Here’s Looking at You VEB: Group Vestor
Here is an update on what’s been going on this past month here at VeloCity and the Accelerator Centre for Bootcamp team, Group Vestor. Below group member Moe Adham talks about the progress, successes and difficulties the team has encountered thus far. Stay tuned for more updates as the program progresses!
Our first month has been a great experience. First, we have had the time to work on our business model. We have been lucky enough to talk to some advisors in the industry, and have tweaked out initial model to better suit market conditions and launch timing. We now have a very concrete plan, with an execution strategy, and a feasible implementation schedule. We plan to launch our first product at the end of the month with our lead customer. Networking with the community has also been a priority, and we now have some local business leaders as advisors. Finally, we have been planning out our financing situation, and planned for the future. We have set out a preliminary plan for continuation at our current burn rate, and have plans for raising more funds from grants in the near future.
From a development perspective, we have really focused on a lean operation. This has involved a lot of outsourcing, with a focus on direct supervision and purchase over contract. We have been lucky to find a firm providing a solution that has been a great launch point for our product, and has saved us around 1 months of development work. We are currently finished our first design iteration, and are reviewing the product for a meeting with customers at the start of June.
Our main challenges so far have been mainly focused on time, resources, and business development. Our initial plan had some flaws, and through feedback, we have been able to work out the kinks. We have a very ambitious plan, and very little time to execute. We have done a lot of work to ensure that we are not wasting time, and outsourcing work wherever possible.