1-minute founder intro video
[Need to do]
How long have the founders known one another and how did you meet? Have any of the founders not met in person?
[Answered in YC]
Please list the percent of the company you have given to (or plan to give) each founder/ employee, and anyone else you plan to give stock to (It's important to discuss this early on).
[Answered in YC]
Why do you think this is the right team to build this company? What do you understand about your business that other companies in your space don't?
[Can use the YC “Do you have domain expertise in this area?” ], and we have demonstrated this understanding by creating a product that is now widely used. [Can use YC’s “what do you understand that other companies don’t get?”]
Describe more thoroughly what your company does.
[Answered in Upstart with “What do you do in detail”, but just take small summaries of each product due to limit]
What is your value proposition? What pain/problem are you solving?
[Cut up from Answered in Upstart “What do you do in detail” due to limit]
How far along are you with your product? How many lines of code have you written? Do you have a beta yet? Have you launched? If no for either, when will you?
[Answered with YC “how far along are you”][Answered with YC “how many lines of code have you written”] We have launched.
Describe your target customer.
4-year college student, primarily in their first or second year.
How many users do you have? What is your monthly growth rate (in users or revenue or both)? Turnover rate?
16,900 users. [Answered in TechStars]. Our annual turnover rate is about the expected 25% (students graduate after 4 years).
How long will it take until you have your first paying customer? What roadblocks do you have to overcome to get there? If you already have revenue, how much?
We plan to test out monetization methods this summer, which we anticipate to be some combination of textbook price comparisons, pay for use (subscription or freemium), targeted advertising, or university licenses. We’ve already done the majority of the work necessary for enabling textbook price comparisons (currently launched at one of our schools), so primary roadblocks for the remaining options are exploring ad networks and experimenting with plans/methods of pay for use. We’ve already sold a license to Elon University, for which we’re making about $4k/year of revenue.
Who are your competitors, and who might become competitors? Who do you fear most? Please provide differentiators and URLs for each where possible.
[Answer with YC but add links]
Are you incorporated? What kind of structure (LLC, C-corp, etc)? Where are you incorporated (Delaware, etc).
Yes, we’re an LLC incorporated in North Carolina.
How big is the market opportunity for your product/service? Please provide supporting data.
Assuming market opportunity is meant to mean “how much money could we make”. [Answered in YC as “How much could you make?”]
Was any of your code written by someone who is not one of your founders? If so, how can you safely use it? (Open source is ok)
Nope, just us.
What milestones do you hope to achieve during your 12-week Boomtown experience? What do you hope to get out of the program?
We hope to refine our process for marketing and launching at a school to get our initial student adoption to be >10% after the first registration period. We also hope to test out our revenue model ideas and determine which one is likely to be the most fruitful. [Use “hard question” answer]
Do you have patents or IP protection over any of what you have built? If so, please elaborate.
No patents or IP protection. We’ve looked into it, but from what we can tell they wouldn’t offer much protection over what we’ve built.
What is the long-term vision of your company?
We hope to change how students choose courses at their college. If we can succeed in doing so on a large scale, we’ll likely use our position to move into more general online aspects of college (such as the learning management systems, like Sakai and Blackboard, which are also notoriously horrible).
Have you taken any outside investment? If so, how much?
We haven’t taken any outside investment.
Anything else you would like us to know?
[Provide demo link?] [Include testimony?]
How did you hear about Boomtown?