Assertion Supported
Sullivan: The US commercial drone market is mostly single owner-operators
“What we've seen within the US drone marketplace is that it's mostly single owner operators. So it's typically one guy buying one license.”
Disclosure
Mapware lands orders of hundreds to a thousand government seats
“We're seeing that, you know, with, within the government agencies, we're getting like thousand user orders or like several hundred users at a time which has been great.”
Disclosure
Mapware pivoted focus to government contracts over commercial clients
“We basically this year made a decision to almost ignore the commercial market in order to satisfy the government market.”
Prediction Not checkable as stated
Sullivan: Mapware is targeting a $9M run rate by end of 2023
“Revenue. Yep. So we're trying to keep headcount still really, really lean. But you know, we're talking about putting a target up there of nine million.”
Insight
Selling data signals to hedge funds restricts the market to one customer
“Because if you actually develop a truly unique signal, they're going to be super greedy and gobble that up, right? So your market is basically one hedge fund. And then if you sell to all the hedge funds, then there's no strategic advantage to the hedge funds. …”
Assertion Not checkable as stated
Sullivan: Mapware's largest customers are US Air Force and Army Corps
“It does have military applications and actually our largest customers tend to be the U.S. U.S. Air Force and Army Corps of Engineers.”
Assertion Not checkable as stated
Sullivan: Mapware landed Comcast by cold emailing 1,000 employees
“So our first major customer was Comcast, and we got that customer by emailing a thousand employees at Comcast, and then finally getting in touch.”
Disclosure
Sullivan: Mapware raised $10M in equity and a $12M credit line
“So we've done about ten million in equity and another 12 as like a line of credit.”
Disclosure
Sullivan: Mapware originally charged Comcast roughly $250,000 per city
“Well, yeah, and our pricing model was totally different there. We were doing by a square mile at the time. And so we basically said, hey, we'll map an entire city for you for like a quarter million dollars.”
Assertion Not checkable as stated
Sullivan: Mapware was at a $1.5M run rate one year ago
“Yep. 1.5. You're making me spill all the beans here, Nathan.”
Disclosure
Mapware software costs $199 per month billed annually per user
“So it's a subscription model. So it's one 99 a month for our software. And then that's an annually recurring license that people can grab onto.”
Disclosure
Sullivan: Mapware originally explored subscription crop dusting before pivoting
“It originally started as, okay, maybe I can do subscription crop dusting. And we looked at all the different ways that that could work, then realized, wait a minute, trying to bang my head against two regulatory agencies would be a total nightmare.”
Disclosure
Sullivan: Mapware operates with a 25-person team
“We're at 25.”
What-if
Sullivan: Mapware should have avoided piecemeal convertible notes
“I'd probably want to have a more comprehensive plan. And I think, you know, if I'm being honest, we went kind of piecemeal convertible note, but you know, kind of just one step in front of the next. And if I could do it all over again, I probably would have sa…”
Disclosure
Mapware plans to bundle its software directly into drone hardware systems
“Part of our strategy for the coming years is like bolting our mapping software into drone systems and kind of doing a bundled sales strategy.”
