Co-Founder Agreement and vesting
Julian and I have finalised the co-founder agreement. This is a critical document to the future success of Passel because bad early agreements can lead to all end of trouble.
We’ve decided to vest our equity based on milestones, rather than time. We decided this represents genuine skin in the game, and that milestones are more relevant than time.
In other news, Founder Institute have chosen Passel to be part of the Select Portfolio.
The Founder Institute’s “Select Portfolio” is a designation given to the top 2% of Graduates from the world’s premier pre-seed startup accelerator.
Among the Founder Institute’s 2,300+ Graduates across six continents, the “Select Portfolio” represents the “Elite” companies that have demonstrated strong early traction. These Graduates have been hand-selected by the Founder Institute as companies with the utmost potential to quickly scale and grow into an enduring, global business.
In order to facilitate this growth, these Graduates will receive special assistance and increased support from experts at the Founder Institute’s Silicon Valley HQ, including fundraising assistance, strategic advisory help, office hours, access to special events and partnerships, and more.
Yes, if you are thinking we’ve just been sent to Miramar, you’re kinda right. 🙂
Passers, Passers and more Passers
Motto and Pookipoiga will be ready in September.
Right now we are focused on getting Passers signed up.
I wrote to the two retail unions, all the Melbourne-based university student unions as well as a number of prospective clients and asked if they were interested in sharing the benefits of Passel to their members.
As we have discussed before, we can launch without exhaustive coverage of Passers, but that’s not a sustainable business strategy!
We need more Passers. If you can get your friends, family, staff or other people at your workplace to sign up, that would be awesome. Join now for the chance to win $250! – https://www.passel.com.au/win/
You can speak to the Passel Demo Delivery Bot on Facebook –
https://www.facebook.com/passeldelivery/ to get an idea of how Passel will work for the Passers.
Alright, the goal is $250k in the next month. That gets us enough to sustain Melbourne through Christmas, further develop the algorithm and attach some sexy plug-ins, then scale nationwide in the new year.
We have one investor committed, a handful in the pipeline and we’ve applied to Melbourne Angels (http://melbourneangels.net/) and, we just were accepted to take part in Startup Victoria’s Unpitch event – (http://unpitch.startupvictoria.com.au/) “an event that brings together 60 exciting startups to meet with 20 of the best VC’s and angels in an informal setting.”
$250k should be a cinch, right?
Again, thanks for all your feedback, help and support.
CEO & Co-Founder