idol 2017 event was in it.

But building’s aren’t everything. The community is of even more import. And the community is strong.

This year’s Venture Idol was the best attended year yet and, as Fred Beste (the emcee for the event) pointed out, everyone had a chair for the first time. He’s seen BFTV’s growth and he was as excited as I was to see where it is today.

The presentations by the three finalists were great. Mark Keith and I remarked how polished each presentation was. In my mind there were two presentations that were clearly the best; Channel Ape (from Scranton woot woot!) and Give Gab. Both had impressive results, tight presentations, and a roadmap that made sense. At the end of the night Channel Ape took home the victory.

Photo: Mike Averto, CEO Channel Ape, preparing for presentation.

Yes, it is a big of a jaunt from Scranton to Bethlehem. But it has been worth it every single time I’ve done it over the last 10+ years. I’m looking forward to seeing the sort of growth that region has been enjoying happening in our area too. It is only a matter of time.

Ben Franklin Techventures, Bethlehem, PA – August 2017

Published: August 28, 2017

Presenting at the August 2017 Lehigh Valley Tech Meetup

The Lehigh Valley Tech Meetup is an excellent community in the Lehigh Valley that meets monthly at the Ben Franklin Technology Partners incubator within the Lehigh University Mountaintop campus. The community around the meetup is excellent and the building is amazing*.

While the tail-end of my presentation walked through my experience building my first iOS app Summit, the majority of my presentation was focused on helping early stage companies think about their go to market strategies.

I’m currently advising several companies, a few of which are businesses built around mobile apps, and have heard about 11 other start-up pitches this year so far. And during that time I’ve noticed a trend. Entrepreneurs that are attempting to build a business around an app sometimes underestimate the amount of thought that should go into the marketing and sales strategy for the app. It is as if some feel that apps are less thought and work than products that you can touch. So during my presentation at LVTech I hoped to convey that the same “boring” (yet, tried and true) business practices that apply to products also apply to software.

A few questions I urged those thinking about building a business around an app were:

  • Does your idea service a large enough segment of the market? We hear the “scratch your own itch” mantra a lot. However, it won’t always lead to finding hundreds, thousands, or tens of thousands of customers.
  • How will you reach those customers?
  • Are there ways to expand your idea into other products or services that can be sold to the same segment?
  • How will you sell or package your idea?
  • What will the price be? (free, one-time payment, subscription, service contracts)
  • What channels can you leverage to sell your idea? (App Store, retail, online, conferences, distributorships, via a sales force)

By considering these, and may other questions, you can determine if your idea has enough layers to support an entire business or if you just have an app idea**.

I also briefly discussed three misconceptions I’ve been seeing over the last year dealing with very early stage start-ups. These misconceptions were:

  • Press-based launch strategies: some thing that by being covered by press will be enough to get them to profitability. They have no other strategy. On the contrary, getting press coverage early on will give you very muddy analytics which will make decision marking very difficult. Very seldom are the tech audience your real customers.
  • How long until profitablilty: More and more entrepreneurs begin with the plan of losing money for 3 or more years. I believe this stems from press coverage of other companies getting large rounds of funding. Most businesses should strive for profitability within the first quarter or year of business.
  • ”I’m not technical, I need a technical co-founder”: Don’t be this person. Anyone can learn to code. Geeks are not smarter than you. They’re just interested and relentless. Be the same.

We then did about 10 minutes or so of questions and answers. The questions I got were really great and I appreciate all those in attendance helping me with the answers to the questions I didn’t have much experience in.

Thanks to Tim Lytle for the invitation to speak and to Ben Franklin Technology Partners for the continued support.

* I worked in this same building for years while at Viddler. But when I worked there the back half of the building didn’t exist. In fact, Viddler started in Jordan Hall – the building just beside the new building. And now, they are extending it even further. The building is an amazing place to work and have a meetup of this kind. I’m jealous that our incubator in Scranton feels so dated when compared to this building. Especially comparing the meeting spaces.

** It it totally fine to “just have an app idea”. I do. And I’m loving working on it. But it is also good to have the proper perspective about your app idea.