Successful artist wants to create an art collaboration platform and market that is tokenized by cryptocurrencies. Yes, that’s a lot of buzzwords in one sentence.
- I’ve made the mistake of thinking a “great product makes great business.” It is a false siren.
- DADA wants to grow the art market by making it easier to invest, but I believe the main component to sizing the art market is how many rich people there are who want to consume conspicuously aka it’s not the difficulty of investing, but the market of people who have disposable income to throw away on art.
- Maybe unfair comparison, but reminds me of Masterworks.io which seems to be a company that hasn’t grown since I first heard of it.
The 6 Calacanis Characteristics (91 161 18)
Passed on 2/6.
|1. A startup that is based in SV||Fail: (New York, NY)|
|2. Has at least 2 founders||Pass|
|3. Has product in the market||Pass|
|4. 6 months of continuous user growth or 6 months of revenue.||Fail|
|5. Notable investors?||Maybe?|
|6. Post-funding, will have 18 months of runway||Fail: at present raise of $50k, they’ll be out of money in two months.|
The Company has incurred losses from inception of $346,037. For the financial year ending in 2018, the Company experienced a net loss of $244,443 (monthly burn 20k); for the financial year ending in 2017, the Company experienced a net loss of $101,604. To date, the Company has not yet received revenue.DADA Financial Summary (Hosted link.)
The 7 Thiel Questions (ETMPDDS)
- The Engineering question:
- Bad: How is this better than
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