What do Thought Wired do?
For over six million people around the world, daily communication is a struggle. Due to severe physical disabilities like cerebral palsy or motor-neuron disease, these people (who often have sound, healthy minds) cannot move or speak, and must rely on complex methods to express themselves to their carers and families.
The team behind Thought-Wired dedicated themselves to creating nous™: a brain-sensing technology that detects the user’s thought patterns and turns them into actions. By selecting words and images on a computer screen, people can communicate with those around them – and as the technology develops, the possibilities for how much more control they could have are endless.
What is Thought Wired’s structure?
Thought Wired are incorporated as a limited liability company. Their mission is embedded in their business model so that the growth of the business directly correlates with the growth of its impact.
When taking on investment, Thought Wired gave some rights to a financial return, but very limited rights over the control and direction of the company. This ensured that their founders could continue to pursue their mission without being challenged by investors.
How did Thought Wired access investment?
- Thought Wired mostly self-funded itself to readiness, but was assisted with a small amount of seed funding from the University of Auckland entrepreneurship programme and Callaghan Innovation grants.
- Although Thought Wired was pre-trading at the time of raising investment, they had done substantial customer validation.
- To ensure they had a completely validated product, Thought Wired actively involved their target customers in the design process.
How did Ākina help?
Ākina provided the following support which allowed Thought Wired to strategically and successfully approach investors.
Ākina’s support in helping Thought Wired become investment ready.
What was the outcome for Thought Wired?
Thought Wired’s well validated product meant that their market offering was secure and they were able to crowdfund successfully.
Could Ākina be of help in developing your organisation? We run a series of programmes so head to our support page to find the right one for you.