Startup of the day №23. Landly.AI

Original article can be found here (source): Artificial Intelligence on Medium

Investments

— How much money did you need at the very beginning of your work? How and from which sources did you attract them?

— We didn’t attract any, managed to do everything without money.

— At all? I’m impressed!

— Not many people believed at first. But then started asking how we did it and if we could help them… And now they keep practising it. To be honest, it is a normal practice at a developed market: to get together and create a startup.

— What was the first step and how did you build the work after studying the startup experience?

— The project is done by People, Experts. I’ve spent a lot of time finding specialists and making deals with them. In the end, everyone worked and continued working for the sake of the idea and warrants.

So, I roughly determined what the stack would be about, what experts we needed and then was searching, choosing, communicating, “selling” the project, making deals, etc.

The most valuable thing is to find the right people. The team is the basis of every project. No matter what and how to do it, but who does it.

— Are you looking for investors now? How much money do you need for the startup to achieve the set goals?

— Yes, we are looking for investors and communicating with funds. We have a couple of scenarios on how to achieve the goals. One of them is to attract $200–250k to get $10k MPR (monthly recurring revenue — Startup Jedi) this summer.

— What is this scenario related to?

— It is one of the scenarios. The trick is in the following: we will develop the product to the state until we can be proud of it, automatize the majority of processes and check the main channels of attracting investments, and will understand how to scale the project. Then it will be the state when the project is ready to be scaled.

We will spend the money to form the sales department, to improve major solutions, and to automate the sales and development process.

Long story short, everything we need to:

  1. have a high conversion from a website user into a paying client;
  2. start generating many successful cases when we really helped our clients;
  3. increase the average cheque to $50 per month for the service package;
  4. achieve the revenue that amounts to $2000-$4000 per month, which will turn into $10 000 afterwards;
  5. be ready to attract the next financing round.

— Can you tell a few words about the second scenario for attracting investments and project development?

— Notionally, the second scenario means that we can start raising the seed round. In other words, to have a slow start now and expand it to 6–12 months.

— Is the investor’s geography important?

— The main feature of our solution is that it demolishes the barrier between the beginning and experienced investors. All this experience we packed in AI.

We present landly.AI as an AI-driven Realtor, as the market professional who specializes in the specified markets. In such a way, we destroy the barrier of experience absence and this also allows us to invest in areas, where investors haven’t worked before.

We act as an experienced real estate agent who will help to invest in new markets.

— Is the project profitable today?

— Yet, no. We have just started the sales, so we are growing.

— What are the monetization sources?

— We have a paid subscription. We plan to develop the product, increase the subscription price, add new tariffs and options to increase the average paycheck.