A Founder’s story on how ‘Moiety’ came to be.
The shoe doesn’t fit?
Spending nearly a quarter of a century on ‘Wall Street’ (actually working for mostly foreign banks in midtown Manhattan and in the U.K.), I have been fortunate enough to have established lasting friendships with some fairly senior and very experienced professionals. Many still remain in the industry today.
Say what you want about ‘Wall Street’, but some of the smartest, highly motivated and entrepreneurial people I have ever met came from my days at Lehman Brothers, ING, ABN AMRO and particularly, RBS. These friends are important resources that I rely on almost daily for feedback – on whatever I am doing.
So, when I explain the concept of Moiety to my ‘WS’ friends and I sometimes get that responsive look that can only be described as ‘morbid fascination’, I take notice. These people are not idiots and I cannot run a business in a ‘silo’. In the concept / development stage, bad feedback is often more useful than good feedback for sure, but still.
I traced back many of the standard lean startup questions that need to be properly answered and found that my friends’ view of my plan was sound. Mostly, Moiety received high marks on:
- Value proposition
- Problem we’re trying to solve
- Solution we’re offering
- Target audience, market wallet size, competition, etc..
- Monetization strategy, exit plan, etc..
I found that some of the issues that seem to consistently be challenged were more of the abstract kind:
- Questionable marketing / social media channel selection (Moiety has 120,000+ FB fans, but many LinkedIn disciples don’t like Facebook so much, I guess).
- Weird looking logo
- Why deploy a ‘family-tech’ app and not a ‘fin-tech’ app?
- Unusual company name
I cannot count how many times the name ‘ Moiety’ came up as an issue. Some common quotes include:
- ‘Greg, I cannot pronounce “Moiety” so that is not good for you.’
- ‘You made up a word that does not resonate as a digital productivity app, bad idea.’
- ‘Greg, your company name s#cks, change it.’
A personal mission
Firstly, Moiety was derived out of a very real and personal need of my own. This was a calling I simply could not a ignore.
Now, let me explain why I am using Moiety and why I will never change the name:
Moiety is actually a word in the English dictionary: moi·e·ty /ˈmoiətē/ noun: each of two parts into which a thing is or can be divided.
When researching a proper name for the company, I simply stumbled across this word, “Moiety” which also happens to be described as ‘one of the most beautiful words in the English language’.
Moiety’s theme is about helping co-parents, and parents being able to do their ‘part’ and commit to doing the best for their ‘share’ of the parenting responsibilities, no matter what the family dynamic is. I was immediately hooked on the ‘Moiety’ definition, theme, and subsequent brand – and that was that.
A beautiful, never spoken word
I know the name ‘Moiety’ doesn’t immediately resonate with users as a pioneer in the ‘family-tech’ space for co-parenting solutions, but it does fit our ideals perfectly. Through this brand, perhaps people will learn to use this beautiful word again, which over time – has lost its importance in our language.
The product matters, not the name
So, to my dear WS friends and others who are curious about why I chose ‘Moiety’, I say – what’s in a name anyway? We all know of a hugely successful computer software company that’s named after a common fruit.
More on our upcoming launch can be found here.