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| Miacomet, Inc. |
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Go To: Company
Overview |
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| Position: President & CEO |
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Go To: Product
Overview |
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Go To: www.miacomet.com |
| Products Launched:
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Go To: Time,
Time Digital, Wired, or Technology Review Press
Clippings |
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| Situation: The original founders of
Miacomet Software, LLC had raised approximately $1M in seed capital to develop prototypes
and produce a business plan to launch a line of sports peripherals and software based on
the designs and ideas of Chris Meredith. The company developed some rough prototypes
of a fishing rod controller and a pool cue controller and had developed a unique fishing
software prototype to demonstrate this new technology. The company was out of
capital and was not successful in obtaining additional capital or interest from companies
to distribute these products. The founders, based on advice from Mass
Ventures, an organization that helps start-up companies in Western Massachusetts, decided
to hire a President with experience in building a company in the entertainment industry |
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| Position Objectives: Build a business
that would successfully attract investors and return a 10X return on investment based on
the Miacomet sports peripherals assets. |
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| Issues: PC and video game entertainment
industry was out of favor with investment community who were favoring internet business to
business ventures. PC and video game accessories and peripherals was a mature market
and retailers favored doing business with a select group of existing
manufacturers/distributors. The cost of engineering, manufacturing, warehousing, and
marketing of PC/video game peripherals and accessories were prohibitively high ($10-15M).
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Results:
Designed business plan that would minimize required investment
capital by leveraging a relationship with one of the major manufacturers/distributors,
thus allowing company to focus on development of unique peripherals and complimentary
software.
Negotiated manufacturing and distribution contract with InterAct
Accessories, Inc., the largest manufacturer and distributor of PC and video gaming
peripherals in the industry behind Microsoft and SONY.
Raised required $4M in capital from angel investors.
Launched the Real Feel brand as method to differentiate and unite
company products and technology.
Acquired rights from Sports Sciences to patents for golf,
baseball, and snowboarding product concepts and technologies. Significantly
expanding the product line and value of Miacomet.
Spun-off Internet assets and created a new company, now called
Katerra Corporation. The value of the Internet assets and opportunities were far
greater as a separate entity than buried with the Miacomet organization, this move was
done as vehicle to maximize the value of these assets and increase shareholder value.
Launched Real Feel Pool via online store. Signed Women's
Billiard Champion Allison Fisher as Spokesperson.
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 Click
on Above Image to Enlarge |
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| Turning Point Event: InterAct
Accessories did not bring negotiated products to market in a timely manner and ended in
defaulting on contract approximately one year after initiating strategic relationship.
The timing of these events left the company with technology and patent assets but
no vehicle to bring products to market and less than half of original funding left to
pursue new avenues. |
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| Response: The Miacomet Board of
Directors was presented with two options: 1) Raise an additional $8-10M to manufacture and
bring products to market directly; or 2) Layoff all non-development workforce and look for
a company to purchase the assets of the company. |
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| Resolution: Additional capital
was not raised and the company
sold its technology, patents, and product assets
to RCA/Thompson Group and transitioned its attention to the spin-off Katerra
Corporation. Initially RCA/Thompson intended to bring these products
to market under one of their labels but the legal department rose an
objection to the possibility of injuries to consumers and the products were
buried for several years. The Thompson Group sold these patents and
technology to new company (not yet disclosed) that plans to introduce these
products starting Christmas 2006. |
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| For more Information see document and articles
below, or go to: |
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Company
Overview Page |
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Miacomet
Products Page |
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