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AMA I cofounded a tech startup that raised $xxx,xxx (6 figure) 1 year ago, Ask Me Anything

Discussion in 'BlackHat Lounge' started by illuminateme, Apr 2, 2016.

  1. illuminateme

    illuminateme Newbie

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    edit 1: Wow, I left the thread open for a few hours and there's speculation after speculation, judgement after judgement. Maybe you guys didn't catch this part, "I'm a serial entreprenuer". That means I started MANY businesses. Asif WILSON Khan found ONE of my many projects like it's dirt of the century, it's not. There's much "worse" ones and doesn't make my statements any less true. That particular project is probably the least looked after, had probably less than 12 hours of work put in, and certainly does NOT define me as a person or otherwise.

    edit 2: Hostility and more hostility. I had the feeling that people who step into the "dark side" of BH would be more open minded, but early signs shows heavy prejudice. Again, if I have to PROVE my service, I'm offering mods to research my real name for my legitimancy and my pending patent. I'm only asking to perserve my privacy and let me disclose information as desired.

    ps: Your time is precious, so is mine. You don't owe me anything, I don't owe you anything either.

    Venturing into unknown territories here: I've learned much on BHW over the past few months and I want to give back to the community, hopefully this AMA will inspire some people and help me learn about myself in the process.

    Some background information: I'm a serial entreprenuer from Canada, we raised money from silicon valley in the US for this project. The project was self funded initially in 2014, and we have a core team of 5 people, excluding advisors and contractors.

    The startup is nowhere near unicorn status yet, but since most startups never survive to make their first funding round, what I'm about to share would be valuable to those in the scene and those intenting to get in.

    Ask me anything about structure, logistics, legal, finance, mindset, etc... I was there from day 0.
     
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    Last edited: Apr 3, 2016
  2. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Jr. VIP

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  3. vitarank

    vitarank Jr. VIP Jr. VIP

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  4. IamNRE

    IamNRE Jr. VIP Jr. VIP Premium Member

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    Waste of a good thread... :( Was hoping OP had some value to share.
     
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    Last edited: Apr 3, 2016
  5. t0mmy

    t0mmy Jr. Executive VIP Jr. VIP

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  6. Ste Fishkin

    Ste Fishkin BANNED BANNED Jr. VIP

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    OP,

    At what point in your life did you realise you were a failure and decided to pretend to be rich on a SEO forum to make $10 a day?
     
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  7. myopic1

    myopic1 Regular Member

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    On the contrary, they're both a myth.
     
  8. Capo Dei Capi

    Capo Dei Capi BANNED BANNED

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    So startups are all about getting funding not creating a product that brings in revenue with a good profit margin?
     
  9. myopic1

    myopic1 Regular Member

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    I can take that one...the aim of a startup is to not generate revenue or profit but rather to lose money productively by fueling 'growth'. Generating revenue is bad because it can be used to measure success, should revenue falter or not grow at a sufficiently pleasing rate, a startup will struggle to secure additional funding or will only be given funding inline with the generated revenue. So, if a startup's success can't be measured by something as trivial as actual money, well then, it's anyone's guess if they're succeeding and whether or not they deserve an inflated valuation.

    Seems fucked up, makes sense to some wealthy folk.
     
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  10. Capo Dei Capi

    Capo Dei Capi BANNED BANNED

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    It seems like a big legal ponzi scheme.
     
  11. myopic1

    myopic1 Regular Member

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    It's a rich man's game and worse than a Ponzi for the majority of startups...a ponzi scheme will actually pay out if you're first in and take your gains out before the collapse, no such early exits possible with the majority of startups. It's the allure of backing the right horse though and the money invested is usually only a small part of a VC's portfolio, of course everyone likes to think they can spot a winner too.
     
    Last edited: Apr 3, 2016
  12. ppaizon217

    ppaizon217 Regular Member

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    Obviously you have no idea what's a ponzi scheme.

    You create a company.
    You grow the sales and/or user base with your own/angel funds.
    You meet investors for more funds.
    Keep growing/making sales while collecting data about your users and testing obviously.
    More funds.
    At some point you sell it to someone who will either keep it or some big who will shut it down. OR, you keep it because you see more potential. or like 99%, you end up with a shitty user base/sales because you suck, and you close it or sell for a loss. That's it. If running a business is a ponzi scheme...

    From VCs/investors point of view.. it's just spreading their 100M across few nice bets. Which, bets are not, if they know anything about business. e.g see a solution to a problem or a really cool thing baked by great founders with the fire that could make it trough.
     
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    Last edited: Apr 3, 2016
  13. myopic1

    myopic1 Regular Member

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    Time of the month?

    That's clearly not an example of a Ponzi, just a shitty failing business. Ponzis pay the initial investors with the money gained from new investors, rinse and repeat. A quick wiki or Google search will help you out, no need to get so menstrual, it's a forum...
     
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  14. catonkeyboard

    catonkeyboard Regular Member

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    Have you ever got your Monkeys stuck in Papal?
     
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  15. Dagreyon

    Dagreyon Jr. VIP Jr. VIP

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    Right? Kind of ironic he says that person doesn't know what a ponzi scheme is when he doesn't even know himself.
     
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  16. ugjunk

    ugjunk Jr. VIP Jr. VIP

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    Nicely spotted!

    You have recently joined the forum, you have raised funds and you are doing AMA over here and yet you are looking for promoters to promote your product? You have two completely contradictory threads that doesn't make any sense. This all sounds fishy and another self-proclaimed guru.
     
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  17. Capo Dei Capi

    Capo Dei Capi BANNED BANNED

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    I don't get why he got so upset, when I didn't call it a ponzi, just compared it to one. It has some similarities just not the paying out to early investors or being illegal.
     
  18. illuminateme

    illuminateme Newbie

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    Nope, but your finding definitely stirred up a lot of hate. That's just one of my many pet projects. I want to stay on topic and discuss only my FUNDED startup. Hopefully this answers that and we can get productive.
     
  19. illuminateme

    illuminateme Newbie

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    People are quick to judge without gathering a complete picture, so technically you only judged that thread, if I broke any rules there I'm truly sorry. I did enjoy your previous writings, and if any mod want to verify my identity, my real name is easily searched and I have one pending patent in the US patent and trademark office. My only request is to keep my main business and name private, and let me disclose private information as I see fit.
     
  20. illuminateme

    illuminateme Newbie

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    Can't speak for all, but we have a revenue model from day 0, as a SaaS (software as a service).