Incubator member profile: MONOBIT STUDIO

Monobit Studio is a software development start-up company. They are currently developing a mobile application called Venture. Venture is all about experiencing more. Whether users want to be in better shape, see new sights, or cook new meals, Venture will help them get there. This isn’t about the big picture. This is about the journey. Traveling the world, becoming a household chef, or running a marathon are the end goals. Venture is interested in each adventure its users can have on the way. Live life each and every day, enjoy the ride, become a more goal oriented person to achieve new heights. Take on a new Venture today, and every day. The founders of Monobit Studio shared a few insights with us on how they started:
  1. How did you come up with your idea? How did you start-up your business? Is it a partnership?
The idea came about during a brainstorming session among partners. We all knew that we wanted to get into the software development industry, and that our end goal was to develop a video game. That led us to discussing mobile games. We quickly realized that this route would be quite costly and time-consuming. We began to think of ways to enter the mobile market, and so our final idea was formed. We decided to create a unique, social application that has the potential for high growth. We started our business somewhat out of the blue. I was meeting with my now business partner on campus to discuss possible ideas for developing a mobile game. He had invited an ex-coworker to the meeting, and we somehow came to a decision to start a company while talking. At the time we were going to start a company that dealt with website design and development. Our business is an equal partnership among three partners; one with business expertise, one with software development expertise, and another with graphic design expertise.
  1. What is the most valuable trait/skill a young entrepreneur should have?
A young entrepreneur should understand that proper planning and research, the right team, and the ability to approach useful contacts will determine the fate of a start-up. When developing a business plan, or a pitch, or a market research survey, an entrepreneur should always be skeptical. Look at your business from as many angles as an investor would. If you can’t answer something with confidence, then it will be difficult to pitch your idea to team members, contacts, and investors.
  1. How does EPICentre support/advance your ideal company?
EPICentre has granted us office space for 6 months. This has motivated our team to meet up much more regularly. Because of this, we will be able to speed up our development process and reach our initial launch date much quicker.
  1. What stage is your business currently at?
We are currently finalizing an alpha version of our app while simultaneously planning our future updates. We will be sharing the alpha and beta versions of the app with select people before opening it up to the general population.
  1. Do you have any recommendations to young entrepreneurs?
Be able to absorb useful information and dismiss the opposite. Be skeptical of all information, even information gained through primary research. Just because numbers add up, or one person was successful with a certain method, does not always mean that the information is definite.
  1. What was the hardest obstacle you had to face to progress your business idea?
Time management is definitely the most difficult obstacle. Each partner either has a full-time job or are currently enrolled in full-time classes. For me specifically, being able to manage school and a business is a demanding yet rewarding task.