ETEC 522 – September 2012

David Vogt 3:20 pm on September 16, 2012

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Tags: MindTraction, PPool ( 18 )   

MindTraction

A mobile mentoring venture:

Posted in: Pitch Pool

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  Mike Rae 11:19 pm on September 18, 2012 Permalink | Log in to Reply

  No I would not invest in this MindTraction, although the idea is interesting.

  David, The founder, identifies a large market (20 million university students that are increasingly anxious). That I believe to some extent, he wants to create a cell phone app that will help organize their individual courses as to help them with succeed (points to math and science).

  Problem I see is that each course is different, and you would need a course specific app for this to work. a one size fits all doesnt seem that practical and that’s what he is alluding to. I liked the idea of using the phone as an organizer, but phones come with this application already built it in (I should use mine more).

  I like the overall pitch and especially him. He seems kinda nerdy, which I associate as a good thing for some reason (maybe because Bill Gates was never mistakened for James Dean). He was a lawyer and a MET grad student.

  He was calm, spoke at a good pace and seemed confident.

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  Kent Jamieson 10:30 am on September 19, 2012 Permalink | Log in to Reply

  I would not invest in MindTraction. The idea seems to piggyback off many organizational apps out there that already deal with collaboration, using calendars and reminders, etc. for student success. I also have an issue with the ‘pain point’ and if university students are in fact more anxious and distracted. If they are, I’m not sure introducing ‘another app’ will reduce this aforementioned anxiety. It would have been nice to have those facts referenced somewhere, as I’m sure there is information out there that could speak to the fact that university students are more organized and less anxious these days because of burgeoning technology.

  I do like David, however, as he seems genuine and passionate about his idea. I also liked that he stated his asking price and mentions the return on investment. For me, it is crucial to hear the numbers right away. Despite the passion, the likeability and the numbers, I didn’t believe the idea seemed innovative enough. As an EVA, I need to be passionate about the venture as well, and my heart just wasn’t into it.

  Kent

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  Eva Ziemsen 1:57 pm on September 20, 2012 Permalink | Log in to Reply

  I WOULD invest in MindTraction, or I would consider hearing more.

  David points out the problem: “anxious students”. While he did not explain this in depth (as it is an elevator pitch), I understand what he is saying. Students get overwhelmed when they cannot keep track of their assignments and deadlines. Institutions are still handing out ‘paper agendas’ which is simply outdated in 2012. Therefore, I think MindTraction could be the new digital agenda system that could be integrated into the Professor’s course site. I am assuming this application could achieve this, but it has the potential to keep students organized in an electronic, integrated way.

  In summary, if I am interpreting this pitch correctly, David pointed out a huge problem – anxious (meaning disorganized) students, and a product that can help ease this problem. The fact that David is doing a masters in ETEC and is a former lawyer also instills some confidence in me, that he can carry out a business plan. In fact, he can use his legal skills when it comes to the IP portion of this app.

  What is outstanding are the details on how profitable this would be in reality. Since I know how many Universities and Colleges could benefit from this, I estimate there is a huge market. Often student unions are the ones who purchase these items, and instead of paying for printing, they would have funds for this kind of app. If this is indeed an APP that can be downloaded on any phone, you immediately keep your start up costs down, as there is no hardware.

  I was very excited by the idea and feels it speaks to a real need, and yet, it is a simple organization app. that is tailored to students at an institution. It reminds me of the “Italian Restaurant” concept mentioned in one of the videos. There are many organizational apps out there, but if this one could be supported and distributed by the school, and possibly even integrated into the LMS and thereby keeping track of course specific dates and assignments, this could be revolutionary.

  Given that it is an elevator pitch, I would require more information, on the plan and investment required. Overall, I’m very interested.

  Eva

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    kstackhouse 12:55 pm on September 23, 2012 Permalink | Log in to Reply

    I agree with you. I am not ready to invest, but I am certainly ready to hear more and to view his slide deck (assuming there is more there than he was reading). The speaker identified what his product was, the pain, his plan and showed that he understands the topic based on experience. I would certainly like to hear more.

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  stammik 11:50 am on September 23, 2012 Permalink | Log in to Reply

  Unless his slide deck were able to fill in some serious gaps in his idea, NO, I would not invest in this venture, for the following reasons.

  While David’s law experience and MEdTech education (MET perhaps…) will likely serve him well as Mind Traction’s CEO, no mention of prior business experience is suggested and no indication of other TEAM members to assist him is provided.

  Based on his pitch, it seems the concept and MARKET should be focused more clearly on post secondary math and science students, rather than all 20 million US university students. In addition, do all 20 million US university students in fact have smart phones? While I am sure the percentage of ownership is extremely high, I sense an assumption is being made here. If so, are other assumptions being made elsewhere in his pitch?

  In terms of the VENTURE PLAN and valuation, while bulk sales are projected to hit a million dollars in year five, it is unclear what costs will be associated with the ongoing development, maintenance and marketing of the app. To make the app useful for a variety of universities and programs, my sense is that a high degree of customizability maybe required for the app to be successful.

  The main reason why I would be very reluctant to invest in this idea, is my doubt of the CONCEPT itself. Anxiety is a broad term and could be symptomatic of many problems students face. Is this a solid foundation for the concept? As Kent eludes to above, will an app really address their anxiousness? As Dr. Sherry Turkle (an ethnographer, researcher in the field of human computer interactions and a professor at MIT) warns, it may in fact be our overuse of technology, such as apps like Mind Traction, which are potentially at the root our anxiety.

  Finally, as a few of my classmates have noted, his presentation style is generally effective; however, though I understand as an EVA I must remain focused on the content of his message rather than the degree of “flash” in his presentation, I still feel a bit more effort could have been made to create a more professional looking video recording. Even simple steps such as elevating his laptop to avoid shooting from underneath (which psychologically places the viewer in a submissive position), better lighting (shoot outdoors maybe), and avoiding distracting background elements (yes, I am referring to the four white spots on the wall next to his head) could have helped. Again, I know these trivial criticisms have absolutely no bearing on the content of his message, I simply feel he could have “massaged his audience a bit more with the medium” in this case.

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    Eva Ziemsen 12:32 pm on September 23, 2012 Permalink | Log in to Reply

    Hi there, I suppose my analysis compared to yours is too forgiving. As well, I used my own knowledge of post-secondary education to help sway my answer to YES. I think you make great points in your analysis, but I suppose I would still have faith that his additional materials would substantiate his elevator pitch. I though 20 million is a large number, and far fetched, but even if the market was half the size, it is still a large market. As well, it’s only north America. I do ask myself, how much can one accept as unknown in a pitch. I also understand your Turkle passage, but if you work with students on a daily basis, the reality is, they all have smart phones (90% of students in Canada I would estimate) and two, their main stress comes from disorganization. We could have an interesting debate. Thanks for your viewpoint.

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      stammik 7:15 pm on September 23, 2012 Permalink | Log in to Reply

      I think what is interesting here Eva, is how two people can differ in terms how they interpret a pitch. You obviously bring your experience of post-secondary education to bare on the discussion, experience which I don’t have, which means I must rely only on what he presents in his pitch.

      As I mention in my opening statement, unless his slide deck can fill in some serious gaps, I remain unconvinced, Which leads to your point about how much we can accept as unknown in a pitch? I’m not certain what the answer to that is – perhaps David or others can weigh in with their thoughts on this.