Scorching Solana Summer

Connor Borrego

August 8, 2024

July was a solid month. We got 5 data sources integrated for our flagship client, meaning they can now use a version of growbot to see their live revenue and spend across Google, Facebook, & Reddit, as well as its impact on revenue via WooCommerce & Google Analytics.

Technology progress is one thing, client relationships are another.

We fired our first client this week. Granted, a joint firing with one of our agency partners, deciding that a client that’s paying you a lot of money and not taking your advice, then yelling at you for it is not a good use of time no matter the money.

That being said projected MRR is falling from $16k to $10k, while we continue conversations with the promising lead from last month, as well as a few more stemming from our Luncheon Learn presentation on July 17th at the KU Innovation Park.

*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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playhaus BTS

As you all can obviously tell by playhaus’ early numbers, this is my first real go at the whole starting a business thing. Over the past year, I’ve had to confront numerous challenges I initially feared, from firing employees and ending contracts to negotiating proposals—areas where I’m still developing my strengths.

I pride myself on being kind, open-minded, and collaborative, though my competitive side can sometimes show. I believe most of my colleagues, clients, and vendors find me a positive person to work with.

This brings me to the recent decision to let go of a client—a challenging and frustrating relationship many of you have heard me mention. Despite our best efforts, including a detailed analysis of their sales data showing cost savings while maintaining stable success metrics, the collaboration continued to face setbacks, particularly in aligning on attribution systems.

Although I didn’t have the final say in the termination, I fully supported the decision from the outset. While losing the revenue may sting, I’m relieved to regain both time and energy that can now be redirected towards more productive and fulfilling work.

July looked strong from a revenue perspective, and we were excited to trumpet that growth at the start of the month. We were riding the high of some promising meetings in Toronto, along with a slew of local opportunities in Kansas City. Many of those shiny prospects are still in play, though, as with most deals, they’re taking longer to close than we’d like.

Additionally, I’m finding it challenging to collect invoices from some of our newer clients in a timely manner, which is beginning to impact our cash flow. I expect this to become more apparent in August unless something changes. Much of the new revenue we’ve brought in was prepayment for future work, and we’ve had to use it to catch up on our own overdue invoices.

All of this is to say that, wow starting a business is messy & bootstrapping is stressful. I want to set expectations that I don’t expect August’s numbers to look anything like normal. I’d say wake me up when September ends, but you’ll hear from me before then.

MONEY MONEY MONEY

TOKEN

PRICE CHANGE

PRICE

Solana ($SOL)

+12.91%

$156.44

Helium ($HNT)

+68.73%

$5.18

Pyth ($PYTH)

-3.45%

$0.28

Save ($SLND)

+131.91%

$1.09

(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.

  • You’ll notice not only has $SLND surged over the last month with the introduction of decentralized shorts marketplace on Solana. But it also has rebranded from Solend to Save, because they’ll be pursuing high interest savings accounts for consumers, as their primary business model.

AFTER THOUGHTS

It’s hard not to be frustrated at times, but if starting a business from scratch were easy everyone would do it. I just wish we had more capital to work with. Maybe it’ll be my $22 in $catdog (~$100 yesterday), here’s to moonshots 🙃 

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