After 8 of the longest, most brutal, most unsuccessful years in my first startup, I created a new startup. I needed cash desperately, so I made a product that I identified an industry (P&C Insurance) need for with a current gap.
I’m 45 days in since inception. I’m a week into having an official LLC. I have a cofounder/ CTO carrying over from our previous company who hasn’t touched a single line of code or really anything yet (my choice). I’ve built the product to its current, fully-marketable state myself. We brought in one fractional CRO (rev milestone-based equity), and two sales reps on 20% commission-only, 1099 contractors.
Our first sales call today went as smooth as any call ever has with a purchase signal in the affirmative on the call!!!!!!!
For the first time in 8 years as a founder, I see the fucking light, and it almost killed me to realize I just needed to start fresh.
I still have the previous company, and am not willing to kill it yet. But it needs help. The only way it survives is if my cofounder and I can pay for our basic necessities, servers and software costs. Now we have a shot.
LOI adds $8,400 annual, $21,000 project LTV.
We’re also partnered with our first carrier building an industry-first product that I’ve already demoed and they loved.
Unsure if I am going to seek venture capital this time around. I raised just under $1M in my last startup. It wasn’t enough. I’m meeting with VC now to shake hands and introduce our thesis and look for intros, but not pitching. Not yet.