Chad Wittman confirms that all proceeds from EdgeRank Checker's acquisition went to the founders because the company had no outside investors.
Insight
Adjust bootstrapped founder equity splits based on opportunity cost
“Let's start at 33% for each. And then how do we distribute it based on what else we could be doing? And so like my co-founder who was doing all the development, like he could have worked at, you know, Google or something or Facebook of that nature. And so it w…”
Prediction Not checkable as stated
Dolly leverages pickup truck owners to avoid competing for Prius drivers
“And a lot of them are, and I'm confident Dolly will be one of them because of the unique asset that we're leveraging, which is pickup truck owners instead of Prius owners, which if you look at Postmates and Instacart and all these other companies, they're all …”
Assertion Not checkable as stated
EdgeRank Checker reached $20,000 in monthly revenue within two months
“I can't remember the exact number, but I know within two months we were making about 20,000 dollars a month with that drain checker.”
Assertion Not checkable as stated
EdgeRank Checker reached $60,000 in monthly recurring revenue at its peak
“So I think we were doing about, I think about 60,000 a month at the, at its peak.”
Assertion Not checkable as stated
Socialbakers acquired EdgeRank Checker for a 4x revenue multiple
“I believe we got a four,”
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Socialbakers' acquisition of EdgeRank Checker was 75% cash and 25% equity
“Yeah, so we did a roughly 75, 25 cash equity split just in general.”