I think it’s pretty important for everyone to know what our constraints are. Back when I was working at my first startup, I not only didn’t know how much money we had, I didn’t even know how we were supposed to make any money. Don’t be Bomee circa 1999.
I include the run rate and burn numbers every week. It’s also important (for folks on the revenue team especially) to have a clear understanding of what assumptions are baked into the model that we’re all steering by. So, please spend some time looking at Causal. If any of this is unclear to you, please prompt a discussion!
Unique Buildings: Pending report being run!
Annual Run Rate: $1.34M ←-lower than last month because Aeroseal termination
Monthly net burn: $19k ←-low because we’re missing some contractor invoices
2024 Transaction fees to date: $1,337
Outstanding invoices as of today: $283k
Congrats to the prod team for a successful François-less release 68! And also, the “Cadence OneFive is so badass” feedback from the Queens Climate Project!
Thanks Naina Shah for pinch-hitting for the Friday Brownbag!
NY Green Bank meeting: You may recall that NYGB runs a $250M lending program (similar but not the same as CFHF). I was in their office last week as part of their listening tour for their PSC filing. There is certainly plenty of good will, even if we’re not yet converting their good will to significant revenue! They said that they try to talk to their participating lenders about Momentum and they’re eager to figure out new programs with us.
Progress toward RY participation in LL97 bidding. Marc has been working on RY (a third-party property manager w $35k transaction fee potential this year) for a while and it is coming to fruition! They reviewed our owners agreement and made some valuable contributions to improving it (which our lawyer SGR will turn around by Wed).
Lots of investor meetings! Too early to say anything about the prospects of a Seed raise.
Did I miss any highlights? Pls share in comments below.
Cash. I’ve just started the mid-year re-forecast of the budget. Our runway is now at 12 months (with transaction fee projections added in) and likely to burn even a bit faster. Reminder that spending money is not the problem, as long as we can show outcomes! i.e., If we’re not hitting milestones, it doesn’t matter how much money we “save.”
Meeting CPC’s needs. All’s quiet on this front, thankfully. Can’t overstate how important it is to have a happy CPC – sounds like we are making good progress!
Partnerships: Accelerator, GGRF. Many, many conversations. This week, check-in with Enterprise.
Onboarding: Melissa will be doing some on-boarding reference checks, a new thing we’re trying out.
Dev pipeline: Getting ever closer to GP? I saw the posts about the open PRs - thanks for refocusing each other on forward momentum!
Metrics: I think we’ve stalled a bit, but that’s OK for right now.
Don’t be a series of small businesses: ~Marc and I are shopping for some founder coaching to make sure we’re staying on a venture-scale path~. We put this on the back burner. We don’t have time to engage right now.
Personally, I have a fair number of internal meetings scheduled for next week. I’ll be popping in to listen on some prod meetings, if I can.
Slowing down on new investor intros next week: Only one!
I’ll be working (again) on the fundraising deck. It seems very straight forward when you’re reading blog posts about it, but you try to do it yourself and it is quite hard! You’re free to take a look at the work in progress.
Will submit the Roddenberry Prize application. Yes, that Roddenberry_._
Reminder! Please contribute to my 360 by July 12:
review my Work Plan revision and then respond to the survey. Thanks!
And here’s what’s on my radar screen - what am I forgetting?
Please note your reaction to this update below. It helps me to know what is resonating, what is unclear, etc. Thanks!
Did I miss a highlight?
Did I miss something that should be on my watchlist?
Something else you want to react to?
| Name | Comment / Question / Request etc | |
|---|---|---|
| Naina | It is good to know what our constraints are! Unfortunately I don’t know what run rate and net burn mean in detail :/bj: see Annual Run Rate and Net Burn | |
| Jason | I find these memos very helpful to get a sense of what all is happening each week. But they have been especially helpful coming back from vacation–a nice little digest. I hadn’t heard of the Roddenberry Prize before, but it looks pretty sweet. Fingers crossed! | |
| Luke | ✅ Comments left inlinebj: Noughty. | |
| Erika | Great to hear we have more transaction revenue opportunities that can be realized this year!The Roddenberry Prize application looked great - we tick all of the right boxes and hopefully we’re invited to the second round. I appreciate the memos as well - I see it as a distillation of what’s on your plate, what’s most important and a nice way to see the team’s wins (which sometimes get lost when discussing challenges). | |
| Jeremy | I think I missed the deadline on this? It’s locked, so I can’t put feedback on the actual doc. I guess my feedback would be to encourage people to read this to start their week, vs read it over the weekend? I was away from my desk over the weekend (which I think helps me stay energized).Otherwise, this is usually pretty good info to have. Mostly I don’t track the individual sales efforts too much. There’s more info in here than I need, but I like to know how the runway is looking, so I can adjust the short term vs long term focus accordingly. | |
| Marc | We believe (and our finanical model supports) that the majority of our impact / revenue will come through contractors. The efficiency program customer base that we have landed is a gateway to those contractors. The learnings and playbook on how we expand into contractors that Kate and Martine are starting for NYC will be a model for other cities. But one step at a time… |