BrooklynNets
PARKED
- Joined
- May 31, 2024
- Messages
- 2
Rep Bank
$40
$40
We are software company with focus on enterprise supply chain management audit software.
Background:
In past 1 year, we have launched B2B app focusing on audit and inspection that can be performed by using existing checklist library or modifying checklist as well as creating new checklist. Report is generated at the end of audit/inspection.
App is supported by Google Ad and we have started seeing traction since launch in June 2023.
Total download is 135k and there are 30k+ users who has kept app since download (@ 25% retention rate).
Our model is freemium model where there is no charge to use the app for x number of users for basic functionality.
In last 5 months, we have successfully starting to generate leads for paying clients and we have converted couple of them to paid clients.
Our primary software business Business funds app business as we are able to use share resources (engineers, cloud platform etc) and profit from enterprise software business supports other expense (ie advertising cost for Google ad)
Questions
- We want to take app to the next level where total download is increased to 500k in next one year and roughly 25% of will be staying as user base (100k users).
Does anyone have experience in this segment? Can you please provide pointers?
- We have identified few target segments where we want to get our app into wholesalers (for example real estate industry insurance and mortgage companies)
How can we find consultant who can help us get into the door for wholesale segment?
-We are self-funded so far. Current expenses can be supported by current funding strategy. Challenge is that we may need to hire more resources (marketing, developers) etc to support growth.
Should we maintain self-funding model or look for VC funding down the road? Are there any benefit for raising funds through VCs even if it may not be needed?
Thanks
Background:
In past 1 year, we have launched B2B app focusing on audit and inspection that can be performed by using existing checklist library or modifying checklist as well as creating new checklist. Report is generated at the end of audit/inspection.
App is supported by Google Ad and we have started seeing traction since launch in June 2023.
Total download is 135k and there are 30k+ users who has kept app since download (@ 25% retention rate).
Our model is freemium model where there is no charge to use the app for x number of users for basic functionality.
In last 5 months, we have successfully starting to generate leads for paying clients and we have converted couple of them to paid clients.
Our primary software business Business funds app business as we are able to use share resources (engineers, cloud platform etc) and profit from enterprise software business supports other expense (ie advertising cost for Google ad)
Questions
- We want to take app to the next level where total download is increased to 500k in next one year and roughly 25% of will be staying as user base (100k users).
Does anyone have experience in this segment? Can you please provide pointers?
- We have identified few target segments where we want to get our app into wholesalers (for example real estate industry insurance and mortgage companies)
How can we find consultant who can help us get into the door for wholesale segment?
-We are self-funded so far. Current expenses can be supported by current funding strategy. Challenge is that we may need to hire more resources (marketing, developers) etc to support growth.
Should we maintain self-funding model or look for VC funding down the road? Are there any benefit for raising funds through VCs even if it may not be needed?
Thanks
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
