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So, having been largely absent from the forum for some time, I've decided to actually open a progress thread that follows on from my previous posts in Ideas & Feedback (Fastlaning a concept with no income stream).
I may not have been on the forum, but that's because I've been busy trying to execute. Some things worked, some didn't, and a lot has been learned.
I'm pleased to confirm that following negotiations, I now have confirmed funding from a national charity operating in the same arena in order to develop my product. Not only that, but I have been appointed as the manager for said charity for my entire country.
Among the negotiations was considerable attention to my ability to monetise the concept in other geographical areas and in other market segments. For the area I have my attention on, monetising in other geographical areas has a potential TAM in the hundreds of millions, and this grows almost exponentially when other market segments are considered to which the concept applies equally well with only very minor changes. Long story short, while said charity are happy to fund initial development on the proviso that we operate within my home country as a partnership and provide the product free of charge in that market, I am free to do whatever I feel appropriate with the product in other sectors and other markets.
As of yet, we're not talking astronomical amounts of funding or return, but it meets the test of asymmetrical upsides and limited downsides. I also maintain complete control.
I can't claim to have hit the fastlane yet, but I have definitely left the slow lane in a way I never honestly believed possible. I will continue to update this thread from time to time as I hit what I feel to be real milestones.
Once again, my sincere thanks to @MJ DeMarco for showing what is possible, and for his continued inspiration and motivation through the books (which I return to every time I hit what appears to be a roadblock or just a low point).
I may not have been on the forum, but that's because I've been busy trying to execute. Some things worked, some didn't, and a lot has been learned.
I'm pleased to confirm that following negotiations, I now have confirmed funding from a national charity operating in the same arena in order to develop my product. Not only that, but I have been appointed as the manager for said charity for my entire country.
Among the negotiations was considerable attention to my ability to monetise the concept in other geographical areas and in other market segments. For the area I have my attention on, monetising in other geographical areas has a potential TAM in the hundreds of millions, and this grows almost exponentially when other market segments are considered to which the concept applies equally well with only very minor changes. Long story short, while said charity are happy to fund initial development on the proviso that we operate within my home country as a partnership and provide the product free of charge in that market, I am free to do whatever I feel appropriate with the product in other sectors and other markets.
As of yet, we're not talking astronomical amounts of funding or return, but it meets the test of asymmetrical upsides and limited downsides. I also maintain complete control.
I can't claim to have hit the fastlane yet, but I have definitely left the slow lane in a way I never honestly believed possible. I will continue to update this thread from time to time as I hit what I feel to be real milestones.
Once again, my sincere thanks to @MJ DeMarco for showing what is possible, and for his continued inspiration and motivation through the books (which I return to every time I hit what appears to be a roadblock or just a low point).
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