What is the name of the company?
Our company is called ForMyChildren and the product is LifeDeposit Box.
What problem does this solve?
ForMyChildren provides a solution to a critical problem facing any parent or grandparent – how to create, gather, preserve and share all the vital documents, family history, photos, videos and memories that are vital to the well-being and success of their children and grandchildren – in one safe, secure place.
Our LifeDeposit Box is an online, triple encrypted vault and creative workspace with an intuitive user interface enabling subscribers to upload, organize and store important documents, media, family stories and memories. Easy-to-use tools and prompts guide parents to create and assemble their material in visual displays that allow “file curation” — and then choose exactly who will receive selected files, documents, media and stories – at any point designated – now, on a selected date or even after they are gone.
Who is on the team?
Scott Garen – CEO
Charles Padgett – COO/CFO
Craig Robert Smith – Product Manager
Diana Rosetti – Business Development
Larry Kopald – Marketing
+A very strong board of directors and advisors
What is the technology or combination of technologies used?
There are a lot of components of the software combined with a proprietary encryption scheme. Two-factor authentication and three levels of encryption surrounding the site, each subscriber’s account and their files, creates uncompromised security, ensuring subscribers that vital estate documents, important family papers, pictures and reflections remain private. Our business model never requires access to or sharing of user data.
Who are your customers?
There are several target markets: Millennials concerned with family legacies, people who have young children and want to start preserving things for them, baby boomers who want to pass knowledge to their kids that are growing up.
This product can be useful for anyone who wants to digitally preserve the meaning of their family.
What is your revenue model?
What is the size/scope of your market?
We have a two-pronged approach. Target markets are B2B and B2C. On the B2B side we’ve been engaged with several wealth management firms, some of them very large. The B2C market is almost endless. A few years ago the scrapbooking industry was $4 billion a year. We treat this as a subset of that, with hundreds of millions in potential revenue.
What is your greatest strength?
We have spent a great deal of time researching and developing a product that is going to be very easy to and also very secure.
What is your greatest weakness?
The market shift in fundraising and the difficulties in raising money in this environment.
Have you raised angel or seed investment so far?
Yes, we’ve raised over $500,000.
When do you anticipate a full product launch or release?
We’re aiming for the first quarter of 2015.