Featured Start-Up: Speedraft
Mar 24th, 2009 by admin
There are significant benefits to real-time messaging and collaboration via the Internet. Streamlined, in-the-moment communication, the ability to work with distributed teams all over the world and keeping up with the latest (and I mean latest) trends, among others. One unique company – our featured start-up – has discovered a new way to leverage real-time fundamentals – selling custom products in real-time via the convenience and flexibility of the Web. Recently featured on Michigan Entrepreneur TV, here’s more about Speedraft from its founder Tim Stephens:
Please tell us about your start-up Speedraft. What makes it unique? And how does it fit into the marketplace?
TS: Speedraft is unique because we are the first and only company to sell custom products online in real-time. Custom products are one-off items that require the seller to determine how they will make the product in order to calculate a price. This typically takes hours, days or weeks. In the same amount of time it takes the buyer to phone, fax or email the price request, our technology automates the price calculation and gives the buyer the ability to buy in real-time from a standard Web browser.
How do you promote a business such as this? And who are your target markets?
TS: Our target market is custom tooling. We get a premium commission on the products sold - which range in unit cost from $1000 to $100,000. We rely on word of mouth, search engine results and regional live demos to evangelize our online marketplace.
Did you write a business plan? How did you fund the launch of your business? Are you currently seeking investment?
TS: Yes, I wrote a business plan - complete with an assumptions-based financial model (it is sweet!). We have been bootstrapping for nearly seven years now - and are currently seeking investment to get the rest of our technology to market.
Is this your first start-up venture? What other businesses have you been involved with?
TS: No - but it is the first one with a real business model. My other businesses were design and consulting firms which were time and materials-based models.
What resources have you utilized for start-up assistance and advice (both on and offline)?
TS: We have utilized an incubator in Michigan called Ann Arbor SPARK, the NEF organization, and of course, LinkedIn.
If you had to start all over again, what are some things you would do differently?
TS: I would have waited five years. The simple truth is we came to the market too early. They were not ready to give up their fax machines and quoting processes when we started in 2002.
Check out Speedraft’s elevator pitch on Startup Nation!
Nice writing style. Looking forward to reading more from you.
Chris Moran
It’s not everyday you hear a company’s founder admit that they came to market 5 years early and should have waited. I think that says a lot about him as a person and probably the company’s ability to see things clearly as they move forward.
Sounds like a remarkable service that is probably worth of and ready for some cash infusion to step things up.
I agree with Chris - Crystal did a kick-ass job of nailing the introduction paragraph!
Thanks for the support and kind words Go! We ARE ready to step it up to support the now 750+ companies in 30 countries that became registered users in the past few months.
Are you making a profit in this down economy? How many people are in your business? Are you hiring?
I am very much interested in becoming an investor for Speedraft. I have researched your company online and feel it would be a worthwhile investment. Please respond. I would like to talk to you about Speedraft and possible employment.