As a preface, we are still in the early/mid stages of the law school application cycle, and in the very early stages of BundleBee development. Everything I say below may change depending on how things develop, and on your feedback. We are trying to limit the number of emails that we clog your inbox with, so we will only be sending monthly updates. If you want more detail feel free to check here on the website, where we will provide more frequent updates.
The plan is to reach out to as many banks as possible to maximize competition for the Hive’s loans. Once we’ve drummed up enough lenders, BundleBee will set a flat percent fee for banks before starting negotiations. This will alleviate conflict-of-interest issues between BundleBee and all of you.
Negotiations will consist of several distinct rounds in which BundleBee collects bids from participating lenders. The offer that BundleBee judges to be best for students will be used to start the following round. At the end of negotiations we’ll have a final offer, which we’ll send out to the Hive.
We started reaching out to lenders last week. We’re following a four phase plan to reach out to lenders, gradually working our way up to the largest banks. Initial conversations have been enlightening and promising. We will provide more concrete information as soon as we can. We expect this to ramp up in the coming months and future updates will likely focus on this section.
BundleBee overall development:
We applied to and were accepted into the Harvard i-Lab Spring Venture Program and the President’s Innovation Challenge. The program is fairly rigorous with mandatory programming, which will be great for us. We’re pretty self-motivated as a founding team, but being in an incubator brings the pressure to progress to a new level. I’m particularly looking forward to support/guidance from mentors with industry experience.
We’ve also applied to and are waiting to hear back from an MIT incubator and the Harvard Law Entrepreneurship Project, which provides free legal advice to startups.
We have more bank calls scheduled. Our focus of work will be on establishing concrete details for bank negotiations and on building tools to determine optimum loan details for the overall Hive. If you haven’t filled out the loan preference form, please do so here.