Disclosure certainty 4/5 debate potential 1/5

BizX bootstrapped with $65,000 and turned cash-flow positive in eight months

Bob Bagga · 903 $700m Goes Through BizX As SMB's Barter and Trade Services and Goods · Jan 13, 2018 · at 13:15

Bob Bagga, founder and CEO of BizX, describes the initial capitalization and early profitability of the alternative currency network.

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“When we started the company, we were 65,000 dollars of my own money, bootstrapped it, we were cashflow positive eight months in”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

More from Bob Bagga

Insight
Bagga: Trade Networks Only Work If They Drive Incremental Business
“The way this really works and why this makes sense is, is because it's all new and incremental business. If somebody was already a customer, this doesn't make sense. And they don't, they, you know, it's all about, can we drive new business that they never woul…”
Bob Bagga Jan 13, 2018 ▶ 6:06 903 $700m Goes Through BizX As SMB's Barter and Trade Services and Goods
Assertion Not checkable as stated
Bagga: BizX facilitated $700M in transactions, saving members $300M in cash
“And so, based on an average incremental cost of about 50%, that's seven hundred million dollars in transactions represents about three hundred million dollars in actual cash saved to our members.”
Bob Bagga Jan 13, 2018 ▶ 1:50 903 $700m Goes Through BizX As SMB's Barter and Trade Services and Goods
Assertion Partly supported
Bagga: BizX has over 5,000 business members including Raiders and Giants
“We don't carry any inventory. We literally have a community of over 5000 businesses that are participating that agree to accept biz X currency. And that's everybody from the plumber to the electrician to large major sports franchises like the Oakland Raiders, …”
Bob Bagga Jan 13, 2018 ▶ 3:43 903 $700m Goes Through BizX As SMB's Barter and Trade Services and Goods
Assertion Supported
BizX Charges a 7.5% Fee on All Platform Purchases and Sales
“They pay us a transaction fee, which is seven and a half percent is paid to us on all purchases and sales.”
Bob Bagga Jan 13, 2018 ▶ 5:49 903 $700m Goes Through BizX As SMB's Barter and Trade Services and Goods
Assertion Not checkable as stated
Bagga: BizX generated over $12M revenue on $100M volume in 2016
“So last year, our transactions were just under a hundred million. Our revenue was just over twelve million dollars.”
Bob Bagga Jan 13, 2018 ▶ 8:09 903 $700m Goes Through BizX As SMB's Barter and Trade Services and Goods
Opinion
Bagga: BizX is a liquid currency network, not a barter business
“We're not in the barter business. We really have a, we are a We actually really have a currency that is liquid that enables people to buy and sell amongst each other.”
Bob Bagga Jan 13, 2018 ▶ 12:52 903 $700m Goes Through BizX As SMB's Barter and Trade Services and Goods
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