Economics of a $37,500 Pre Seed Uncapped Convertible Note
Oct 7, 2023
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The podcast discusses the transition from manager to entrepreneur, the importance of productive conversations in the workplace, the terms of a convertible note investment, acquiring first customers, and updates on the guest's business.
Manageable focuses on improving communication and productivity within teams to create a healthy work culture.
Manageable plans to shift its focus to sales and customer acquisition to expand its customer base beyond the local market.
Deep dives
Building Manageable: Helping teams improve productivity and communication
Steve Petersheim, the founder of Manageable, explains how his company aims to create a healthy work culture by focusing on improving communication and productivity within teams. Manageable provides a communication system that facilitates productive conversations and helps managers and employees stay focused on the actual work being done, rather than getting caught up in other distractions. The goal is to create a company culture that values and prioritizes effective communication and collaboration.
Early-stage revenue and funding journey
Manageable is currently in the early stages with three customers, one of which is Steve's former employer. The company has been generating revenue of approximately $1,700 per month by offering its services at a rate of $8 per employee per month. Initially, Manageable raised $37,500 in convertible notes, which came from Steve's former employer. The company plans to shift its focus to sales and customer acquisition, with a target of expanding its customer base beyond the local market.
Balancing entrepreneurship and personal commitments
Steve discusses the challenges of balancing entrepreneurship with personal commitments, including supporting a family. He shares his commitment to making Manageable his retirement plan and expresses his passion for helping managers develop better habits and improve their performance. Despite facing lean years, Steve's belief in his venture and the unique market opportunity Keep him motivated to pursue Manageable as his long-term career and retirement plan.