dogboy's estocada...

[dogboy]

Dear Battlefield NY Applicants:

Thank you for applying to TechCrunch's Battlefield StartUp competition at Disrupt NYC. We are once again thrilled by the large volume of applications and we're reviewing companies as quickly as we can. Please know that we hope to review all submissions hopefully no later than end of April.

All Battlefield submissions will receive a final notification of status via email no later than early May. For companies who are not selected for Battlefield, you will still have time to consider joining us in StartUp Alley and vie for the "Audience Choice" vote each day at Disrupt.
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To be honest, I would think they would've called by now if they were really interested, but who knows...

In other news, I've had 2 long conversations w an Angel investor, and I have a face to face sit down with him next week. And if I'm reading this right, he's going to bring a terms sheet with him and if it is at all possible, I'm going to try and sign with him, and just keep plowing ahead and not miss a beat.

[dogboy]

I started designing the iPhone app today, with hopes I'll have funding by the time I'm ready to go to development with it. 

The main app is maybe 2 weeks away from being done, minus the PayPal component, and I'm getting a quote from another team that specializes in the Adaptive Payments API so they could work in parallel to bring me to market even faster than I planned.  Hoping Beta testing will begin by May 1.

Once the main app is done, I have 2 additional skins ready to go (in order to hit the 2 biggest verticals in my space) just to defend my flanks.  Which means I'll have 3 apps, all 3 tweaked different ways, for different markets, by the end of May.

On the website front, I'm going the same route: WP with lots of plugins, overlaid with the user generated content generated by the app.  Once it works, we cookie cutter it as well, and roll them out.

The idea is to draw engine traffic, App store traffic, and FB traffic, and then spin it.... and it ends, as always, with me taking over the world and drinking Momosas with a little umbrellas in them on the deck of my sailboat:) heeheh

...if it works, I'll buy you all a drink;)

[werty]

Dogboy, not sure if you saw this, but I got an email from paypal today... they are also having a contest. Might be worth looking into if you plan to spread to android:
https://www.x.com/community/ppx/devchallenge

You could win $25,000 for your Android App

Use PayPal to integrate secure payments into your Android app and you could win $25,000, or $15,000, or $10,000. In fact, there are no losers in this contest. There are people that don't win money, but really, what's the worst thing that can happen? You end up with payments in your Android app?
Prizes

    Grand Prize is $25,000
    2nd prize is $15,000, not too shabby
    And 3rd prize is $10,000, which is not to be sneezed at

In addition to the cold hard PayPal account deposit, the top 3 applications will receive marketing and PR support from PayPal to help build awareness of their application.

[dogboy]

very cool! thanks for pointing this out to me:)  I'm looking hard at iphone and android right now, so depending on funding, maybe I should push to go android first, if I can't build in parallel(?)

I did apply to PayPal's new VC connection/incubator program, called, 'PayPal X Startup Accelerator Program'
https://www.x.com/community/ppx/xspaces/accelerator
...where they try to find you interested VC but they said it would be several weeks before anyone would contact you, but so far, nothing.

They really are a hell of company and they seem to gaining even more traction with this new Adaptive Payments API.

[dogboy]

Well, I just got back from a sit down meeting with the angel, at the Boca Raton Club.

It went well.  We seem to be totally on the same page on just about everything and there was a palpable good vibe between us.  In the end, he said he thought we would make a complementary team, and I agreed.  But we also both agreed, I didn't really need money right now, but next month might be a different story.

Basically, as far as VC money goes, I've been running through a bunch of scenarios in my head, but the one I keep coming back to is the most basic one: get the basic app up and test it in real life situations and see what really happens before building anything else out.  If it works, then we pull in some outside money to dump gas on the fire by focusing only on customer acquisition and not on additional technology (like an iphone app) as I had originally planned. I think the key to making money is to keep expenses to almost nothing and focus everything on just doing one thing that makes money on every transaction starting from Day1, and then look for a Series A (or a buyout) if I can show we are operating profitably, to take it to the next level, and really blow out all my ideas on additional revenue streams.

But planning for all this now involves too much of my time, BS numbers, and 'what ifs' at this point, imo. And we are close enough to beta to just wait for the real numbers, before we waste any more time trying to guess what they might be.  All I know, is I think we are geared to go viral, I think we are covered on fraud, and even with no outside help, I think I can get my time and money out of this, without relying on flipping the company or a miracle... and there is potential for this to go very big, in a best case scenario.  Which tells me I shouldn't look too far beyond this right now and just worry about today.

So basically, if it goes the way I hope it might, then I look for him to fund my CPA efforts and position us for a real round of funding.  And while no commitment was made on either side, we both see a good fit and plan to stay in touch as this all unfolds.

