Candl Investor Weekly Update #19 – March 3rd 2017

A big change of direction at CANDL.


How You Can Help CANDL

1. We have been quietly pulling together a small pre-seed raise. We have $200K of that raise soft-circled. We will be closing this raise next week to focus on a much bigger round – the valuation for CANDL is going to change dramatically once we file our patents. If you are interested in investing in CANDL at the same terms as Techstars, email me now and I can share more details and terms with you. We will need a solid commitment no later than Friday March 10th, and documents signed by the following Friday.

Successes

1. We’ve made a decision to change direction at CANDL. We have suspended work on the global hotspot and are now focusing on something much bigger. Unfortunately I can’t share anything publicly until we’ve completed the patent process. But. It’s big. If you would like to know more please feel free to email me and we can set up a 15-minute phone call to discuss the details.

2. Our intellectual property strategy is now core to our business model. When we started Techstars, IP was a general weakness.

Challenges

1. Please be patient with us for a few weeks while we get our house in order. Right now our primary focuses are to close the pre-seed round to prepare for a larger raise, and to get our intellectual property portfolio organized and filed.

2. We need to get the provisional patents for our new idea and technology filed before Demo Day (April 19th), otherwise we may not present at all.

Action Plan

1. We’re locking in our IP strategy.

2. We’re closing the pre-seed round earlier than planned. All aboard…


 

Weekly Highlights

I apologize this week will be a short email. I’ll share some stories and color next week, but we’re really heads down on building something big. Email me if you would like to talk more about what we’re doing.


Closing Thought

Our Techstars managing director Natty Zola and program manager Julie Penner suggested we read a book called Play Bigger. In this book, the authors argue that the companies that make the biggest impact are the ones who learn how to become a “category of one” – meaning they create not only a great company, but also a great product AND a new market. Amazon, Salesforce, Uber, and IKEA all played bigger than their competitors. These companies defined a new market category, developed it, and dominated it over time.

David, Nicole, my co-founder and I have taken this advice to heart. We asked ourselves questions like “why do we need the hardware” and “who else needs this technology”. The answers surprised us, scared us, and then compelled us forward to a much larger vision than the one we started with.

I promise you that when we announce what we’re working on we will have met the goal of “playing bigger”.

For those of you who know me well, you know I’m not a “all hype and drama” person. I prefer to evangelize a story with passion and enthusiasm. The story we’re writing right now at CANDL is going to be a big one, and every one of you have played a part in making the story what it will be.

Cheers,
-tom