Podetize wants to take its bootstrapped business to venture speed by building a Google Adwords marketplace for podcasts to compete against Spotify Anchor and co.
|1. Fundraising Target?||$1070000|
|2. Fundraised So Far?||$54661|
|3. Pre-Money Valuation?||$7500000|
|4. Previous Year's Annual Revenue||$1003806|
|5. Previous Year's Annual Net Income (+ Profitable, - Burning Cash)||~$-183139|
The 6 Calacanis Characteristics ("Sow Passion, Not easy mediocrity", or S2 P6 N18)
|1. A startup that is based in SV?||False: Foothill Ranch, CA (SoCal)|
|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 $600k to $1m|
|5. Notable investors?||False: No one known|
|6. Post-funding, will have 18 months of runway?||True: Needs $250k to have 18 months|
|1. Engineering?||2||New platform, but don't really understand what's 10x better about the platform for podcasts (as opposed to Anchor, which I used for First Money In and Spotify/Apple Podcast)|
|2. Timing?||2||Podcasts are definitely still relevant, though it feels a little late to this game|
|3. Monopoly?||2||Solid market share for a small company|
|4. People?||3||Strong entrepreneurs, but they seem more lifestyle entrepreneurs than venture backable|
|5. Distribution?||3||Has built up a solid client base and podcast base|
|6. Durability?||2||I've never heard of Podetize and don't know why Spotify/Anchor can't eat their lunch|
|7. Secret?||2||Building a Google Adwords-seque self serve marketing platform for podcast advertisements is going to create a large size exit to Google/Amazon/etc.|
What has to go right for the startup to return money on investment:
1. Revenue needs to grow up at multiples, not just at percentages; 2. Podetize has to attract more advertisers; 3. Spotify and co don't open up an option to sell ads on smaller podcasts
What the Risks Are
1. Incumbents; 2. Growth has been slow from 2019 to 2020; 3. Platform doesn't find venture sized demand
Bonus Muhan's Notes
Funded with a $750k EIDL SBA loan, which is very cool
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