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By Mike Michalowicz
With the privilege of watching the efforts of Lightglove, H20 Audio, Bug Labs and Newton Peripherals leading up to and at the CES event – I can now do some Monday morning quarterbacking. They all walked away from CES with varying degrees of success. The question is; how are they going to build on their momentum? Here is my after game analysis:
The Lightglove Analysis
1. Bruce and MG have a clear passion for what they are doing. But that doesn’t mean they are the best spokespersons for the company.
2. They were given a golden opportunity to do a 30 second pitch on national TV – It was a disaster (I sound a little like Dr. Doug here). They summarized the opportunity to the angel investor as having fun and being long term friends. Yuck!!!
3. They are relentless and have proven they will never give up. The never die mentality is a foundation for success.
How Lightglove Can Turn This Into A Major Win
1. Their issue is focus. I know, I know, focus is major reoccurring theme on The Big Idea. But without it the big deals won’t happen. Bruce and MG need to focus on what they are great at, innovation. They need to keep pushing the product to the next level.
2. They need to get someone onboard who is a great spokesperson. As Bruce and MG continue to innovate, they need a great preacher to go out and preach.
3. When it comes to Angel Investors, the word “angel” is meaningless. An investor is an investor is an investor. Investors want to make a great return and want to minimize their risk. Lightglove needs to talk about money, returns and how to control risk. They sure as heck don’t need to talk about being friends and having fun at this stage.
4. Never quit. Just because there isn’t a match with one investor, it doesn’t mean that it isn’t a match for all investors. They need to keep moving ahead with their chins up and smiles on their faces. Bruce and MG have already proven they aren’t quitters, so they better not stop now.
The Lightglove Bottom Line
They are far from being down and out. But their history of struggling to raise money points to the fact they need to adjust their strategy and put people in the company that are working in areas of strength in. They have a cool product, they have passion, and they are Virginia Tech grads. With that mix, they are destined for success.
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