So, this weekend the Dev Shop created Miss Nev for the E-Commerce Hack Day… and won. Check out this GigaOm article for details: http://gigaom.com/2012/08/06/miss-nev-apwants-to-recruit-local-businesses-to-help-receive-your-packages/.
Our app helps you get packages when you’re not home and it drives more foot traffic to local businesses. A few of the judges were VCs and our team was asked after the competition: so… are you all going to turn your app/hack into a real company?
When asked by a GigaOm reporter in my office yesterday after the hackathon, I deferred the question to my team. The answer was a resounding and unanimous “yes.”
But there’s a big difference between a company and an app. Our app needs a sales force to sign up merchants, an inventory management system, a customer acquisition strategy, and quite a few other things.
Really, when it comes down to the difference between an app and a real company, in my opinion, it’s all about the team around the app and the business model. Fortunately for us, we happened to have a former attorney, a web product manager from Conde Nast, a former financial analyst, a former marketing consultant, a graphic designer/UX pro, an innovation expert, some people in sales, and few other tricksters up the sleeves, so it looks like we’re going to try a company, but first…
One of our team members sent this out this morning… and it’s crucial. In order to turn your app into a startup, you have to fill out this (complements of @collaboracion):
Summary Financial Data
Description of business
Type of business – what is your business? Status of business – start up?
Form of business – sole proprietorship, partnership, corporation
Names of owners
Hours of operation
When was the business founded?
Products and Services
Sales and Marketing Strategy
Pricing strategy and Accounts Receivable Collection Process
Trends in your Industry
Who are they?
Strengths and Weaknesses
Management (Attach resumes)
Board of Directors
Cash Flow (be realistic)
Projected and Historical Financial Data Three-year summary
Income projections (profit and loss statements)
Capital equipment and supply list
Funds required and their use, including cost of setting up, inventory, overhead, working capital, and personal living expenses.