Travis and I decided to submit an idea to the That’s It! The Business Idea Challenge put on by Turner Parscale LLC in conjunction with Trinity. For entry, we had to provide a title, a brief description, target audience, a look at the competitive market, a revenue model, a marketing plan, and why we believe in it.
Initially, we brainstormed and looked at competitors and found that our primary competitor is 99designs. 99designs provides a similar service; however, the designers on the site are not required to be undergraduate students and the primary motivation for participation is monetary compensation. The company has been criticized for essentially “extorting” designers by encouraging them to work jobs for which they might not even be paid. nextDesign would be reputation and experience based from the start and a salient feature of our concept is the rankings that the businesses are required to provide for each of the submitted designs.
Our concept was recognized as one of five finalists in the competition, and we were required to make a pitch on Monday, 4/22 to several of the board members of Turner Parscale LLC and other entrepreneurs in the San Antonio area. The experience was really useful and interesting because of the combination of the high pressure nature of a business pitch combined with a university setting. We ended up receiving a runner-up recognition and plan to follow up with Turner Parscale LLC soon.