Thumbtack to allow creatives to trade sweat equity for labor with startups.
|1. Fundraising Target?||$125000|
|2. Fundraised So Far?||$265031|
|3. Pre-Money Valuation?||$10000000|
|4. Previous Year's Annual Revenue||$244050|
|5. Previous Year's Annual Net Income (+ Profitable, - Burning Cash)||~$-52777|
The 6 Calacanis Characteristics ("Sow Passion, Not easy mediocrity", or S2 P6 N18)
|1. A startup that is based in SV?||False: Miami, FL|
|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: Revenue went from $139k to $244k|
|5. Notable investors?||False: Miami Angels and some others, but no big names|
|6. Post-funding, will have 18 months of runway?||True: Raised 3 years of runway|
The 7 Thiel Questions (Every Time Man Profits, Don't Dismiss Serendipity)
|1. Engineering?||2||It's a Thumbtack made for founders and creators|
|2. Timing?||2||Why is now the right time to build this business?|
|3. Monopoly?||4||Really no venue for finding talent for your startup other than Angel list|
|4. People?||3||Team seems fine|
|5. Distribution?||2||Building the marketplace for this startup requires more access to populations|
|6. Durability?||2||It seems like another marketplace, will have to build some moats|
|7. Secret?||2||Building a Thumbtack that includes sweat equity is going to be a billion dollar business|
What has to go right for the startup to return money on investment:
1. Keep driving up interactions; 2. Attract startups with a more targeted talent pool; 3. Attract freelancers with better client management services
What the Risks Are
1. Feature not a business; 2. Startups that don't have much capital to pay are not a great customer; 3. Easy for another marketplace to come in and copy features
Bonus Muhan's Notes
Very cool idea, but I missed it. Will be curious to see how they perform.
This is where I’ll post updates about the company. This way all my notes from offering to post-offering updates will be on one page.
Review these deal memos every time the startup raises a new round
Test if original thesis still applies
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