PPP - Week 2
This week we mainly focused on founders agreement and equity division, and is still ongoing as we speak, with the hopes of finalising it by tomorrow.
We concentrated on the legal aspect of the business, specifically where we want to register the company and what does it entail. Using all our Jewish connections #Jewishmafia, us girls consulted with different people from different spectrum of the startup industry such as lawyers, accountants, current startup founders and those who already exited, professors and private investors and VCs, #hustling.
We completed and exceeded the target respondents for the survey and currently trying to get it to more people who can both respond and forward it to their peers.
We also did an extensive competitors analysis by listing each one and analysing it by its pricing, target segment, USP, revenue stream, number of users and funding rounds. Based on that we were able to specify our service in order to differentiate ourselves even further, especially in terms of the design and usability as well as the pricing structure we are intending to offer. Competitors analysis reveals that none of the competitors offers past assignments made by students, but rather an aggregation of search engines (google, yahoo, bing, google scholar etc), or aggregation of all academic and professional journals for research (FYI the universities already pay for it #dumbass). Mostly we found that the majority of available services offer to write the assignment for the student in exchange for a higher payment, #lazyandrich #plagiarism #illegal.
Survey findings reveal that the majority of respondents face a problem of finding relevant data that relates to the specific assignment in hand. Despite the extensive data available under a specific researched topic, most of the data found is highly irrelevant #beenthere #donethat #truestory. Furthermore, the second problem students face is understanding or deciding on a structure for the essay. By looking at past assignments from previous students from the same course or similar ones, they can get specific and relevant data and an idea of a proposed structure. These two problems can take up to 70% of the time and resources spent on the assignment, before even starting to write it #shocking #WeFoundASolution #LifeSavers #GameChangers #SelfLove.
Furthermore, the majority of competitors, either apps or desktop, offer either a subscription service (monthly or annually) or a one off payment. We want to differentiate ourselves further by offering a payment per paper, rather than committing to a full period. FYI students are broke bro. #ThugLife
We consulted with different people specialising in the marketing field regarding Google Ads #Spotad #Mikeforpresident #2040 (we are talking about America, Cameron is gonna stay for longer), which according to SimilarWeb is the number one way in which students find the competitors. We found out the costs involved and the effectiveness of each ad structure (pay-per-click or pay-per-action). £500 per day spent on advertising just for research #delusional #MakingItRain #NotGonnaHappen #DontForgetWhereYouCameFrom #JennyFromTheBlock, don't forget we can always get Jenny #Genie back to the bottle. Based on that we are currently coming up with an initial marketing budget. 1 figure tops. Not stingy but broke (honey, London doesn't get any cheaper).
Our main problem this week was reaching an agreement regarding the equity/options division between the three of us, #optimistic. There was a BIG misunderstanding that equity should be divided equally between all founders (exactly, between founders), something that we have learnt to handle better next time from the very first meeting. After talking to the people who were mentioned above, we came up with two initial propositions that somehow became 3 with the hopes that one will be satisfactory and we can all move on together as team and without having to look for a new team member.
Plans (all goals are timed to next Wednesday)-
*To finalise the terms of the contract by Wednesday.
*To do a cost breakdown of the business in order to calculate how much we need for our initial investment.
*Create a pricing scheme by degree, year and grade in order to differentiate ourselves from competitors.
*To get 80 responses for the survey.
Thanks for the feedback from last week, looking forward to receiving your thoughts this week.
Affix team ;)
Jenny from the block- JLO
Genie in a bottle- Christina Aguilera
#hustling #Jewishmafia #dumbass #lazyandrich #plagiarism #illegal #truestory #beenthere #donethat #shocking #wefoundasolution #lifesavers #gamechangers #selflove #thuglife #Mikeforpresident #2040 #delusional #makingitrain #notgonnahappen #dontforgetwhereyoucamefrom #Jennyfrromtheblock #Genie