Time for a much needed Alto update.
Receiving feedback from our last survey, your voices and concerns were heard and we have some exciting announcements.
As per your request, we have decided to only release V2 of Alto.
As you might know, we had some challenges with funding, which we discussed a little bit in our last update. We discovered the tooling for the production was very expensive, almost double our initial quote leading to some minor funding setbacks. Since then we have been working diligently, trying to find a new production site, and raising more money to bring you the product you deserve.
As a team, we have been considering several options to raise the funds required, and we'd like to provide you with a brief outline of how we are working to get you Alto Earbuds Asap.
The Funding Process:
Venture Capital (VC): Team Alto has been diligently trying to access VC funding since our last update. We have been fortunate enough to work with a fantastic incubator at the University of Toronto (thanks, ICUBE!) since the middle of February. iCube has provided us with an opportunity to pitch Alto to future investors - and we have been rigorously preparing for that challenge for the past few months. (Our next pitch is April 28)
Grants: In addition to the ICUBE program, we have also applied for matching funds from the Ontario Centre of Excellence (OCE). If we are successful, the OCE will match a portion of the amount of funds we've raised to-date through Kickstarter!
Loan: We have applied for a loan through Future Entrepreneur Canada (the Futurpreneur Program), this is a special low interest loan.
Marketing Campaign: We have decided to do a campaign to raise (more) money online using pre-production units from the factory. We will let you all know as soon as we receive these samples and ready for review!
Team Update :
We are thrilled to announce three new additions to the Alto team!
Affan - Product Development & Design team (Engineering, University of Waterloo)
Jennifer - Online & Social Media Coordinator
Emad - Marketing & Business Development Coordinator (Digital Enterprise Management, University of Toronto)
ICUBE - incubator at the University of Toronto Mississauga
Get excited! Samples will be arriving shortly and we will be sending them to select backers to get your feedback before final production!
Stay tuned for more information on how to be part of this awesome promotion. Who better to provide us with feedback on our product than YOU?
Thank you all for your support and for hanging out with us on this awesome journey. We appreciate your loyalty while we build this company.
Please continue to send us your messages and questions through email and social media and get excited for the upcoming samples and promotional campaigns.
Until next time,