Philip Sebastian

Weekly Update

2018 Recap

 

Recap from 2018

  • Q 1

    • we pivot from consumer  product to B2B (we originally started like Truebill.com but we found a bigger opportunity in B2B the space)

    • validate hypothises (again)

    • form a team (hired 3 engineers)

    • build MVP  [video link]

  • Q 2

    • launch MVP [beta url link]

    • users get excited but its not enough..

    • we iterate quickly, collect feedback, repeat!

    • got our first paying customer 💰

    • our runways is getting low!

    • I move into the tenderloin &

    • audit company expenses to reduce costs

    • our new target goal for V2 is Q4

  • Q 3

    • entered YC Startup School 

    • hired the wrong engineer(employee #4), fired him quickly and recalibrate team..

    • Prima V.— lead security engineer at Pinterest joins our team as advisor

    • bryan— lead engineer at Allure Inc. joins team as advisor

    • our runways is getting super tight! server cost is increasing

    • customers are waiting for updates but we are stuck in development!

    • my engineering team slowly start dissolving and leave the company (I cant afford them)

    • bryan jumps in and decides to refactor the code and use spring boot to cut time in half! (bad idea)

    • server costs increase and we need more tools

    • I take out personal savings out..

    • I move out of my apartment again and stay with a friend

    • we keep going!

  • Q 4

    • graduated form YC Startup School (selected top of our group!) [Link]

    • signed bryan as new full-time, CTO

    • bryan flies to SF. We regroup and hack all week!  

    • we interview more CFO's/Companies at Project 44, Burkland Associates, etc.

    • survey responses: 80% confirm problem exists, 60% confirm payment!

    • we get invited and excepted to the Saastr annual conference [Link]

    • bryan is stuck in development, cant connect bank accounts properly and our product is officially down (508 error)

    • bryan gives up— and leaves recurpal indefinitely on Dec. 31st

    • I struggle to find a replacement but I learned a lot and I know exactly what we need!

    • I have 1.5 months left of runway. 

    • short term goal: find a devteam in South America, fix recurpal and relaunch!   (my hair is falling out and Im stressed)

    • I roll up sleeves and keep going! 

2019

  • Q 1

    • January

      • my runway is in critical condition

      • I start fundraising but Im aware Im now in the worst possible situation from an investors side.. (I have no team, my CTO just quit and our product is down..)

      • I pitched to investors and some did not like my situation either but over 80% did not say no either. It was mixed.

      • Some investor responses:

        • I already invested in a similar company so I cant invest right now but I like you and keep me posted! ~Semil

        • Come back to us when you have V2 ready or at least making $$k MRR, etc.  ~John C. 

        • we decided to stay out of this category for now but please let me know how I can be otherwise helpful! ~Nihal

        • Terrible timing but we literally signed terms for a company in a similar space. ~ Andy

    • February

      • I called my friend, a lead engineer at Uber and he helped me relaunch RecurPal over the weekend. Problem solved! for now..

      • RecurPal is back online but its barely on life support and needs maintenance.  

      • met with ryan jackson as well and I dont think he's a good fit to say the least. He's burnt out!

      • I put in my notice at wework and decide to work from home to reduce costs (again)

      • I notified my early adopters and stabilize customer relationship!

      • I start prototyping V2 and continue to find an engineer for equity and fundraise (high priority) 

 
Philip Sebastian