After 2 weeks of suspense, the finalists for the MIT $50k Competition
were finally announced on Wednesday night. Sigh... Sorry to say, my
team didn't make it to the finals. I was disappointed but the
competition was a great learning experience for me and it certainly
kindled the entrepreneurial spirit within me.
For old time sake, John, our team leader, organized a get together
over a few pints of IPA beer at the Muddy Charles in the afternoon
today. It was consolatory to note that none of us was dwelling on not
making to the finals. We identified possible weaknesses in our business
plan and outlined a 6-month plan for our venture. In hindsight, we were
probably a little optimistic with the revenue streams in our business
plan, as well as being 6 months too early in making a pitch to venture
capitalists with our business. Nevertheless, everyone in the team still
believes that the business and technology of our venture is viable.
We'll see where this venture takes us.