Live Q&As

You are smart to be thinking about creating revenue projections. We speak to a lot of entrepreneurs who think it doesn't make sense to put together revenue projections early on when there is so much uncertainty.  The best framework is a bottoms up approach - identify your revenue streams and growth assumptions for each stream and show how they grow over time.  For example, if you are going win 2 customers in month one, 6 customers in month 8 and 20 customers in year two -- the projections should reflect that growth and revenue expectations per customer over time (or user, etc.) .  Top down, taking a large market and making assumptions about a % of that market you can capture usually leads to significantly inflated projections and doesn't show advisors or investors that you have given thought to how you will methodically grow your business. Also important to also think about the bottom line -- what are expenses associated with generating that revenue?  To quote one of my favorite lines from our angels this year "is the juice worth the squeeze?"

Angel investors might be a good way to get some initial capital -- there are a number of active angel groups including the Dingman Center Angels.  In the current environment, the best way to get funded for a mobile app is to show that you traction with users -- get a minimally viable product out there and show that you can reach your users and understand their need.  There are so many apps out there it hard to convince investors that you can break through the noise.

Great to hear from fellow Terps.  There are a number of ways to get involved -- certainly through classes at both the Smith School and Clark School as well as through the iSeries classes.  Also stop by the Dingman Center on Fridays for Pitch Dingman and we can give you additional information.  The best way is to learn about entrepreneurship is to do it and there are a number of resources around campus to help. 

There are a lot of local entrepreneurs who are following this methodology, many with a lot of success.  Although there a few groups around town who would be good resources -- the best way to learn about the process is to talk with startups to understand how they determined their minimally viable, launched and how they determined when/how to iterate.  As you launch your business "leanly" you have to also be thinking about the decision points to iterate less and grow more. 

Yes, sometimes being an entrepreneneur can be a lonely business.  Everyone can surround themselves with smart and experienced mentors and advisors, but no one will be more passionate about your business than you (not the first to say that).  That is often why investors like to invest in seasoned entreprenuers -- which is sometimes a chicken and egg problem.

Hi - would you like to come start at my house? All kidding aside, figure out what kind of projects you can do in your spare time for family and friends for free that you can start using to build your portfolio.  Even if it is a small room here and there -- you can show those before and after shots that will convince others of your talents.  Good luck!

Thank you, much appreciated.  I was pretty sure only my mom was reading. The DC tech community is thriving, with plenty of options for entrepreneurs looking to get connected.  Organizations like DC Tech Meetup and Foster.ly are providing great forums for entrepreneurs to meet.  There are also new incubators like The Fort and Acceleprise that bring in mentors to help with their companies. 

I'm sure the OpEd sections of this paper would have more opinions on the topic.  No, no I do not think that.  I think the JOBS Act is testament to that. 

That is a really tough question and really depends on how important it is for you to have control over your company.   You may be able to generate more business by being able to leverage other infrastructure, but you do lose independence and flexibility when you join with others.  It sounds like you could probably continue with being a sole contractor and find other outsourced service providers to handle billing and training, without signing on with another firm.

I'm certainly not an accountant or tax specialist, but if someone pays you for a good or service you have provided that is technically a business.  A hobby would be if you like to set up web sites for friends for free.