As with many designs in the running I see, I like the concept, but you've not not polished it up enough.
There is no need for the black splotches near the text. I can barely read the text; I couldn't actually make out what it said until I saw Matt's post.
I think that's a lion, am I correct? It looks similar to a bear as well, try to make it more distinguished. A different view of it would probably be better. If it is a lion, you could try making the swirls more mane-like.
The outline on the light blue actually detracts from the rest of the design.