Vid revenue, team size, customer count, churn, and more in 2022.

just got done editing this interview you guys are gonna love it before i do that though i want you to know that i'm going to be in the comments for the next 30 minutes or so answering your questions if there's additional questions you want me to ask the ceo next time i interview them leave them below or if you're just loving the data points i get ceos to share click the thumbs up button below that's your way of telling me you're loving this stuff and i'll get you more of it additionally again i'll be in the comments answering any questions you have all right for 30 minutes enjoy the interview hello everyone my guest today is jag singh he's the ceo and founder of a company called vid camera all right jack you ready to take us to the top i am so what does this company do what's the product bid is a memory media platform so if i said to you what can you remember from this day last year you probably can't tell me much um what vid sort of stumbled onto is all of your memories already exist out there in the form of consumer data so every time you take an uber stay at an airbnb spend on your credit card that data that those companies are collecting on you we can turn into memories so we basically pull in that simple text metadata and auto generate three second video memories from that data and put it all into a calendar user interface so essentially then you click on any day and you see exactly what you did on that day basically remembering every moment of every day okay so um i mean is this analogous to when i take a bunch of pictures on my last trip to san francisco i can't remember where they are i open my phone and i go to the photo app but i go to the map view and it says you took all these pictures here at this time and that's an easy way for me to find photos instead of scrolling through my photo feed sure i mean that that's definitely similar but with that i guess you took the photos manually here you haven't even you've done nothing you've literally just opened uber taken an uber but next time you open bit there's an auto generated memory of that journey without you capturing anything at all because we just turned the text metadata that you went from here to there into like a an animation okay interesting all right so give me some of the backstory here so first off uh is it it sounds like the company is pre-launched correct no paying customers yes we launched there's a beta we're collecting email addresses for the beta right now how many people are on the waitlist um there's at least 30 000 and we haven't really pushed um we'll definitely cap out the apple hundred thousand limit on tesla okay how did you build the 30 000 on the list so we have um influencers signed on to the platform to use the platform from day one have a combined following of around 375 mil um that's across twitter instagram and youtube okay so who's your biggest who's the biggest star that's and signed up um [Music] i mean there's a number i don't want to say this person's bigger than another there's people that are like number three four two on tick tocks people with 20 mil plus on one platform alone how did you incentivize them to sign up and is it a real sign up like or are you just basically using their name hoping that you can get them engaged once you launch no i mean it's a real it's a year-long contract um and it's not really we didn't need to incentivize them that much they're kind of telling me that we're waiting for the next wave in social media to become stagnant it's become boring there needs to be a new type of content and that's what bit is essentially is called an automated video like an automated movie of your life if you like so it kind of takes the editing pain away from a lot of these influences as well um which is something they're definitely interested what are they committing to in the year-long contract and what are you giving them to make that commitment sure they're posting weekly and then they earn tokens because the whole thing is crypto based um and then the currency and there's a lot of ways for them so you just go to starbucks and buy starbucks and then take an uber and those brands can then add swipe up links to your auto generated memories and every time someone swipes up and books an uber then you earn part of that it's a whole new revenue stream for them and that's what they're keen for long term yeah so so getting mobility in the platform as well yeah so eos right is working with their first their first dapps which is essentially a version of facebook which is the more you post the more tokens you earn the utility value goes up it sounds like you're building something similar but you're seeding it with phone data based off uber trips where you were other other pieces of metadata i think voice that i think that what they're working on is going to be largely sort of text-based like more like a twitter competitor i would say um and bid is sort of more instagram-esque we were previously building on on eos um so i know the guys but we're moving over to ontology now okay and help me understand how how you funded this so it sounds like i mean you have a development team um yeah we do uh i we self-funded uh two mill um my brother and i uh we had a previous successful exit um and since then we had a we did a token sale pre-sale um and now we're doing a convertible note with select partners so let's break that down real quick how much did junior brother put in uh just equity based off your past successes uh two million usd oh okay then on okay so then what was the token issuance on top of that so then the token sales raised um well over 20 million um private and public people like ontology ngc a lot of big funds have come into the token server where when did you do that token sale um it's now just finished and it ran for about three months okay so you just did that i mean literally right now yes okay um how are you look a lot of this you know i've