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Perhaps take some of the detail out of the wheel's center so it scales better for things like a gravatar or favicon. But this could scale well enough... or you could make a second, basic version for small logo instances. Overall very good, very classy and trustworthy logo!
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I agree with Angela. I think it needs to stand out more in a crowd of logos. Try putting the compass behind the word compass and having it burst out from behind the words. You can use a two tone color scheme, blue and silver maybe to show wisdom, trustworthy, and intuitive.