SaaS company hoping to sell a dashboard to C-suite executives, starting out with CMOs. They have revenue, and want to make consulting work more integrated via data. Possibly like Mint.com (which collects and demonstrates all your financial info in one place) for C-Suite or Geckoboard. Already has sales with large enterprise CMOs of Sephora and Frontier technology.
- Passing because despite having large famous customers and seemingly legit VC team, not seeing the vision.
- Revenue dropped from 2019 to 2018. Crude but clear signal of not gaining further clarity on what the business is.
- Even if the product works, it’s providing a value that seems incremental rather than a magnitude greater.
The 6 Calacanis Characteristics (91 161 18)
|1. A startup that is based in SV||Pass: Oakland, CA according to LinkedIn.|
|2. Has at least 2 founders||Pass (3+ Head of Sales & Marketing)|
|3. Has product in the market||Pass|
|4. 6 months of continuous user growth or 6 months of revenue.||Fail: (2019 revenue was 120k, 2018 revenue was 166k.)|
|5. Notable investors?||Shasta Ventures, who seem legit, but I don’t know anyone from this team from my knowledge of VCs. Apparently they invested in Canva, Dollar Shave Club, Hinge, Mint.com, Nest, Turo, Zuora, etc.|
|6. Post-funding, will have 18 months of runway||Pass: 2019 burn was 273k and targeting 2.5M was raised, giving 9.15 months of burn.|
The 7 Thiel Questions (ETMPDDS)
- The Engineering question:
- Probably bad: how much better is this company compared to Google Sheets/Zapier/Geckoboards of the world? If you’re selling to CMOs that’s all well and good but doesn’t scale tremendously.
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