Business Rx: How to pick a name for a startup
Le-Marie Thompson caught the entrepreneurial bug while working in the telecommunications industry. She spent time with companies developing innovative solutions to global problems and she wanted to start working on her own creative ideas.
Thompson decided to focus on minerals collected in places of conflict. Like “blood diamonds,” there are several minerals mined in the Democratic Republic of the Congo and surrounding countries. In these areas, armed groups run mineral mines, subject mine workers to serious human right violations and use mining proceeds to fund regional wars.
These conflict minerals are the same minerals that are used in the manufacture of nearly every electronic device from cell phones to dishwashers. To bring about awareness and eventual change, the Dodd–Frank Wall Street Reform and Consumer Protection Act includes a provision that requires public companies to disclose use of conflict minerals in their Securities and Exchange Commission filings. These rules are scheduled to go into effect in May. Thompson is hoping to help companies figure out if they are using conflict minerals.
“Nettadonna is a sustainable product development company committed to global stewardship of product development practices and conditions that foster responsible management of the world’s resources. Our first product is a ConflictFreeElectronics platform that helps companies gain information beyond the electronic characteristics of the components in their end products. Companies can use our platform to put in place robust due diligence programs that rid their supply chain of conflict minerals.
“We have differentiated ourselves because ConflictFreeElectronics focuses on addressing the use of conflict minerals from the initial stage of a product’s development — prior to sourcing, purchasing and integration — into an end solution. Like Care.com for child care and Angie’s List for a certified plumber, we want ConflictFreeElectronics to be a place where companies can come to locate conflict-free minerals, components and manufacturers. This will help them rid their supply chain of conflict minerals.
“Right now, we’re beta testing the platform with several companies. We’re pushing for a full commercial rollout in the spring before the Dodd-Frank provisions take effect.
“As a young company, I have quite a few business challenges and opportunities, including capturing new market potential in financial firms that will need to audit manufacturers’ conflict mineral reports. But one of my most immediate challenges is what to do about my company name?
“I came up with the name Nettadonna back in 1996 as a freshman electrical engineering student. It was my e-mail address — composed of part of my mother’s name. The name, though, does not describe the product that we are developing, and it seems to be the trend now to pick a name that does. Should I drop Nettadonna as the company name and switch to ConflictFreeElectronics?”