February 24, 2019

February 2019 Startup Update

After 4 months of working on healthcare stuffs and nearly making it (we signed a first deal of $600/mo, but then couldn’t deliver an external integration they needed UGH) I have to face the decision to double down again or reset. I’ve decided to reset to something more in line with my natural interests: I’ve now been working for the past couple weeks on the (first) electric vehicle marketplace app. “Find a used tesla near me” – screenshot attached :)

KPIs

  • We are default dead
  • Paying customers: 0
  • MRR: $0
  • Net MRR growth: 0%
  • Customer churn: 100%
  • Team: 2 people
  • Cash: $35,000 in bank
  • Monthly burn: $2,500

Key Events

Bad

  • We lost the client mentioned in the last monthly update, due to their top brass insisting on a (technically nearly impossible) integration with their existing EMR provider after the first invoice was already due. The EMR provider wouldn’t play ball for this integration. After hearing this same push-back from 4 clients, I think this is an actual deal breaker for the healthcare centers.
  • We looked into solutions like Selenium to move their mouse onscreen and enter the info into the EMR without human input, but decided this was too hacky.
  • We pivoted to new idea, same client about 3 weeks ago, and pitched the same health centers 4 alternative problems. The best of which was a new workflow idea, but after 6 calls we can’t get interest signal. The prototype of the new workflow concept (as well as the form automation one) are both still online still at paperworklabs.com.
  • We’re very far away from the original goal of the company at this point, so the options are to double-or-nothing again or to reset.

Good

  • We’re currently leaning towards pivoting, which after 4 months and 3 concepts hurts, but after so much invested effort in health I keep getting drawn back to the exploding electric vehicle market:
  • This side project is called Electrade – the world’s first electric vehicle marketplace. It’s been on the app store for a week, and I’m working on ASO currently and going to EV meetups.

Asks

  • Bear with us during this hard reset. There comes a time after 4 months where I had to question the direction this project was growing in.
  • Intros to EV enthusiasts, and people with automobile market experience.

Current screenshot of the medical software process prototype:


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