We’ve done well to get so far so smoothly, but this month the speed bumps were upon us. Through a combination of family emergencies (which will never be compromised for work), and typically overoptimistic development timelines, we are two weeks behind where we wanted to be with the product build. It’s time to accept these things as a part of startup life, learn from them to improve our planning, and breathe easy knowing that Stefan has it all under control.
That said, it has far from defined our month. The feedback we are getting from freelancers testing what does exist of the platform has been fantastic - one highlight was “this looks and feels really secure, I would definitely trust it with my money”. We also added 100 freelancers to our pipeline this month at all, taking us just shy of 300 in total and with 10% of those ‘active’ in testing the product – all without real marketing on our part.
It also gives us an early opportunity to test and prove our dedication to transparency. We really will share our experiences honestly each month even when they don’t go our way.
These delays have led us to re-frame our plan for the next two months. With our pipeline and engagement strong, we’re prioritizing fundraising from the start of next week. More on that below.
Our pre-seed game plan
Our November update will be headlined by our successful raise of $250k. We’ve spent weeks crafting the pitch with great help from our advisors, so now it is time to practice while we get the product to 100% completion. Our fundraising timeline is as follows:
Sept 23-Oct 6: Investor pitch meetings
Oct 7-20: Follow-up meetings
Oct 21-Nov 3: Due diligence and closing the round
Nov 4: November monthly update announcing our successful raise
We know the legal stuff and money transfers will take a while longer to work out, but signatures on contracts by November 3rd is our goal.
Very happy to welcome Brian Reed to the team to manage our marketing needs. Brian proved his forward-thinking ways by reaching out about the internship before even arriving in Berkeley, and he has backed it up with his work since. He’s developing our marketing strategy, reporting and forecasting and has been a huge boost to the team and my personal sanity!
We’re 80% complete - the final hurdle is integrating Stripe and tying it into one seamless experience for both the freelancer and the client.
We still have $2,000 in the bank, though we’re using a good portion of that on engineering for the next few weeks. Regardless, we have runway until the end of November.
Freelancers registered interest: 296
Freelancers testing: 30
Investor pipeline: 90 (30 ‘preferred’ tier 1 investors)
Achievement of Goals from last month
Freelancers testing: 25
Complete! We have demos with more than 25 freelancers scheduled for the next two weeks
Freelancers using service: 7
GTV of transacted projects: $15,000
Incomplete :( With our engineering delays we’re not at a point to be processing payments just yet. We hope to be there in less than two weeks, and make up our lost ground from there.
Goals for next month
Platform v1 built and secure
15 paying customers
20 investor meetings held
Final call for introductions to any Angel investors or seed-stage funds that might be interested.
30-minute pitch practice. I want as many practice reps as I can over the next two weeks, please email me if you can spare the time and want a sneak preview!
Thanks as always! Please send me any thoughts/comments/feedback/questions to firstname.lastname@example.org. I am also open to hearing from you.