Founders Lounge

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  • 1.  Introduction

    Posted 01-24-2024 10:30
      |   view attached

    Hi everybody,

    I have been using Carta since it was formerly named eShares.

    I am Co-Founder of Bodidata®. 

    From an idea that started 7 years ago, we have; 

    1. Built a team in 4 countries,  
    2. Developed and patented Kora® the only handled body scanner that scans the body beneath the clothes of any person of any body size or shape wearing their ordinary street clothing. We are now on V3 of Kora.
    3. Created the unique software needed to operate the scanner, 
    4. Developed our Measure.Match.Manage.™ size-matching solution, 
    5. Created and developed 3 other measurement solutions so that we offer every handheld measurement solution available in the market. But only we offer Kora, the only scalable measurement solution.
    6. Introduced our MVP to the uniform marketplace for reaction and response,
    7. Completed proof of concepts with several early adopters with 95-97% accuracy (they tell us the accuracy of our competitors is 50-80%).
    8. Started to sign contracts and successfully roll out to the uniform market.

    We have financed our business with  4 series of preferred shares from friends and family, and my co-founder and I have demonstrated our commitment by making serious investments in the company.  Start-ups tend to take longer  than people expect and, to minimize dilution, we don't believe in raising more capital than needed. It has required patient investors and new investors.

    In my experience, all new business are venture, but some are much less risky than others, particularly when they are an entrant into an existing marketplace with existing paying customers. For example a  new air-conditioning company or restaurant should be lower risk and lower reward unless they change a paradigm. 

    But even if a concept is  new and disruptive, the second mover is probably less risky and may attract capital more easily; Lyft vs Uber might be an example, but I may be picking a bad example.

    What is clear , is that most ventures fail and most succesful ventures succeed badly.  Only a few become enormously succesful.  Most disruptive change comes from outside of the industry being changed and so the new venture may  face institutional inertia even though the solution can have an enormous positive ROI for the adopter.

    We faced this as we introduced our product and needed capital for runway to support continuous improvement and business development. That has been the only focus of our capital; product - customer and customer success.

    I thought I would share this because maybe, for some of you, there is something of value.

    I am attaching a link to a video that shows Kora in action. (hope I get it right, I can't seem to get the link to accept it so I am inserting it below:)

    Best wish to all of you entrepreneurs!


    Kora V3 Handheld 3D Body Scanner by Bodidata

    Bruce Terry
    President & Co-founder
    Bodidata, INc.

  • 2.  RE: Introduction

    Posted 01-28-2024 00:44

    Truly amazing everything you've done and are currently doing, J Bruce!

    Chris Hoffmann
    Founder, Equity Admin Co. - Carta admin for pre-IPO companies

  • 3.  RE: Introduction

    Posted 03-21-2024 09:09

    Hi Bruce, thanks for sharing your journey. As a first-time entrepreneur, it was a good read with useful insights. I also find the product very intriguing. I am working on a venture that democratizes the technology, tolls and training science and enables everyday athletes to assess and improve their sports skills. It will be a multi-sport destination with a F&B and retail component as well. Have the Kora scanners been used in the sports / athletic wear space? It would be a nice touch to be able to provide custom fitted clothing to our users based on body type, sports they play etc . 

    Ruchir Shah