RevRoad HQ was packed full of promising entrepreneurs last week for #RevU, the second edition of the 12-month RevRoad University series.
Legal 101 Workshop
The morning kicked off with a Legal 101 workshop from RevRoad Legal Counsel Joel Beus, with help from RevRoad Co-founder and Finance Manager Bart Skalla. The focus was on legal business entities for startups and founders.
“What’s the upside, and downside, of an LLC?” he asked. “You have ultimate flexibility and you can do whatever you want.”
Later, RevRoad Co-founder and Finance Manager Bart Skalla weighed in.
“If you’re not yet organized, I strongly suggest you consider organizing as a C Corp,” Skalla said, explaining that C Corporations make it much easier to raise capital down the road. They also provide flexible ways to include employees in stock plans, and come with many other tax-advantaged fringe benefits.
If you were one of our guests at February #RevU and are interested in seeing more slides from the presentation, please email firstname.lastname@example.org.
RevRoad Builders Series — Little Bee Speech
After lunch, the crowd took their seats for the RevRoad Builders Series. Featured Founders Chris and Heidi Hanks, of the app development company Little Bee Speech, joined me on the stage to talk about their growing pains, successes and inspirations.
The Hanks’s shared the story of how they started building language development apps for children. When it all began, Heidi had a private speech pathology practice and found herself creating study materials for her students from scratch. At the same time, Chris was developing his skills in multimedia.
Then, just before a long-awaited family trip to Disneyland, Heidi saw an iPod touch for the first time. Immediately, she realized how helpful it could be for her students and their parents.
The couple spent the whole vacation talking about the app idea, and the next year and a half building concepts and designs for what would become the first app from Little Bee Speech. Soon, they hired a developer on contract and were ready to submit to the App store.
There were great success and great failures along the way, and eventually the business was so successful that the Hanks’s transitioned to doing it full time. They learned valuable lessons learned about when to go to market, what happens when you accidentally shrink your market, how to beat the competition and how to keep passion alive even when your full-time cofounder is also your full-time spouse and co-parent.
To hear the full interview, visit ht.ly/KfGy30iar5F. If you like what you see, please comment and share. You can also check out the live tweet stream from the event at https://www.twitter.com/revroadutah.
#RevU will be held every month in 2018 on the first Thursday of the month, except for the month of April. If you would like to be invited to a future event, please subscribe to our newsletter.