10/11/21 - Initial conversation w/ Andrew
by Joe · 25 things on Twos
- 10/11/21 - Initial conversation w/ Andrew
- Twos helps people stop forgetting things, 44% retention over 30 days, 0 debt, 100% equity
- What is the most exciting deal you've been apart of lately?
- Twos is the quickest, easiest, and most organized way to remember things
- We've talked to hundreds of people, all of which confirm a need for a product like Twos
- We're open to advice so wee are seeking out a partner that can help us
- We've read Insight Partners helps early stage startups go to market, scale, and build a business around a valuable idea
- We're asking for $1.1-1.4 million for 10% to hire key team members to help us quickly iterate and develop the business
- Backend engineer: security and performance improvements
- iOS engineer: feature development
- Designer: UI/UX, A/B testing
- Marketing specialist: strategy and content creation
- Pay ourselves
- Marketing budget
- Operating costs
- Research & development
- Runway cushion in case it takes longer to find product-market fit
- We've estimated what the required salaries will be and have added a 50% cushion for unexpected events
- In the past year, there's been a gold rush for notes apps (Notion, Roam, Coda, Mem)
- While these products could be considered competition, we feel Twos is solving a much larger problem (forgetting things) with a much larger market (all consumers)
- Our $11-14 million valuation is:
- On par with Roam $200 million w/ $1 million ARR
- With $1.4 million, generated 100,000 sign ups. Our 7,000 sign ups would be 1/14 of 200 million = $14 million
- With a proper go to market strategy we believe we can acquire 220,000 sign ups in the next 1-3 years = 500 million = 10% would be 50 million = 1.4 would 35x
- Low compared to Notion $2 billion w/ users