Deal Abstract

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Technologists designed new N95 mask that they are hoping to sell to hospitals.

Financials (VRB)

|1. Fundraising Target? |$1070000|
|2. Fundraised So Far?|$73816|
|3. Pre-Money Valuation?|$6500000|
|4. Previous Year's Annual Revenue |$0|
|5. Previous Year's Annual Net Income (+ Profitable, - Burning Cash) |~$0|


The 6 Calacanis Characteristics ("Sow Passion, Not easy mediocrity", or S2 P6 N18)

Criteria Yes/No
1. A startup that is based in SV? False: Katonah, NY
2. Has at least 2 founders? False: Two
3. Has product in the market? False: Raising money to Fulfilling initial shipments and launching hospital pilots in Q1 2021
4. 6 months of continuous user growth or 6 months of revenue? False: No product in market
5. Notable investors? False: Bootstrapped
6. Post-funding, will have 18 months of runway? True: But no operations e.g. no burn

The 7 Thiel Questions (Every Time Man Profits, Don't Dismiss Serendipity)

Question Score Notes
1. Engineering? 2 Marginally better but not 10x better
2. Timing? 2 Definitely more demand now, but I'd argue with vaccines coming this won't be as priority for long term
3. Monopoly? 1 No product in market
4. People? 3 Good team but no one with medical PPE development and sales before
5. Distribution? 1 Selling to B2B and no delivery history yet
6. Durability? 1 Not sure how defensible this is once built, nothing proprietary here that is also insubstitutable
7. Secret? 2 Making a new N95 mask will solve hospital problems

What has to go right for the startup to return money on investment:

1. Ship product; 2. Nurture relationships with hospitals; 3. Get recurring revenue

What the Risks Are

1. Engineering marginally better; 2. Not a venture sized opportunity; 3. Margins are not favorable

Bonus Muhan's Notes

Very cool, shows how long it can take to take something from concept to production.


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