Today, EmployThis begins our epic journey to being commercially successful. It is a day that has been in the planning for 14 months.
Our thinking, the logic behind our decision to go for funding.
This is the other story, the one about our thinking -how we decided to use crowdfunding and even a few of the other decisions.
But the preparation to start our fundraising is a different, yet parallel, story.
Validating the idea.
The team worked tirelessly – sometimes, and other times till we were exhausted, and still others times we worked till couldn’t get past a question. We decided we would not go forward till we could answer questions we would ask of ourselves if we were an investor or user. Questions like:
- ‘Who will use it?’
- ‘How will we reach our market?’
- ‘What is the appropriate pricing which provides users with exceptional value and will still support the mission?’
- ‘What is the time frame for acceptance?’
- ‘Will it work on mobile?’
- “Will it be easy – no training required?”
The list is inexhaustible, but we tried to answer the top 500 or so questions. We are launching our funding efforts because we tested, and as a group, were satisfied with the answers.
Mechanical Turk was used to survey people so we could answer questions that would prove or disprove our thinking, pricing and requirements. The results were shocking. The acceptance was over 80% and the response to pricing told us the break points. Fortunately our pricing was near and below the ideal pricing people told us they were willing to pay. The results of our blind survey proved we were on the right track.
The choice of funding options:
The day we got together and said “Yes!” and began work we estimated 11 to 13 months to starting development. this means we would be funded in 10 months. It is now nearly 14 to start funding.
Our initial plan was to seek funding from Angel or VC, but we have neither the track record for VC, or the need to raise millions. That limited our options. Considering our modest needs in relation to most startups, our low pricing and our moral obligation to help people on limited budgets conflicted to traditional investors who want a 100% or more return on investment. In other words we are not attractive to traditional funding and the requirements we felt might price us into a death spiral by carrying usury rates.
We remain open to other funding options, but are not actively soliciting them. If you wish to contact us about funding or investing use our contact form and click investor.
Preparation to launch date, or change is the inevitable process of all business.
Our change could be categorized and interminable. It seemed we would review and change, then we would review and change again. The revisions were revised and on it went. We changed our logo, our theme, our website our organization. We changed everything even the things we signed off on after we discovered new information that changed what was once completed. in a few cases we threw away hours, days and months of work produce stripping away the outer skin and rebuilding on the core.
The truth is in the saying: ‘it will cost twice as much and take twice as long.” If you are reading this and considering your own start up you might read that twice. We did it in this short a time because the executive team is well seasoned. Without it it could longer and more expensive.
Why? Our belief is that EmployThis will work only if it works flawlessly. Our users will not be forgiving. Our users need help and will not subscribe to an inferior product. We wouldn’t have it any other way. If our users expectations are for perfection we should do everything in our power to achieve that. when we found a flaw, inconsistency, error, or just learned more information that would make EmployThis better we incorporated it. This is not a core tenant to our belief. We incorporated that in our fundraising. We created perks and a channel for our pre-purchase clients to accept input. We want EmployThis to work and it is our users who will tell us what to change, add or ignore.
Thank you for your support
So it has been a journey to get to the point to begin our journey. Please join us as we begin our epic journey to commercialize the first Power tool for job seekers.
We hope you will join our indiegogo campaign and follow our trip.
All of us at Employ This thank you for reading and your support both morale and financial.