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First Up www.firstup.me
Vincent Tsao, CEO4/28/14
“Be the first to UP great ideas and get UPs for sharing them first”
Agenda
Company
Mission
Market
Product
Revenue
1
2
3
4
5
Company SnapshotFounded: February 22, 2014Location: Los AngelesEmployees: 4, ramping to 6 (add 2 more developers)Target audience: 18-34, people who are actively CREATING
– Worldwide web launch– Desktop & mobile
SeniorBusiness Cinematic ArtsCo-Founder,Biz Dev
JuniorComputer Science Front-End Developer
SeniorArchitectureGraphic Designer
SeniorComputer ScienceCo-Founder,Back-End Developer
Be the premier, easy-to-use, and fun crowd-testing platform for the passionate community of innovators to validate, share, and discover ideas via micro-transactions.
All great ideas & innovators can get the exposure they need to start.
Crowdfunding has been growing 100% each year and projects to hit $100 billion by 2025. More money is being raised and more people are willing to invest. Creators and innovators are currently using these platforms to primarily raise funds.
Opportunity
Mission
Vision
Opportunity
Mission
Vision
Crowdfunding industry is expected to grow 90-100% YOY, with most platforms based and focused on
North America and Europe. *Crowdmapped
The majority of current, high-growth platforms are focused
on reward-based funding. *Crowdmapped, Massolution
There’s a clear need and demand for a community of intelligent contributors that
have an opinion to vote, comment, and question.*Prestige, Mashable
Key Competitors
Current competitors focus on strictly raising funds as the goal. First Up is a
community-driven, up-voting platform to validate ideas using the game mechanics of an auction system to raise micro-funds.
Our users and customers
Creator Supporte
r(Upper)
Users on the site can support projects but also create projects.
“UP” the project and spend the # of coins shown
Create an account and start browsing through projects…
Once you UP the project, get access to a bonus link provided by the creator…
The bumps up to 809 for the next supporter
Post your own projects, get UPs, and get coins to use on the site!
What’s the GAME
Users can purchase in-site currency or be rewarded to UP projects.
The cost to UP projects will increase in real-time, so the longer you wait, the more coins you’ll spend.
Find and UP the coolest ideas before they get big!
Revenue
Purchase in-site
currency
Purchase rate:
$1=1000 coins
Cash out rate:
$0.80=1000 coins
Ads
Targeted, quality ads that aren’t front-page
Users up or down-vote, predictive
Marketing
Dozens of college hackathons are held
each year that produce 50-250 early-stage projects each.
Hackers would love to have a platform to
post and get feedback on their ideas after
the event. Organizers would also have a single platform to
show all the projects.
Business DevelopmentWho Opportunity Status
Major League Hacking
Official League of College Hackathons (provides support, resources, feedback)
Launch First Up at all major hackathons in the Fall and get projects posted onto our platform
Established partnerships with HackSC, LAHacks, and HackTech
Stripe Payments company
To accept payments from users
In progress
Venmo Payments company
To accept payments from users
In progress
United States Patent and Trademark Office
Government Need to protect IP on the platform
In progress
US Copyright Office
Government Need to protect IP on the platform
In progress
TimelineStarting April 2014
Completed In Progress Product Development
1st Quarter team built, 1st round website development, business plan, mentors and key partner outreach
full features, multiple payment options, advertisers
Alpha
2nd Quarter seed funding, closed beta, full feature site
open beta, hackathon visiting, final debugs
Beta
3rd Quarter beta changes, stable coin economy
first step of marketing plan (social media, digital content, personal)
Gold
4th Quarter first stage of marketing
viral implementations
Launch
Requesting 100K in FundingAllocation
Marketing
IT (hosting, software, etc.)
Legal
Product De-velopment
Majority of funding will go into product development, which includes creative and technical labor, beta testing costs, market research costs, and launch
costs.
1st year P&LApril 2013-March 2014 % of Revenue
Revenue:
Transactions 132,850 59.7
Advertisements 89,750 40.3
Total Revenue: 222,600 100
Costs:
Testing transactions 10,000 4.5
Total Cost: 10,000 4.5
Operating Expenses:
Salaries 127,500 57.3
Development 48,200 21.6
Legal 10,000 4.5
IT 10,000 4.5
Marketing 23,500 10.6
Overhead 4,400 2
Total OE: 223,600 100.04
Income before Int & Tax -11,000 4.9
Tax expense (18%) -1,980 0.8
Net Income -12,980 5.8
3 yr GrowthApr-13 Mar-16
Revenue:
Transactions 132,850 675,100
Advertisements 89,750 300,100
Total Revenue: 222,600 975,200
Costs:
Testing transactions 10,000 0
Total Cost: 10,000 0
Operating Expenses:Salaries 127,500 260,500
Development 48,200 15,200Legal 10,000 14,600IT 10,000 56,000Marketing 23,500 32,300Overhead 4,400 28,800Total OE: 223,600 407,400
Income before Int & Tax -11,000 567,800
Tax expense (18%) -1,980 102,204
Net Income -12,980 465,596
1 2 30
200,000
400,000
600,000
800,000
1,000,000
1,200,000
3 Year Projected Revenue
Year
Reve
nue
($)
1 2 3
-100,000
0
100,000
200,000
300,000
400,000
500,000
3 Year Projected Net Income
Year
Net
Inco
me
($)
?