Apps innovator iDevices‘ eight months of hard work has paid off – they have acquired $150, 000 in pre-seed financing from Connecticut Innovations. According to iDevices, this considerable amount of funding will help them work on further product development.
Excited to know more about this recent funding? The company CEO Christopher Allen tells us more in this recent e-interview with Lead411:
Who are your competitors and how are you different from them?
We have different competitors with every product we produce. The way we differential ourselves is to produce a product that is unique and uses wireless technology to integrate it with your smart phone or tablet. We are one of the only companies currently doing this in the market today.
What percentage of your marketing budget are spent on the following?
A. Advertising –
B. Social Media Marketing –
C. SEO –
D. PR –
E. Direct Marketing –
F. Other –
To date we have spent a majority of our budget on PR and spent the remaining amount on social networking. We have received lots of press though our PR and have been featured on shows such as Good Morning America, Spike TV, The Early Show on CBS and DIY network. We also feel that social media is very important. This give us the ability to speak with our customer directly. We have received valuable feedback through this and have integrated it into our updates.
What marketing tactic has given you the highest ROI? What percentage ROI do you get back on this?
PR has given us the biggest ROI to date.
What do you plan to spend your new funding on? Product development? Marketing?
With our new funding we are going to improve our existing product with new features and develop additional products. The funding gives us the ability to develop multiple products at one time.
If this is your first round of financing and you’re the CEO, how many hours did you put into working on getting your financing? Was that taking up the most of your day?
This was our first venture round of financing. We had some small individual investors before this round. This financing round took approximately 8 months from start to finish and took a significant amount of time especially when we were pitching to VC firms and near closing.
If you are the CEO, what are your biggest challenges?
The biggest challenge is managing how quickly we are going. We are always making sure we have enough funding for the projects we are taking on. The last position you want to be in is to be out of cash with projects near completion.
How many employees do you have?
We currently have 7 employees and are interviewing potential candidates.
When were you founded?
The Company was founded in 2010.
How much did you revenue increase(if any) this year over last year?
We didn’t launch our first product, the iGrill, until January 2011 so this is our first year recording revenue. We are hoping to grow rapidly as we see lots of opportunity in this market place.
Read more about their recent funding on this news link.