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Print Edition StoriesFriday, October 31, 2008
The Pitch
Webnotes seeks funding for online collaboration tool
By Mass High Tech Staff
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WebNotes Inc.
Headquarters: Cambridge
Employees: 4
Founded: 2007
Web: www.webnotes.net
E-mail: rdamico@webnotes.net
Phone: 617-500-2447
The Pitch: WebNotes is seeking $500,000 to $1.5 million over the next one to two years.
PITCHING THE TECHNOLOGY
WebNotes is an MIT spinout whose product is an online productivity and collaboration tool combining online annotation, organization and sharing tools into a single platform. The company says the product is useful for conducting research online, creating reports or collaborating with colleagues. The company is working under a software-as-a-service business model, and said it plans to generate revenue by licensing its product to customers on a monthly or annual basis.
PITCHING THE PEOPLE
Who is on the management team? Ryan Damico, CEO, former program manager at Avid Technology Inc.
Have executives been involved in a cashout prior to this venture? No.
Who is on the board of advisers? Gitika Srivastava, former CEO of Skyris Networks Inc.; Sudha Jamthe, social media platform consultant for AOL LLC’s social network, Bebo; and Louis Goldish, director of the MIT Venture Mentoring Service.
PITCHING THE BUSINESS
How much investment is being sought? WebNotes says its seeking $500,000 to $1.5 million in funding.
What partnerships, collaborations or affiliations are already in place? WebNotes is affiliated with the MIT Venture Mentoring Service. The Venture Mentoring Service uses a team mentoring approach, connecting groups of three or four mentors with fledgling entrepreneurs to provide practical, day-to-day professional advice and coaching.
List any federal or state grants, contracts or awards received: None.
What’s the market size being pursued? The company says it is targeting knowledge workers in any industry who use the web to gather information. WebNotes says almost 70 percent of C-level executives find the web to be the most useful source of information on which to base their decisions.
Who are the likely competitors, direct or indirect? WebNotes says its competitors include “social annotation” sites such as those run by Diigo Inc., Fleck.com and i-Lighter, and online organizational tools such as Zotero.org.
Is the company profitable? No.
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