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Steve Petersheim

๐Ÿ‘ค Speaker
179 total appearances

Appearances Over Time

Podcast Appearances

SaaS Interviews with CEOs, Startups, Founders
Economics of a $37,500 Pre Seed Uncapped Convertible Note

We started to give practices right around February of 2020, and right when we were ready to start making appointments and really go on a seed round, COVID hit, and that shut everything down.

SaaS Interviews with CEOs, Startups, Founders
Economics of a $37,500 Pre Seed Uncapped Convertible Note

So we were trying to figure, you know, when we were...

SaaS Interviews with CEOs, Startups, Founders
Economics of a $37,500 Pre Seed Uncapped Convertible Note

Neither one of us is engineers.

SaaS Interviews with CEOs, Startups, Founders
Economics of a $37,500 Pre Seed Uncapped Convertible Note

So we're non-tech founders, right?

SaaS Interviews with CEOs, Startups, Founders
Economics of a $37,500 Pre Seed Uncapped Convertible Note

So we have to contract out all the development.

SaaS Interviews with CEOs, Startups, Founders
Economics of a $37,500 Pre Seed Uncapped Convertible Note

And so we were trying to figure out how to get some money.

SaaS Interviews with CEOs, Startups, Founders
Economics of a $37,500 Pre Seed Uncapped Convertible Note

So we came up with an idea.

SaaS Interviews with CEOs, Startups, Founders
Economics of a $37,500 Pre Seed Uncapped Convertible Note

We called it a pioneer plan.

SaaS Interviews with CEOs, Startups, Founders
Economics of a $37,500 Pre Seed Uncapped Convertible Note

And so we hit our networks, our personal networks, and we offered everybody a deal.

SaaS Interviews with CEOs, Startups, Founders
Economics of a $37,500 Pre Seed Uncapped Convertible Note

We said, look, if you are willing to pay for a year in advance, and we didn't even have the software built at this point in time.

SaaS Interviews with CEOs, Startups, Founders
Economics of a $37,500 Pre Seed Uncapped Convertible Note

So if you're willing to pay for a year in advance- Which was how much?

SaaS Interviews with CEOs, Startups, Founders
Economics of a $37,500 Pre Seed Uncapped Convertible Note

Well, it would depend on the size of the company, right?

SaaS Interviews with CEOs, Startups, Founders
Economics of a $37,500 Pre Seed Uncapped Convertible Note

So for Demi Learning, for example, that would be, what would that have been?

SaaS Interviews with CEOs, Startups, Founders
Economics of a $37,500 Pre Seed Uncapped Convertible Note

50 employees times eight times 12.

SaaS Interviews with CEOs, Startups, Founders
Economics of a $37,500 Pre Seed Uncapped Convertible Note

So that's 4,800 bucks for a company that size.

SaaS Interviews with CEOs, Startups, Founders
Economics of a $37,500 Pre Seed Uncapped Convertible Note

Some of the companies we know, some of the people we were reaching out to, there are 100, 150 companies.

SaaS Interviews with CEOs, Startups, Founders
Economics of a $37,500 Pre Seed Uncapped Convertible Note

So anywhere between $2,500 to $10,000 was the offer.

SaaS Interviews with CEOs, Startups, Founders
Economics of a $37,500 Pre Seed Uncapped Convertible Note

Anyway, if they would pay for a year in advance, we'd bring them in, we'd call them a pioneer, and then we'd give them a discount on any future purchases with us.

SaaS Interviews with CEOs, Startups, Founders
Economics of a $37,500 Pre Seed Uncapped Convertible Note

Oh, Demi Lurie.

SaaS Interviews with CEOs, Startups, Founders
Economics of a $37,500 Pre Seed Uncapped Convertible Note

So it would have been, I mean, I don't have the number right in front of me, but it was somewhere in the neighborhood of $5,000.