EventGrazer

Unit 1

It is a boring, time consuming task finding events to go to. Yet in every major city amazing events are going on all the time!  Eventgrazer takes the pain out of finding amazing events by aggregating, analyzing, and communicating the best events for you.  We help you find the best events and organizers pay us for referring you. I formerly managed a financial aggregator and analytics product called StarMine, my developers are former colleagues with over 20 years experience shipping world-class software. We currently have a modest prototype at www.eventgrazer.com and are working to enhance the product to drive traction.

Unit 2

Should I be raising money right now? Probably not, I have time and my own savings to continue working on developing EventGrazer to get Product-Market fit. I also have some developer resources in the form of former coworkers working for equity. We have made some nice progress in the last month but we still don't have a shippable product. 

What is my monthly burn rate?

After my first round of funding, my developer resources will have to be paid in cash not equity. My monthly burn rate breaks down as follows-

My pretax salary-  $6,000

Legal and taxes - $1,000

Engineering Services- $12,000

I have contacts at outsourced engineering services in Ukraine and India for the engineering I need. 

Marketing & SEO - $2,000

Other - $1,000

$22,000

How much do I need to raise? 

$22,000 * 24 months * 50% buffer ~ $750k

Unit 3

Target composition of investors.

Ideally, I would like 1-3 Angel or Micro investors to participate in my seed round of funding. An accellerator sounds interesting but since I have a quasi-engineering team and product management experience already, I don't think it will be as a big of a benefit for me. A large institutional VC could be helpful from a financial perspective, but I would like a more interactive role with my investor so I can demonstrate progress and receive concrete feedback. A crowdfunding solution would not work for my software product.

Between micro VCs and Angels, I tend to lean towards Micro VCs because they are in the business of investing vs. an Angel that might not have as strict of processes and benchmarks established.  

Unit 4, Record Pitich

Here it is-

https://docs.google.com/file/d/0B9oG6L4KuyQ-a3VQQ1Rjd0VEams/edit?usp=sharing

Comments

Please sign in or sign up to comment.