The August revenue decline alluded to in our last newsletter has come to pass. Rather than view it as negative, we are looking at it as an opportunity to reorient our focus.
We are no longer doing subcontracting work for other agencies. Our direct clients have a much better relationship with us and are much more bought in our process, which saves us from having disorienting conversations and distracting ad hoc queries that don’t drive revenue for the client or for us.
Our MVP is one script away from deployment. Meaning, our front end just needs a process to receive the data our front end is sending it, and we are live. We won’t say that’s going to happen this month, because whenever we do, it doesn’t.
Read on for the specifics.
*if you need a refresher, we’ve been on a mission to build a smart wallet for digital identity since October 2020, because, especially in the age of AI, we believe people should have full ownership over their data & digital breadcrumb trail.
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Find the silver lining. This August we generated 28x more revenue than we did the prior year. Whatever the trend that seems to be establishing around the late summer slump // contract transitions, we are looking forward to ~$200k we expect to bring in next August and are excited what that means for MRR during the other months…
Dumb forecasting jokes aside. We are essentially starting the Fall, where we started the summer, except we own 100% of revenue directly. The focus that comes with not being beck & call to another agency and their clients, which operate much differently than our own, is much needed as we restructure the organization around freeing me up from low level client delivery work.
While I’d love to see September 2024 mirror last year, 11 days in (and a prayer for those who lost their lives 23 years ago) and it’s looking like we’ll continue our current pace. Something extra challenging as we are paying down past expenses. Our optimism still hangs on the large lead we’ve been working for the last few weeks, an opportunity that’s dependent on their own fundraising efforts. While that’s not our only lead, it is still the one we have the most confidence in. We are also included in the bid to lead dev for Nouns DAO’s Builder Protocol, something we’ll hear on later this month; with several other development projects also in discussion (ones that align with advancing growbot as well).
Our team is at the heart of what we do, and for our long term success as a web3 project it needs to be. Unfortunately because we are bootstrapped, our team is vulnerable to these changes in cashflow. Something standard to pretty much all businesses. And while many are willing to work for sweat equity, I find nothing motivates people more than cash, which is why I focus my partnerships on it. In the spirit of preserving them long term, I have put their work on hold until we are caught up on existing payments and growing again.
Our priorities in September are advancing product development, shipping growbot, and of course growing sales. To that end I am at MAICON this week to learn about advances in AI, and I will have the opportunity to present at DigiStory KC’s conference on the 24th, covering the intersection of AI & web3.
TOKEN | PRICE CHANGE | PRICE |
|---|---|---|
Solana ($SOL) | -20.23% | $130.12 |
Helium ($HNT) | +33.50% | $7.79 |
Pyth ($PYTH) | -7.69% | $0.28 |
Save ($SLND) | -50.46% | $0.54 |
(Price changes reflect 1 Month as of 8.8.24)
**NFA** Our exit horizons are between October 2024 and January 2025, and December 2025. Never pull your entire bag.
Helium, the catalyst that kickstarted the bull market in September 2023, is riding higher. Prior highs were ~$50, we expect to blow through that in 2025. $HTN prices we’ll likely fall, so DCA our wait for a later buy date.
Solana is our best buy at the moment, especially leading into the annual developer conference in Singapore next week.
Wake me up when September ends.
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