Mindtraction
A mobile mentoring venture:
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David Vogt
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ETEC 522 – May 2012
Ventures in Learning Technology
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karonw 8:59 pm on May 22, 2012 Permalink | Log in to Reply
Yes, I will invest in Mindtraction. The elevator pitch was presented by the founder of Mindtraction which showed some credibility. The pitch included background information as to what Mindtraction is for and what is its main purpose. The elevator pitch also states clearly the target audience for Mindtraction. The pitch gives us information as to what benefits and advantages it has if it was to be invested in. The presenter first listed the gaps for students and then quickly introduces Mindtraction and lists the features of it to reinforce how it can make a difference.
Although, the elevator pitch was pretty comprehensive it did lack an overview of its competitors and what they have to offer and in what ways Mind traction is better than its competitors.
The presenter was quite enthusiastic and confident which did capture my attention and I was able to follow along with some excitement over this mobile venture.
Reference:
Mind traction elevator pitch. (2011). YouTube. [Video podcast]. Retrieved from https://www.youtube.com/watch?v=4AmhbODxd2k&feature=player_embedded
HJDeW 8:58 am on May 24, 2012 Permalink | Log in to Reply
NO, I would not invest in Mindtraction.
Despite the compelling story presented, the apparent ease and comfort of the presenter while sharing the story, or the marketable response to an evident need, this company is not for me. The simplistic view of a mentor in your pocket conflicts with my experience and understanding of what an effective mentor can provide. This product, more of a personal assistant in your pocket, may provide the supports that struggling higher education students need, but will certainly not help them do the hard work necessary to be a successful student.
The CEO appears creditable, knowledgeable and qualified yet no mention is made of a supporting management or technical team.
The Venture Concept appears to target a real problem with an original, simple solution within an American context. The educational implications of anxiety for millions of university and college students is very real but the solution offered is less than compelling. The mentoring concept is more personal assistant in nature. The logic connecting a cell phone app to less anxiety, better thinking, higher grades or fewer dropouts is not convincing.
The Marketability within the US context would be over 20 million potential customers based on self phone ownership, with potential bulk sales to campuses across the country. It is not evident if the company is currently in the market or still in a design phase, leaving the time to realize profits indeterminate. There is no mention of a competitive product or company. There is no indication of potential application to a global marketplace.
The Venture Plan outlines an exit strategy of $1 million in the first 5 years on an investment of $100,000 for product development. There is no compelling vision, financial positioning or deployment plan. The total cost of ownership in getting students to buy into a ‘mentor-in-your-pocket’ is not explained.
Reference: Mind Traction elevator pitch. (2011). YouTube. [Video podcast] Retrieved from https://www.youtube.com/watch?v=4AmhbODxd2k
mackenzie 4:41 pm on May 24, 2012 Permalink | Log in to Reply
Hi Helen,
I understand why you think it is a cheap fix that isn’t going to fix much. And you might be right, but university students are green, they fail to recognize the obvious and make poor decisions that could have been avoided with some simple advice and insight. Insight like how many students fail first year Calculus and how you should be happy that you are passing with 67%. Or that many students feel depressed at various times in their university programs and think about dropping out…you are not alone. I tell my students these types of things all the time and it helps make them happier, more satisfied and relaxed…I really see a difference.
This app may be a cheap and quick fix but they are the equivalent of inspirational posters and quick pep talks from your professor all rolled into one. They may not be personal or uniquely adapted to their needs, but they help and people feel good afterwards which leads me to believe that there is a potential market. Not to say that I wouldn’t prefer that this information was delivered in a more customized and personal manner, I do believe it may be better than nothing.
Cheers, Steve
HJDeW 5:22 pm on May 24, 2012 Permalink | Log in to Reply
I am not denying that there is a need for this type of service, but this particular venture does not necessarily present the information needed, in the format that is needed, to the depth and responsiveness that is essential for university/college students. As a mother of university/college students, I am very aware of the challenges they face. They need a mother, father, sister, friend, police officer, guide, etc…. rolled up in one who can manage their daily lives, until they can handle or take on the responsibility themselves.
This venture pitch did not present that solution, for me. Despite the comfortable demeanour of the presenter and his credibility (corporate law, ed. tech graduate), the package of goods being presented is not the solution – perhaps a bandaid when a stretcher may be needed. There is no consideration for the ‘total cost of ownership’ or who will manage training and management of the app – just one more thing for course instructors? These are serious shortfalls in the presentation.
karonw 9:24 pm on May 24, 2012 Permalink | Log in to Reply
Hi Helen,
You made a good point here, I actually missed this when I was critiquing the pitch, the venture did lacked the information re: training and management for the app. Having that it will be an app expected to be used campus-wide, it is true that training may be needed.
Karon
Meggan Crawford 1:58 pm on May 26, 2012 Permalink | Log in to Reply
Hi Helen,
I think that you are raising a good point – that choosing to invest or not is a personal choice, feeling, and reaction. Although this presentation didn’t inspire you, it may inspire someone else. I suppose that is what elevator pitches rely on, but it is interesting to see it playing out within this realm. For example, two people’s initial reviews of the same pitch are often resulting in different responses about investment.
No, this is not specific just to this pitch or concept, but it does make me wonder whether or not there is ever such a thing as a perfect or a horrible investment – will most pitches find disagreement in whether they are worth investment or not?
-Meggan
Hussain Luaibi 1:15 am on May 28, 2012 Permalink | Log in to Reply
Hello Meggan
You are right about our feelings and reactions towards certain pitches. Yes, we are different in perceiving the concepts presented. But there is a big possibility that we have the same feelings and reactions when it come to certain real shortcomings in the project presented especially if we are collectively approaching or studying what is needed in a venture presentation. This is just my personal opinion.
take care
Hussain