During the WHO TV interview the other day I was asked how long we’ve been in this office (here in Fairfield). I said, “about a year”. And then it struck me - February 10th would have been our one year anniversary. Wow that went fast.
We moved here in November 2006 and I started working with Milo, our first hire here in Fairfield, out of my home office in December. Then in February we hired Mike and moved into our current office space. It took a while longer to build out the team with additional skilled developers, but there are now six of us altogether in the office.
We’re also coming up on a one year after we received our angel funding. We used that funding to develop and build the production process for the software portion of Warner Music Group’s MVI format (an attempt to revitalize Disc based delivery of music). We were told there would be 30+ titles a year, but were unable to secure a contract for that number. That was a red flag we saw back in the Summer of last year that as a management team we should have addressed. We’ve produced just shy of 20 MVIs since last May. However that faucet seems to have turned off since the beginning of this year. It’s unclear when, or if, we’ll see another MVI project come in and because of that we had to lay off our multi-media developer last month.
Lesson 1: never develop another company’s product without a contract or other strategic relationship in writing. In our defense, we were advised by our investor not to pursue a contract.
We were also hit hard by the fall of HD-DVD. I still argue that HD-DVD was a better technology than Blu-Ray, but it was marketing and partnerships that won the format war and not technological benefits for the consumer. Our software has the ability to power either format, however the Blu-Ray format is not at the point where it can utilize the interactive features we developed.
Lesson 2: you can be too early. There’s a lot of pressure to be first to market. But if you show up and there’s no market . . . We developed interactive technology for a platform and client base that isn’t ready, and may never be (see VOD).
The good news in all this is that these mistakes have forced us to focus on our talents and our vision of how media delivery should work online. Which brings me to . . .
Lesson 3: follow your passion and instinct. If you don’t, you’re wasting everyone’s time, including the people who disagree with you.
So now the really challenging part. We’re head down, developing our vision of a three tiered online media marketplace. Everyone we talk to is excited about the model and eager to be involved. It’s the most exciting project I’ve ever worked on. We’re two months away from our beta release and we’ve got barely two months of cash to get us there. We need a second round to add 5 more positions here in Fairfield and a sales and marketing team.
We’re starting a tour of Venture Capital firms on the West coast to pitch our model. And I’m trying to find the right people in Fairfield and greater Iowa to present to as well.
I’ve grown fond of the team we have built here in Fairfield and I feel a responsibility to keep the team together so we can deliver the product that has been the result of a great collaboration over the past year. And that’s really what this office is all about for me - the opportunity to build a dream project. If we can find the capital to allow us to fully execute our vision, I am confident we’ll be here another year.
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