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Solana Secrets Engine Business Plan

Executive Summary

Mission Statement:
"To revolutionize web3 onboarding by providing seamless, secure, and user-friendly solutions, bridging the gap between traditional internet users and the decentralized web."

Company Overview:
Solana Secrets Engine is at the forefront of web3 technology, dedicated to simplifying the onboarding process for users venturing into the decentralized web. Our flagship product, the Solana Secrets Engine, offers a semi-custodial approach, ensuring transactions are signed securely and swiftly using device authentication.

Company Description

Foundation:
Founded in September 2023.

Founder:
Sole member - AmirSaber Sharifi

Legal Structure:
C corp

Objectives (1-3 years):

  • Refine and expand the MVP into a full-fledged service.
  • Focus on marketing through web3 distribution channels.
  • Increase customer base and awareness.
  • Drive progressive sales.

Products and Services

Main Offering:
Solana Secrets Engine - A semi-custodial solution for seamless web3 onboarding.

Additional Services:
Fraud prevention service based on transaction analysis.

Benefits:
Users experience a hassle-free onboarding process and can transition their wallets to other platforms while maintaining security.

Market Analysis

Target Market:
Businesses integrating blockchain into their client journey.

Market Trends:

  • Challenges in onboarding due to poor architecture or over-engineering.
  • Average consumers struggling with blockchain apps.
  • Centralized solutions compromising consumer security.

Competitors:

  • Magiclink: Uses Amazon HSMs, which are expensive and less configurable.
  • Web3auth: Decentralized network offering superior architecture but with a challenging user experience.

Marketing and Sales Strategy

Marketing:
Tailored to resonate with the web3 community. Leveraging targeted online advertising on platforms like Brave browser, sponsoring hackathons, and engaging with grassroots developers.

Sales:
Direct sales approach, white-labeling options, online sales, and leveraging NFTs as unique distributors.

Operational Plan

Location:
Based in Austin, Texas, with a fully remote operational model.

Key Processes:

  • Product development and continuous R&D.
  • Robust customer support.
  • Rigorous quality assurance.
  • Tailored marketing and outreach.
  • Streamlined sales and distribution.
  • Efficient administrative processes.

Management and Organization

Chief Developer Officer:
Oversees product development, leads R&D, and mentors the engineering team.

Full Stack Engineers:
Implement new features and improvements.

DevOps Engineers:
Ensure scalable, reliable, and secure infrastructure.

Marketing and Sales Specialists:
Engage with the web3 community and handle sales inquiries.

Financial Projections

Year 1 revenue:

  • Transactions: 100,000 transactions at $0.05 each = $5,000
  • Onboarding: 10,000 wallets at $5 each = $50,000
  • Maintenance: 100 clients at $200 each = $20,000
  • White Labeling: 10 clients at $2,000 each = $20,000
  • Total Revenue for Year 1: $95,000

Year 2 revenue: (Assuming a 50% growth rate)

  • Transactions: 150,000 transactions at $0.05 each = $7,500
  • Onboarding: 15,000 wallets at $5 each = $75,000
  • Maintenance: 150 clients at $200 each = $30,000
  • White Labeling: 15 clients at $2,000 each = $30,000
  • Total Revenue for Year 2: $142,500

Year 3 revenue: (Assuming a 50% growth rate)

  • Transactions: 225,000 transactions at $0.05 each = $11,250
  • Onboarding: 22,500 wallets at $5 each = $112,500
  • Maintenance: 225 clients at $200 each = $45,000
  • White Labeling: 22 clients at $2,000 each = $44,000
  • Total Revenue for Year 3: $212,750

Salaries & Wages:

  • Chief Developer Officer: $80,000
  • Full Stack Engineers (2): $150,000 ($75,000 each)
  • DevOps Engineer: $80,000
  • Marketing and Sales Specialist: $60,000
  • Total Salaries & Wages: $370,000

Hosting & Infrastructure:

  • Cloud hosting, domain, SSL, other software subscriptions: $20,000

Marketing & Advertising:

  • Online ads, content creation, community engagement, hackathon sponsorships: $30,000

Office & Miscellaneous:

  • software licenses, communication tools, and other miscellaneous expenses: $10,000

Legal & Compliance:

  • Incorporation fees, legal consultations, potential patents or trademarks: $15,000

Research & Development:

  • Tools, resources, potential third-party consultations: $25,000

Total Year 1 Expenses: $470,000

For Year 2 and Year 3, a 20-30% increase year-over-year is a reasonable estimate for a growing startup, but this can vary.

Year 2 Estimated Expenses: $564,000 (20% increase from Year 1)

Year 3 Estimated Expenses: $676,800 (20% increase from Year 2)

Funding Request

Seeking an investment of approximately $1,034,000 to cover projected expenses for the first two years in exchange for equity.

Appendix

  1. Product Mockups and Screenshots:
    (To be added)

  2. Technical Architecture Diagram:
    (To be added)