After their first week of the Idea Finishing School, PREE’s management team met with Dr. Cory Hallam, director of UTSA’s CITE program to discuss the patent process.  At that time Dr. Hallam informed the management team that he would be able to assist PREE in obtaining an incubator lab on campus in which Mateo would be given access to the necessary equipment in order to develop the technology.

PREE was here at the Idea Finishing School on the 19th of May, when discussion included a breakdown of a pro forma statement by Mr. De La Garza, updated design ideas from Mateo, and market research done so far by Matt and Amanda.  Mr. De La Garza assigned the business students with additional market research including phone batteries, cost of chargers, and additional market information.  Mateo will be working on the wireless charger design, and learning new software to advance the design as well as researching product component costs for the new design.  Over the next couple of months, the management team will be reworking the business plan with Mateo improving upon the design of the technology.

Today, the 24th of May,  Amanda DeKay, CEO, Matthew Jackson, CFO, and Joshua Sellers, CMO, along with Matthew “Mateo” Ellison are back to go over their “homework” they were given in the last meeting. They’ve done more research on market shares, on how many other people are making iPhone cases, chargers, etc. It’s important to know how many people are potential buyers of the product. Rudy De La Garza explains that just because people have an iPhone, doesn’t mean that they’re going to buy your product.

They discuss how to create the product at the best cost and how to find who can make the product. It’s also discussed at how much people would be willing to spend on such a product. There’s a lot more discussion on the actual product; how it can be improved, competitor products, functionality, etc.

Rudy De La Garza handed the meeting over to Dean McCall after an hour. Dean discusses PREE’s web presence, domain names, twitter, foursquare and any other social networking opportunities that PREE could be taking advantage of. They discuss whether they will be making videos and the use of YouTube, Vimeo, etc.

The group will be back on Wednesday morning and then will hang out for the Idea Xchange on Wednesday afternoon. If you’d like to meet the young entrepreneurs from PREE Corp, make sure you stop by the Idea Xchange on Wednesday Afternoon.