Hey! Thank you for asking — sorry, been head down recently (an email was in the works)
Honestly, things aren’t going great (at the moment). To cut a long story short, I’m worried about taking anyone’s money and, without traction (hard evidence of value), jumping into a cutthroat industry. “Hasn’t that always been the case?” you ask. Yep, and better to realise it late than never (I’m learning everyday). To put it in context, giffgaff lost £23.5 million in their first 3 years, and the plan is to do it on a dime in comparison.
So, traction (email signups don’t count). Because of the chicken and egg scenario (needing ££££ to get anything useful out the door, namely SIM cards), I think deposits is a useful measure. 500 people putting £100 towards their future mobile plan? There’s a business to bet on.
That’s an opportunity to do something useful beforehand — as much as I hate to say it, Zevvle is nothing more than an idea at the moment. Firstly, a helpful app without needing SIMs. Features are TBD, but think data monitoring/predicting across apps, usage limits, a realtime API, competitions with friends on who can use Snapchat the least, etc. (ideas welcome). Secondly, a community forum around mobile networks and what a great one will be (should have happened already; I’ve been slow…). Trying to build another giffgaff with a modern app and great customer service won’t cut it.
Yes, this delays everything, I’m sorry. It’s a few steps back and doesn’t feel good; a week ago I was working on a funding campaign. In the end it’ll be worth it — the startup graveyard is full of cool ideas and wasted money, so it’ll pay off to take the time and build something great.
Any thoughts on this I’d love to hear; tell me where I’m wrong, etc.