Updated Nov, 13th 2012
1) Define the problem your venture is solving and what differentiates your company.
Aside from checking stats, or chatting with friends, what is there to do for a sports fan while watching a live NFL game?
For users, Game-On Football is a platform that allows users to access live NFL scores and statistics, relevant news, track the performance of their fantasy football football teams, and, most importantly, connect and compete with other NFL Fans over the action as it actually unfolds during a live NFL game. As it currently stands, the most common manner through which NFL fans compete with each other is through fantasy football, and as exciting as that experience can be, most activities related to fantasy football is pre and post game. There is still a gap in terms of rewarding and fun activities in which to participate in during live NFL games.
For brands, Game-On Football is a dedicated channel through which to add further depth to traditional media campaigns through sponsored polls, popover ads, and redeemable point promotions
2) Articulate what motivates you to devote the next X years of your life to this company and problem.
a) With a smartphone penetration rate of approximately 50% and steadily growing, several studies estimating that the 50-80% of smartphone users routinely use their phone while watching, and an average of 17.5 million fans tuning in during each of the NFL 256 regular season games, the number of people actively engaged with their smartphones during each NFL game is between 4.3-7M.
b) Fantasy sports have become ingrained in the way we consume major sports today as fans have long sought to compete with each other over the results of games.
c) Sports fans have clearly exhibited a willingness to spend on activities that are complimentary to viewing major sports. In 2011, the total revenue for the the fantasy sport industry in 2011 was $1.1 billion, with 36% being attributed to the the NFL.
3) Identify your competitors - both startups and big companies that might move in to your space.
Directly in the live predictive gaming space -
Preplay sports - Just closed a $3.1 round, based out of NY.
Kwarter (through an app called Fancake), based out of San Francisco
OneUp - (through an app called Football Connect, a bingo type social game), based out of Florida
Gameslam - Closed a $5 million round a few years ago, decided to shut down their first offering and retool, based out of Chicago
Other potential competitors
Miso, Yahoo (through it's fantasy sports offering and IntoNow), Espn Sports, CBS sports
4) Targeting angel investors, Union Square ventures, and Khosla Ventures