[dogboy]

Well, not sure if congratulations is in order yet, but at least you have no reason to send your condolences:)

Since I have no experience trying to get funded, the only thing I can compare it to is meeting a girl and then being patient. If she is really worth it, then it's worth taking your time not to rush things. In neither case do you want to come off as 'needy'. And the real truth is I was prepared to go it alone and so I'm ok until launch. Sure, it might be nice to have someone else cut some checks for the last leg, but not at the cost of too much equity.

The signals from him are positive and strong. After 2 one hour long meetings and a two hour sitdown meeting yesterday, it would've ended w him saying something other than 'let's keep this dialogue going', if he wasn't genuinely interested. So maybe I didn't get a kiss goodnight, but I didn't get a slap in the face either.

I also am starting to feel myself overreach and be a little too much driven by fear, and that is my que to refocus on making sure I got my basics covered. If I keep doing my job the rest will fall into place without me overthinking the situation.

[dogboy]

I got an unexpected generic email, after a few months of waiting, from the PayPal X Startup Accelerator program.  It didn't explain WHY it took them this long to respond, even after my followup asking them what happened to them, but better late than never.  I think I'll give them a call today to really kick this thing in the butt and see if they could offer any help, even if it doesn't have to do with funding.

Sent: Mon, April 25, 2011 5:25:26 PM
Subject: Accelerator Startup

Hello dogboy,

Thank you for submitting your application to participate in the PayPal X Startup Accelerator program.   Excuse the delay in us responding.  We want to help developers be successful.

Before we move forward, it would be helpful if you could share your expectations on which PayPal products and/or Adaptive APIs you will be using.  If you need more information on that front, please check out: https://www.x.com/community/ppx/dev-tools

I'm very pleased to be in touch, and look forward to hearing back from you soon.

Best regards,
Saleem Qadir | PayPal X  Developer Network

[dogboy]

...and it looks like we are going to be going into beta around the middle of May.

So for all you that are in 'the inner core', I'll be posting some of the behind the scenes info as to what I have going on, as well as my marketing angles, etc. once we get the thing working in private.

The rest of you will just have to wait until I let the cat out of the bag, then I'll invite you to add the app and away we'll go...

[ergophobe]

get the basic app up and test it in real life situations and see what really happens before building anything else out. 

I was looking for something else, but can't find it. But this might be motivating

http://mixergy.com/listen-to-users/
http://mixergy.com/derek-sivers/
http://mixergy.com/usable-guides-lean-launch-tracking-code-98379/

[dogboy]

much obliged... I'm headed there now.

And yeah, after talking with that Angel, that seems like the right path forward: validate then move forward. And he and others have really tried to dissuade me from accepting an invitation (in any form) to be involved with TC, and think in my case there is more value in staying under the radar as long as possible than anything that could be gained by going and disclosing the idea.

[dogboy]

Well, I think we are about a week away from something that looks like an app, but my guess we can't get it into the public until the 21st.

The more interesting news revolved around PayPal's Startup Accelerator program; I had two, 30 min (exactly) phone meetings with them.  Basically the first one was all about me and the app, then there was a follow up meeting all about them.  In short, there isn't really a 'program' in the conventional sense.  It's more like they watch you very closely and they look at 1.) if you are a poster child for them (which I think I am, since without them, this app wont work) and 2.) if you could make enough money to move their needle.

This is a little different than an 'incubator' program, in that this program isn't really trying to help every startup get to market faster, it was more like if they like you and your idea they can introduce you to people in the valley, that could give you whatever you need.  In that sense they aren't like an angel, they are like the people that introduce you to angels, get you office space... whatever you need to get you in a position to make everybody money.

At the end, he agreed that like the NYC Angel we are in talks with, he wanted access to my private forum and updates as we went into beta, with the idea that he was going to monitor the transactions as well, and then discuss how they could help me, only after they saw some kind of results.  Which is exactly what I wanted.  If I take it to market without help, then I'm going to be in a better negotiation position, once I'm there... assuming the app works.

So based on those conversations, I'm feeling pretty good.  I got grilled on the second call, and nailed every answer, and they are genuinely interested and impressed.  On top of that, I was speaking with an old friend who is CEO of another mobile payment startup and he told me to give him a one page exec summary and he would give it to a GM at PayPal and make an introduction, which should connect the dots within that company for me, at a high level.

It's time to get the muleta...

[Drastic]

Good stuff, sounds like you're on track to full success.

[Rumbas]

Awesome, good luck!

[dogboy]

My only regret is I should have used that software (we talked about in  that other thread) to turn balsamic mockups into a working prototype.  I could have saved an enormous amount of time had I just had the ability to show people what I was making, instead of trying to explain it to them.

[Rupert]

Whey hey!  Good luck!