Reflection

Strengths:

I think one of the greatest strengths of my pitch is that it's a pain point I've experienced and (I hope) will resonate with anyone who teaches/trains through virtual meeting software. As I analyzed the problem, it seemed to me that two of the most significant challenges were: 1. The complexity of set-up/configuration, and 2. Participant's (student's) understanding the activity.

I think another strength is the revenue model, which is inspired by Padlet but influenced by the back-lash they experienced when they suddenly changed their accounts/subscriptions, and other tiered subscription models such as "screen cast-o-matic" and Prezi Video. Certainly when there is a free version I expect it is easier to pilot a beta version and generate grass-roots excitement around a product.

Weaknesses:

I found it challenging to research the market space and competition, and worry that I'm just overlooking a product that already exists. I wasn't sure how much investment capital to ask for, or even how to proceed with development and testing. I likely should have asked for a smaller amount, but I'm also not sure how expensive the functionality and design I want would cost to develop.

I think the specialization of the product could be an issue. I tend to be biased towards simple and specialized technology, however I also don't know exactly where the line between specialization and broader applicability should be. I suspect there are some tweaks to this idea that could make it more broadly appealing, but I'm not sure what they are. It's difficult to be objective when you've invested so much time and research into something.

[EDIT] Based on feedback from classmates, I think I would outline some of the planned future features, which would include API integration with LMS' and quick-grading solutions for subscribers. I'd also like to explore the possibility of integrations with popular education meeting solutions (as a plugin/add-in) but my experience tells me that this is likely complex to achieve AND getting permission from the institution's IT department to add a plugin can often be challenging; which is something to consider. So, more research would have to be done. Many educational technologies implement a user forums to collect new feature ideas; and I think I would add this to the Talk A-Bout's roadmap too.

I'd also put a bit more emphasis on group subscription pricing targeted to departments, and priced to be competitive but fair/affordable. I think these details would make it more appealing to investors.

Entrepreneurial Inclinations:

This experience reminded me of how adverse I am to "sales". I recognize weaknesses in my venture pitch but creating a high impact promotion for my product (the elevator pitch) was much less comfortable territory. I find it difficult to want to "sell", but I really wanted to put myself on camera to better simulate what it might be like to actually describe the product to someone (in an elevator). I learned that I will need more practice to be good at this.

I was also challenged to reconcile my belief that education (and EdTech) should be affordable/accessible with profitability. The saying "When the product is free, you're likely the product" doesn't really fly with education, because data privacy is tantamount to operating in the education sector, so I would have to learn (with partners, and/or trial and error) how to strike that balance between fair and profitable. How to offer an excellent free service and convert free accounts into paying customers. I suspect it may be equal parts delivering impeccable products/services and (eventually) branding and brand loyalty.

Summary:

This was an excellent, challenging assignment. I was really excited as my initial idea began to take shape, and as the details accumulated, was struck by how complicated a "simple" idea can become. "The devil's in the details", as they say, and there are multiple areas of expertise required to analyze an idea, not to mention get it off the ground. I have more appreciation for the amount of work and motivation required to be an EdTech entrepreneur as well as the skills and expertise I'll need to seek out if I ever go down this road again.