Happenings

  • Yesterday was our best FundingUniverse.com board meeting ever, in the wake of another successful speed-pitching event. The team is energized and the company should be profitable soon (maybe October or November). Then, it will have an indefinite runway on which to launch new products and services for entrepreneurs and angel investors. Great job, team!
  • 10Speed Media, our video-based affiliate network led by CEO Erik Johnson (formerly with iBahn), rated very high at the speed-pitching event. Getting good feedback from attendees is a great motivator.
  • This week Evident Marketing had record sales of Childrens Miracle Music as our first email campaigns began hitting. We have some very exciting marketing plans for this product. My philosophy is to always do a split A/B test on email campaigns. Never miss out on a chance to learn something. This time, we tested subject lines. One generated an open rate of about 3.9% while the other was under 3%. It’s very important to learn something every time you invest in an email campaign.
  • LDSAudio.com, an LDS music download site is having an excellent month. It’s home page promotions (daily discounts on certain products) have increased revenue significantly this month.
  • Yesterday I hired an experienced manager to help me finish the build-out and furnishings of the new Provo Lab office space on ninth east in Provo, next to BYU. The entire 1st floor will be occupied by members of the Provo Lab Academy. For as little as $200 per month they get shared office space, equipment, and training on internet marketing and entrepreneurship. I hope this will become the smartest place to start a new company in Utah.
  • But yesterday I also saw the new E-Station at the Davis Applied Technology College. What an incredible facility! FundingUniverse.com has an office there. I am very impressed with the commitment to entrepreneurship that is being demonstrated by this building and those who are there to provide training and services to entrepreneurs.
  • Yesterday I surveyed the nearly 30 applicants to the Provo Labs Academy that have signed up in the last week. We are going to do a random drawing soon (maybe this afternoon) to choose 1 applicant who will get their first month free, a $200 value. I asked the applicants what kind of phone systems and computer systems they want, and what most attracted them to our Academy. Every business owner needs to do regular surveys of customers and potential customers if they want to know how to provide better service and how to make their marketing messages better. Anyway, I was pretty surprised that 36% don’t even want an office phone–they rely on their cell phone for their business. Another 36% want a live receptionist to answer their phone calls. 54% don’t need a computer–they’ll either bring in a desktop or their laptop. 36% want us to supply them with an Intel based desktop. No one asked for a Mac. 45% are ready to move in to the new space in September. 27% in the fourth quarter. The #1 reason for people wanting to join the Academy was to be close to other entrepreneurs! 2nd was internet marketing training. And #3 was the location. I liked the write in votes that said they wanted to be close to me. Made my day!
  • This morning I got up at 2:30, couldn’t sleep. So I worked on my Chamber of Commerce talk today. It will be about the economy, China and India, the need for more entrepreneurship, and some of the most powerful internet tools that modern entrepreneurs need to learn how to use. I’ll definitely be plugging LinkedIn.com and promoting blogging. But there are so many things to talk about.
  • Then I worked out and ran 12 miles at the gym. Did you realize Gold’s Gym also spells "go LDS" gym? Hey, I like to promote my favorite religion whenever I can. 🙂 I’m training for the Las Vegas marathon on November 18th. I really hope I can pull this off. I hope my knees hold up.
  • I’m listening to the Portable MBA audio book from audible. While I was watching the local news, I noticed that LogoWorks, a company founded by Morgan Lynch (who has been kind enough to lecture at my UVSC classes in the past) was ranked the #1 fastest growing company in Utah by Inc. Magazine, and #66 overall nationwide. So now I need to go see what other Utah companies made the list. Usually, we are the top state in terms of companies per capita making the list. Congrats Morgan and team!
  • Now, due to popular demand, I finally need to write a very thoughtful post about the recent changes at Provo Labs.

3 Comments

  1. Paul, I listened to your Provo/Orem Chamber talk. You did a good job; very insightful. Regarding your comments on China, granted, their ability to produce and consume are critical to our economic well-being, but I could not stop thinking about how I personally dislike their culture. Traveling to and doing business with them is not enjoyable.

    I have traveled all over the world. I do not mind being out of my comfort zone. I enjoy Latin America, Europe, Australia/NZ (who doesn’t?) and ex-Soviet states. I like certain SE Asian nations. But I don’t really like the Chinese culture. I like their food but visiting is not high on my list.

    There may be money to be made in China, but earning those dollars is not all that enjoyable.

Leave a Reply

Your email address will not be published. Required fields are marked *