Lessons From a Start-up - Page 2
What role did MIT play in taking the business from idea to start-up?
Both founders met at Sloan while attending the MBA program. The expertise gained from that program, combined with MIT's entrepreneurial resources, enabled them to grow BrightBytes from a "back-of-the-napkin idea" to a revenue generating business in less than three months. MIT also provided a path that led to venture capital, industry expertise and advice from specialists. Not a month goes by when their MIT network is not engaged in someway to unstick an issue, accelerate growth, or provide assistance in some form.
What were your biggest challenges?
When launching a startup there's a lot of variability and risk that needs to be systematically addressed. BrightBytes is a data-driven company that experiments every week on ways to minimize risk in a host of different areas. The company's biggest accomplishment so far is over-coming the long sales cycle and sales channel challenges inherent to the education market.
Does MIT still contribute to the business now?
Some highlights of MIT's role at BrightBytes
- Two MIT alumni and one professor are on the company's advisory board
- We have monthly meetings with MIT's Venture Mentoring Service, an organization that delivers advice to startups
- One of our investors is a direct connection from MIT
- One of the key members of our management team is a graduate of MIT Sloan
- We often reach out to professors and alumni for advice and introductions. Their openness and willingness to help is remarkable, even with people we don't know.
You can find out more about BrightBytes on their website.