Naming a community is difficult.
Element14 is a good name. It's symbolic. If you're a part of the design-engineering audience that they're trying to reach, it's a name that has meaning. It's a symbol. It's a flag that indicates this is a place for you.
If you're not a member, it's just another name and another number.
StackOverflow (now $12m richer) is a good name. The insiders gets it, the outsiders don't. VirginMedia Pioneers is a bad name (sorry Erica). It isn't a symbol shared amongst members.
Naming a community is usually something to avoid getting wrong. The easy way to get it right is to use an existing symbol with shared meaning amongst the audience.