Our Failure Fund experience has been an invaluable learning experience and huge first step for our company. We have grown so much from this experience. With our first installment of funds from the Failure Fund grant we were able to do many things. First, we successfully opened up a joint account with Wells Fargo. Second, We ordered 50 NXT LVL shirts and publicly announced the launch of our clothing line to the Davidson student body. Third, we set up a PayPal account for mobile transactions. Finally, we applied for and got approved as an LLC through the LegalZoom website.
While we were waiting for Phase 2 funds we had the privilege of connecting with Davidson Alumni. We spoke with lawyer, Doug Kim, to discuss the legal implications of starting a business and managing a clothing line. We also spoke with Matt Loftus and Kevin Hubbard, Davidson alumni and founders of the clothing company Rhoback. We had a really good conversation about what mistakes we need to avoid as young entrepreneurs, how to generate interest for our merchandise and stay competitive in this business. These men became our mentors for legal matters and for running a clothing business.
During this process we learned about the tough side of business as well. Our lawyer, Lyle informed us that our company/group name NXT LVL ENT was already being used by other companies, specifically BET. As a result, our brand was no longer secure and we would have to change our name. It was unexpected but something we had to accept. After brainstorming and researching we came up with a new name for our company and group, Trilla G ENT. We used the Phase 2 money to help us pay for the trademark fees. We’ll announce our new name officially at the beginning of our senior year.
We ended this experience on a high note however. We were able to recruit nine other artists into NXT LVL ENT. These new members will help us grow as a brand and help us fulfill our goal of becoming a successful artist collective. We were also able to sell all 50 our Nxt Lvl shirts to people of all ages, colors, creeds and races. We’ve been able to establish ourselves as a force on campus and we’ve gained more fans since the start of this experience. We owe a lot of our recent success to the Failure Fund team and we’re all very grateful. We’re confident that with all of the knowledge, connections and experience we’ve gained we’ll be able to effectively and efficiently tackle new challenges that will come our way. We just want to say thank you to everyone on the Failure Fund Team!