Deal Abstract

GoSun Inc.
Solar is the Future, and GoSun is leading the Fuel-Free Frontier

A startup for solar powered grills, thermos, chargers, and a variety of electronic appliances wants to disrupt the non-eco friendly incumbents.

Financials (VRB)

Question Notes
1. Fundraising Target? $5000000
2. Fundraised So Far? $1493166
3. Pre-Money Valuation? $59900000
4. Previous Year's Annual Revenue $3925165
5. Previous Year's Annual Net Income (+ Profitable, - Burning Cash) ~$2783

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: Cincinnati, OH
2. Has at least 2 founders? True: Two
3. Has product in the market? True: Revenue generating
4. 6 months of continuous user growth or 6 months of revenue? True: Grew from 2019 to 2020 significantly
5. Notable investors? False: No one I recognize
6. Post-funding, will have 18 months of runway? True: Barely profitable, but profitable

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

Question Score Notes
1. Engineering? 3 Impressive engineering
2. Timing? 1 Not sure why demand for solar powered coolers, grills, and chargers is set to take off now
3. Monopoly? 2 Solid market share but nothing on monopoly level
4. People? 3 Team seems solid
5. Distribution? 1 Where does one buy one of these? Amazon? Outdoor sporting shop?
6. Durability? 3 Seems like the engineering is really solid and hard to replicate here
7. Secret? 1 Solar powered electronics, grills, and thermos demand are set to grow like a j shaped hockey stick

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

1. Demand for solar powered everything has to go up; 2. Price points have to go down so this can go mass market; 3. New use cases with solar need to fill gaps that gas and traditional fuel failed at previously

What the Risks Are

1. Nice to have not a need to have; 2. Appliances and electronics based business won't grow as fast and needs to partner with traditional retail; 3. Poor unit economics (see the financial docs)

Bonus Muhan's Notes

Cool technology for sure


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