Bird of a Different Color Flies

Among the lifesaving medical technology companies competing in last June's Business Plan Contest, Nimbit's web-based tools for independent musicians seemed like "a bird of a different color," according to President and Founder Patrick Faucher. But the judges named Nimbit a co-winner, and the company received $5,000 plus an equivalent amount of professional services offered by WPI Venture Forum members.

Vantage checked back with Faucher to see how his business has fared since the contest. Two words: growth spurt.

Located in Framingham, Mass., Nimbit had captured the judges' attention with its traction in the marketplace, and the possibilities of expanding its products and services to a broader potential client base. The company has thousands of subscription-based customers for its comprehensive suite of web-based tools that allow musicians to produce, manage, promote and sell their music and merchandise.

Nimbit continues to "make the world safer for independent musicians," says Faucher with a smile. Back in June, the judges commented that Nimbit was a spectacular company with a proven revenue-generation model going after an underserved niche.

Since then, Faucher has doubled the number of artists that use the Nimbit platform to sell more effectively to their audiences. He took to heart the advice panelists gave him during the contest, retooled his business plan and presentation, and took a more scientific approach to his marketing strategy. He pitched angel groups in August. By the end of September, he had a term sheet. He closed on a series A round of financing in November.

With the infusion of funds, Faucher has hired a marketing team, so he can focus on running the business. Nimbit also launched DIY Radio, a "very cool and powerful tool" that helps artists get their music out to independent radio stations nationwide and track their airplay time, Faucher notes. The company continues to expand the site's retail portal, cdfreedom.com.

All this is leading up to a "new face" for Nimbit, a relaunch of its products and its website planned for April. Faucher encourages Venture Forum members to visit www.nimbit.com to see the changes.

So did winning the Business Plan Contest make a difference?

"Absolutely," affirms Faucher. "We enjoyed the process. Even though we were in a completely different market segment [than the other entrants], the same principles apply."