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What's in a Name?
When NetBase Computing was founded ten years ago-a lifetime in terms of the pace of change in the industry-its name was prophetic. "When we chose that name, we didn't know 'Net' would come to mean something so profound," said Ujj Nath, NetBase president and a 1988 UT MBA. "We predicted that networks and databases were going to be very important, and of course now that's what's driving new business models."
The name, however, is not trademarkable: it's used by at least five other companies. And in the face of NetBase's impending growth-the company just received a $35 million round from Chase Capital Partners and ABS Capital and expects to go public next year-Nath felt that a new name and a rebranding campaign was in order.
"The NetBase Computing name has been a great asset, but in order to position the company for future growth, we need a unique new name and identity that works as well in the financial community as it does in the eBusiness consulting community," said Nath. A longtime provider of technology solutions, the company is expanding its focus to deliver integrated e-Business strategy and technology solutions to Fortune 2000 companies.
To create their new brand, Nath returned to his alma mater to solicit ideas from MBA students. The company approached teams of students with this challenge: develop a creative and unique name, briefly describe the brand proposition, and provide supporting research. "I graduated from UT, and I'm a smart guy," joked Nath. "So I was hoping everyone at UT is smart-at least I know they have a lot of brainpower and are itching to work on real-world problems."
Twenty-one teams participated in the naming contest, and five names made the final cut: Fortive, Syncata, Trilliant, Provisy, and Exsora. The students who competed found the experience rewarding. "First we discovered the importance of a name, including its availability and potential for trademarking," said Michael Whitney, a member of the winning team. "Second, we learned about creating a value proposition associated with the name that lent itself easily to branding and promotion."
What's the new name? NetBase selected Syncata because of its creativity, uniqueness, and branding potential. "The amazing thing is that 82 percent of the NetBase staff voted for this name," said Sasha Banks, NetBase marketing manager. "Everyone saw its potential."
The name Syncata incorporates the words 'synchronize,' 'synergy,' and 'catalyst.' "The idea behind the brand is that the company is the ideal catalyst for assisting clients in synchronizing and integrating e-Business solutions and legacy systems," explained team member Todd McCord.
The winning team included Whitney, McCord and Matt Hopkins. NetBase/Syncata plans to launch the name, as well as new logos, mission statements, and marketing strategies in June. "I think the contest is a great example of the participation of Texas MBAs in the entrepreneurial community and an indication of the impact our program is making," said McCord. "They impressed upon us the huge impact this initiative was having on their rapidly growing company."
Brian Turk, first year MBA student whose team made the finals said, "I learned that there are not too many decent names available." Nine million domain names are already accounted for. The winning team says they tried fifty names before they struck on the idea to merge two existing ones.
NetBase presented a $5,000 award to Whitney, McCord and Hopkins at a reception in Austin on April 7. The team of students will also have input on logo and Website redesign.
For information on specific programs at the McCombs School, consult our contacts page. For media information, contact the Communications Director by phone at 512-471-3314 or by email at CommunicationsDirector@mccombs.utexas.edu.
