Female entrepreneur brings back Buckwheat superfood culture from Australia to the U.S. Working with the Hatchery in Chicago.
|1. Fundraising Target? |$250000|
|2. Fundraised So Far?|$56000|
|3. Pre-Money Valuation?|$4000000|
|4. Previous Year's Annual Revenue |$25522|
|5. Previous Year's Annual Net Income (+ Profitable, - Burning Cash) |~$-46919|
The 6 Calacanis Characteristics ("Sow Passion, Not easy mediocrity", or S2 P6 N18)
|1. A startup that is based in SV?||False: Trout Valley, IL|
|2. Has at least 2 founders?||False: Two|
|3. Has product in the market?||True: Revenue generating|
|4. 6 months of continuous user growth or 6 months of revenue?||True: Revenue increased from 2018 to 2019|
|5. Notable investors?||True: Sort of: https://thehatcherychicago.org/|
|6. Post-funding, will have 18 months of runway?||True: Call it $75k to have 1.5 years, very close|
|1. Engineering?||1||Not an engineering innovation, just application of existing technology|
|2. Timing?||1||Not sure why buck superfoods at this point is about to be venture backable|
|3. Monopoly?||1||Don't know anyone eating it|
|4. People?||2||Good founder but would have preferred more experience in food innovation|
|5. Distribution?||1||eCommerce is nice but getting into the retailers will be a pain|
|6. Durability?||1||Not sure what is durable about this|
|7. Secret?||2||Starting with buck foods is a beachhead for building a super food company|
What has to go right for the startup to return money on investment:
1. Get into retailers; 2. sell sell sell; 3. expand into other superfoods and not just be a one product company
What the Risks Are
1. Food doesn't scale fast; 2. Concerned about defensibility; 3. Ongoing R&D costs of new superfood procurement
Bonus Muhan's Notes
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