Catching up with Velocity Fund $25K winner, Mirage VR
This past December, Velocity hosted the Fall 2016 Velocity Fund Finals (VFF), a pitch competition that awards $125,000 each term to help startups build their business. We caught up with one of the $25K winners, Mirage VR, for a post-VFF update. Watch their pitch. On March 30th, another twenty startups will compete at the Velocity Fund Finals at the University of Waterloo to pitch for key funding. Come join us to watch!
1. How has your company developed since winning VFF?
We have completed validation of our MVP (minimum viable product), and moved towards completing our flagship product. In the process, we hired 2 more developers and grew the team.
2. What is your company currently working on?
Creating content for our multiplayer VR system (a multiplayer, free-movement, controller-free RPG in VR, like the Matrix or SAO for the anime fans). While our MVP gathered amazing feedback and reviews, product development slowed down and now we are trying to catch up to the demand. It’s a tight race against time and our competitors, but one that we will win.
3. What do you enjoy most about building a startup?
Building the best VR experience, and making it affordable and accessible. Also, change. Things change all the time, good and bad. It’s up to you to decide how to respond. This means improving yourself, learning about others, holding each other accountable, making tough decisions. Not easy, but challenging and exciting.
4. What did you like most about competing at VFF?
Besides that, it’s a process of distillation. Especially when it’s early stage, VFF really forces you to think about why you are different, and how to communicate that effectively.
5. Are there any tips you can give startups pitching?
- Understand the audience (Judges), think from their perspective, and tell them what they want to hear.
- Collect lots of feedback, but don’t listen to all of them. Find patterns, and decide for yourself whether they are significant.
- Practice > 30 times to yourself and > 20 times to other people (those numbers worked for me).
- I hate memorization, but do it. You only have 3 minutes, every sentence should have a purpose.
Don’t miss this event on March 30th by registering to attend! Come join us for a great event with awesome pitches and free boxed lunches for the first 200 attendees. Audience members and Livestream participants will have a chance to win 1 of 5 UE Boom Bluetooth Speakers!
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