Shelton Startup Receives $150,000 in Pre-Seed Funding, And so Can You!

July 13, 2012 0 Comments

Here at the Whiteboard, we’re always happy to hear that a local startup has received a round of funding. The investment is more than a dollar sign, it’s also a sign of our region’s competitiveness, and a local founder’s ability to innovate and create jobs. The most recent announcement comes from Connecticut Innovations (CI), the state’s quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy. In a recent press release, they’ve shared the news of a $150,000 pre-seed funding round awarded to a Shelton-based startup working to improve the education sector.

Axiom Education provides a solution which helps educational institutions (both higher education and K-12) effectively manage the assessment of student learning outcomes. This solution is provided as a web-based service called Mentor and combines course management, assessment and portfolios to achieve assessment at the point of learning. Axiom also provides modules that assist with faculty activity reporting, student course evaluations, general surveys and testing, and Institutional Review Board protocol review.

In response to the funding, Axiom’s CEO issued a statement hinting at what plans the investment would help set into action:

“We are excited about our partnership with CI and feel that this initial investment is a validation of what we have achieved so far,” said Chett Rubenstein, Axiom’s CEO and one of three founding members. He added, “This funding will help us to expand our operations and bring our powerful solution to a wider range of educational institutions.”

-Chett Rubenstein, CEO & Founder Axiom Education LLC

The Flip-Side:

Getting funded isn’t easy. In our post titled ‘9 Ways to Ensure That Your Startup Doesn’t Get Funded‘, we pulled in the investor’s perspective on habits that can sink your chances of getting capital. Unfortunately, avoiding them doesn’t guarantee an investment ‘happily ever after’ for your startup. We’ve observed that each startup who receives funding has what some may call the ‘x-factor’ - that special mix of qualities that make it easier for investors to buy-in to your idea’s ultimate success.

Here’s a short list of what we can infer about Axiom Education’s ‘x-factor’ that led to the investment:

Not-so-New: We mean this both literally, and figuratively. Axiom Education LLC began as Eidos, a program that was making its rounds in the university community around 2003. In the years following, it was being tested and developed with live usage. Certainly, having that kind of dedication to the idea is an indication to its stability. The Mentor program which Axiom Education is responsible for, was used by many notable organizations throughout its development. Universities such as Fairfield University, where Chief Product Officer and member of the Founding team, Curt Naser is a professor, and other well-known schools such as Granite State College, Loyola Maryland, Marymount University, and Elon University were involved.

Website/ Web Presence: Though it may seem superficial, having a great website does matter. The user interface gives the emotional impression, while the detailed information works for the part of a visitors brain that’s actively seeking information. Axiom Education is nicely designed, professional, and crisp-looking; at the same time, all of the information is clearly organized and easily accessible.

A Good Team: Investors aren’t just looking at an idea when they’re considering what ideas to fund. At Axiom Education’s web site, you can find a quick introduction to the team. Each member has a history of experience related to the journey of the startup itself.

Accessibility: Investors are critical stakeholders in the development of a startup, but then again, so are customers. It helps if you capitalize on this and move ‘take care of customer’ somewhere near the top of your priorities list. Why, you ask? Being attentive to your customers not only builds a strong business, but it also builds your network, something that an investor knows is important when evaluating the opportunity to scale. Axiom Education has plenty of ways to connect, stay in touch, and learn more about what they’re doing. They even offer a demo to those who are interested in exploring their product, Mentor.

For your startup, the investment is not a means to an end, or the final goal. However, it is a big achievement and a strong indication that you have the right foundation for building something that can have a significant impact on your community, and in your industry. We look forward to hearing news about how Axiom Education moves forward, and we will be here to share with you the insight that can help your chances of getting that Ferarri. …Erm, we mean ‘funding.’ …Yeah.