It’s hot here in Boston but our Ventures definitely aren’t cooling down! IDEA: Northeastern University’s Venture Accelerator is excited to announce its July Gap Funding recipients: Tablelist and Photos to Photos. Mobile apps make up a quickly growing industry, and it’s no surprise to see these two lighting up the scene.
Tablelist is a smartphone app that allows nightclub owners to list their unsold tables at very affordable prices, and lets the app’s users safely and securely book the tables through their mobile devices. This in turn is a win-win for fun-seeking frugal Tablelist users and nightclub owners, whose tables would otherwise go unused.
Tablelist founder Julian Jung says that IDEA “has played a key role in developing Tablelist from an idea to a functioning product.” He credits IDEA with lessening the financial burden many startups encounter: “Gap funding has allowed us to clear major financial hurdles and the mentorship and expertise of the advisors played an instrumental part in sculpting our product into what it is today.”
IDEA’s second Gap Funding recipient, Photos to Photos is also a mobile app, but with a very different purpose. Co-founders Matthew Valich and Chuck Svirk were always playing mobile games that were similar to classic board games, and saw the opportunity to create an app like the game Apples to Apples. But instead of matching words on physical cards, their app uses pictures that players send back and forth to match the game “card.”
Matthew has also found that having enough capital can be difficult in app development, especially when the idea, expertise and necessary players are present. But Matthew says that IDEA has helped Photos to Photos tackle this challenge as well as others: “IDEA has always helped us with understanding what investors are looking for in business plans and pitches.” He also touched on the diversity of IDEA as a key feature of his and other Ventures’ success: “IDEA is not just comprised of students, so we have the knowledge and wisdom of successful entrepreneurs at our fingertips. But it’s easy to communicate with [all members of] IDEA because there are so many students involved.”
IDEA grants Gap Funding six times throughout the year to Ventures that apply and pitch to our Investment Committee. Aside from awarding funding, IDEA also provides mentors and coaches along the way, to ensure preparedness and overall success. To find out more, please visit our website.