had a lot of people that have done token sales some of them are amazing some of them it just feels extremely scammy right so how did you what's the storyline you're putting out there to get people to give instant utility value to your token sure well the only way an advertiser can buy any advertising within the bid ecosystem is by buying this token so when that when uber for example wants to add a swipe up to an uh auto generated memory they have to buy the token to then buy the swipe up so it's essentially like saying to people you know facebook earned 55 billion last year in advertising revenue it's your chance to buy into that ecosystem and the only way then an advertiser can buy ads is through you so that's so that that's the utility of the token so no but no offense right so why does anybody care you don't have millions of users sure i think the people that care and the people that have bought the tokens see the the upside of the platform and then the influences that are signed on and just the obvious numbers involved even if one percent of their followers convert um 370 that's 3.75 million users that's more users than even ethereum has had max transactions so then the sentiment around the token i guess people are kind of um factoring that in as well if like token does have that many users it's more user than a chain even and the sentiment around the token would be great how much of the 20 million that you just raised you do you plan to convert to fiat to pay things like developer salaries company expenses things like that okay so this to me is a massive red flag anytime i hear a founder that does a token sale who's saying look how valuable our token is and then raise all the money then convert all that to fiat to me that just screams red freaking flag if you believe in your token value you'd keep all of it in the token no not in our token obviously it's raised in another token all of our tokens so the way that our token sale works is we sold one percent um of the total supply so we own 99 so i think that proves enough um that we believe in the value of the token i together actually goes on for five years more once the app launch launches so i basically analyzed other people's token sale and we thought i'm i'm personally an investor my instagram is at investor i get dex day and night that's why i was doing angel investing before founding vid um and i looked at token says i didn't like them they seemed scary front loaded as is back loaded we sold a tiny proportion of our tokens and the rest of the token sale goes on for five and a half years and in line with advertiser pro if you look at snapchat and it's run that's how long it takes out to build out an advertiser economy in a new platform and it's in line with that um but in terms of we converted the ether the other cryptos that we've collected interfere because the market's volatile and i think it's it's disrespectful and it's irresponsible to investors to um basically it's safe eat tanks and then all of a sudden we lost that capital i feel that's irresponsible yeah but the only reason it's the only reason it has a value today is because that's what ethereum is worth you can't argue for the upside on one side and then you're protecting on the downside on the other that's ridiculous uh we're arguing on the upside of our own token um not on eve so i personally my belief is that everyone in the top ten um maybe bar eath and bitcoin will be switched out in the next uh 12 to 24 months i mean the thing i have a hard time getting my head wrapped around those you basically just told me you sold one percent of your tokens for 20 million which implies that you're worth two billion dollars today this is just it's insane so there's a burn so if the price drops below so all the rest of the supply will be burnt so there's a whole there's a whole ecosystem behind it um tell me how that works i don't understand that that could be the whole value 20 could be could be the entire value if it doesn't hit a certain price the rest will just be people wait jack tell me how you i've never heard that before i'm just uneducated there how does that actually work sure so it's basically based on on a price so if the price drops below one dollar um then the rest of the supply will just continually be burnt so we'll take the average price from the exchanges on any given day and there won't be a sale that day it will just be burnt burnt burnt [Music] i see i see i see okay so the max upside you have is keeping you and your brother your you know the founders keeping 99 of the tokens but foundation so it's not it's not they're not our tokens it's like how the company runs they belong to the foundation okay to the foundation who owns the foundation the foundation's owned by a number of people it's not just us all the team okay how many people are on the team today uh nineteen nine zero nineteen one nine one nine okay and how many are engineers um six okay six and so how do you i mean look um you know obviously you you build this thing out right you have 30 000 people on the wait list when i mean when is go time when is official launch um within a month now we'll have the beta and out to those when we we start the influence of big big push in the next few weeks cap that out at 100 000 and get the paycheck out of those hundred thousand people get out some bugs and then worldwide launch on the main ios store and so what incentive does let's let's just let's say kim kardashian is right someone you've signed this contract with right we're hypo hypothesizing here right let's say she was what incentive does she has to drive people out of her instagram where she already has a massive following into this new tool that like nobody's on that she has to build a following from scratch on sure i think the main reason people will use it first is just because it solves a problem um the ability to remember every moment of every day it's kind of like snapchat they came about it was just disappearing communication