notes/projects/nkode/Eagle Venture Lab application.md

Eagle Venture Lab

Step 1

Your Elevator Pitch should summarize the problem that needs to be addressed and why your startup is the best solution to that problem.

30-Second Elevator Pitch (100 words max)*

Password authentication has two main problems.

1. People choose bad passwords. Only 1/3 of Americans use password managers. The other 2/3rds pick their own, and most people choose bad passwords.
2. People reuse their bad passwords on multiple sites. If you aren't using a password manager, you're likely reusing the same password over and over.

nKode is a pictographic passcode where users can only choose a strong passcode, and no two people will be able to choose the same passcode.

One-Sentence Pitch (25 words max)*

nKode is a pictographic passcode that is easier to remember and more secure than a password.

Briefly describe your revenue model for your offering (50 words max)*

We have two revenue models.

1. B2B model: nKode is used by businesses for employee authentication.

2. B2C model: nKode is used by individuals to login into their accounts as you would with "Sign in with Google" or "Sign in with Apple". Arcanum Technology creates services like Clerk.com or Auth0.com.

Briefly describe your startup's journey to date:

• Tell us about yourself and why you started the business
• Describe your team and how they came together, if applicable
• How have you validated your idea?
• How have you executed on your idea?
• What is your greatest need to help you get launched?

Brooks Brown invented nKode after a credit card skimmer stole his debit card pin number. nKode prototype version was a modified keypad with numbers instead of images. Before the pandemic, Arcanum developed nKode for banks and financial institutions. Most financial institutions we've approached over the years want to use nKode, but none want to be the first to integrate it. I'm the most recent founder to join Arcanum. I joined because I saw a company with a patent for an incredible technology that could dominate the identity and access management space. Since joining, I've also developed nKode Gen2 an even more secure implementation of nKode. We've also pivoted from trying to sell nKode to finding a strategic partner. We need a large company or institution with industry trust to stand behind our technology.

Briefly describe your go-to-market plan, including how you will acquire customers and any applicable sales channels you plan on selling through (50 words or less)

Our Go-to-Market plan is to find strategic partners in industry or academia with cybersecurity expertise to validate our technology. With the backing of our strategic partner, we'll reapproach the companies that expressed interest in nKode but were unwilling to try it first.

Briefly describe your potential exits and the profile of the mostly likely acquirer of your company (50 words or less)*

Our exit strategy is to be acquired by a company in the identity and access management space. A company like Okta has the most to gain with a Arcanum's patent.