The Ledger
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ReferraGig loses customers to faster-innovating VC-funded rivals
“When you look at the companies that are in our space that have raised money they're innovating at a much faster rate than us. We do lose customers to them because in many cases we can't keep up with their development cycles”
Perfect market data would attract universal competition and erode all profits
“If data was perfect, and the world knew that this exact tool, if you build it was a billion dollar tool, everyone would do it. And the competition would erode all profits. The mere function of what you just described will never exist because if it, if perfect …”
Weiss is hesitant to go full-time on ReferraGig
“What I'm trying to do is replace myself with the software, but yet here I am not really willing to go all in with that.”
Weiss partnered with his technical co-founder on a 50/50 equity split
“About two and a half years ago, him and I partnered up, and he came on board, fifty-fifty.”
ReferraGig prices its software between $200 and $1,500 monthly
“So on average per month, it'll go anywhere from. 200 dollars a month for a real small business up to, you know, a 1015 hundred dollars a month for a larger size company.”
Weiss invested $30K to $40K of personal capital to launch ReferraGig
“All said and done, probably we got it started. I was probably about 30 or 40,000 dollars in of my own money.”