between one and two people then eventually you realize all your friends are here and you start to post there initially it's a tool and then network affects kitchen and and what if network effects don't kick in then it'll still always be a tool but isn't the critic i mean no one even if people are posting every day automatically because you help them because you pull metadata from their phone on their last uber ride or the last place they were if no one's viewing it they're not going to keep doing it not necessarily because you can export and post anywhere else that's the point the point is that it's a unique form of content um and you can you can post it on instagram facebook wherever you like sure i can share facebook i can share an instagram post to facebook right now sure and it has the big watermark in the corner which is how ticktock grew to their 74 billion valuation and 500 million users and how that face up which i'm sure you saw like a few months ago made everyone old blew up to number one in a week um when great content is created and it has a watermark in the corner it creates a simple viral loop that i see that content i want to create similar content i go and download the app yeah have you studied all the ones that that failed i mean yet we hear about the breakout ones but you can't just have success bias right why are you going to be that next one because we create beautiful content in seconds but everyone would say that of course i mean i mean you know this you're an angel investor right i mean you probably get people you got pitched on all this stuff so like when i see when i see you and i've only known you for 11 minutes and 24 seconds and counting right what i see is a guy that's had a successful exit you've been it you've been an angel investor in other companies you understand both sides you're well connected you understand marketing and sales and you've built a tool that does have real tech there's a tech stack there that brings real value to different form of content and the challenge you now have is how do you take all of that and seed this thing so you do get virality kicking in like that's the big next step but i also would say that's the biggest risk in a company like this of course it is um and with pre-launch we're not like willing to lay out our whole strategy in a podcast but i i can assure you we understand that risk and it's something that we're very very focused on yeah so what when when will we know if it's working or not so in six months i'm gonna go i wonder how that jag guy's doing in the first three months we'll definitely now okay and we're definitely trying to get to the number one on the app store within the first few months okay got it so you'll you define success short term as in the next kind of three to six months if you when you launch you hit number one in the app we'll see do people like it um is it working uh pretty pretty rapidly we already know because we did a test launch i think this is something that i should clarify actually so we already know the virality works so we did a test launch when just 10 of the app was launched we got 30 000 users straight onto the app store chart um within a few weeks before we took it down we were just testing the ai and making sure things were working making sure again the viral loop was working when people were posting out were people downloading the app because of the quality of content they were seeing yes they were okay so that k factor pretty accurately what is it right now obviously it's above one it sounds like what was it in that small test period no i'm not willing to reveal exactly what the number was but yes it was obviously how many of those thirty thousand are still posting new content today on a date like on a daily basis say that answered how many of those thirty thousand that download it in that short period are still posting today so that uh app is no longer available we turned it off but um within those few weeks people were repeatedly posting again and again interesting well listen i will be following along it'll be a lot of fun to kind of see how it does and uh it sounds like if it works well it's a ver basically version of facebook where there's not one central authority making all the upside the creators the influencers you the foundation the engineers everyone makes money yeah all right we'll see what happens very good let's wrap up your drag with the famous five number one what's your favorite business book my favorite business book zero to one number two is there a ceo is by the way is peter did peter put in any other 20 million no but he is invested in block one uh voice yeah interesting um number two is there a ceo you're following or studying um bill gates number three what's your favorite online tool for building a vid camera online i like figma design tool number four how many hours of sleep do you get every night um seven and what's your situation married single kiddos okay any no kids running around you never know man uh and how old are you i'm good 30. last question what do you wish your 20 year old self knew um patience guys patience is key vid camera did a better launch a while ago trying to invent a new kind of social network where content creators get upside advertisers get upside there's not one kind of corporate conglomerate that gets all the upside like we see in facebook's case he's building us obviously on blockchain to do this just did a 20 million dollar token sale or they sold one percent of their tokens that obviously uh in order to stay at that kind of economics though the app has to take off the utility value has to continue to go up otherwise they're backstopping that with the other 99 the foundation still owns him and his brother and his family put in 2 million bucks to seed the initial tech stack the growth again 19 people on the team today six of those engineers jack thanks for taking us to the top thank you very much 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