Happy new year 🎆 A little change of pace in today’s update as we’re taking this opportunity to reflect on 2022. This was our first full year at Underdog Protocol—and wow! what a year of firsts:
We had our first paying customers, we signed our first big partners like SuperteamDAO, and we had absolute strangers talking to each other about Underdog Protocol for the very first time.
We also hit a ton of major bumps like long onboarding times, pivots, and deleted databases. In retrospect this was good for us; we’ve emerged stronger and more resilient as a team.
Here are 5 highlights from the past year:
Web3 and Solana need our product. We are closing the year with nearly $20,000 in committed revenue, a healthy pipeline, and around 20 partners ranging between clubs, protocols, and communities. It’s been very clear that there is pain points of managing members, quantifying contribution, and bringing off-chain data, on-chain.
We are solving a clear pain point for communities and DAOs. We launched a beta for College Communities in Q3 and signed up a few hundred students and tens of colleges. In Q4, we were able to partner w/ leading communities and projects in web3 through out API.
We can build and ship fast. From network to platform to API, we were able to build sets of tools the past couple months that our users found useful. From Contact Cards (web3 business cards) to webhooks, we’ve had an average launch time now ~1.5 weeks.
We’re able to get in front of customers : Outbound in crypto is very easy. Finding time to scope is tough. Our cycles to create pilots are around ~1 month from Discovery to Scope to Pilot .We’re learning how to take initial pilots and transition them into deeper partnerships and referrals
We’re proud of the team we’re building. Most importantly, we have built an incredible team and culture. I’m personally excited to have the privilege of working with Kevin everyday. And we are excited to continue raising the bar in 2023.
3 things that will matter this coming year:
Onboarding & Self-Service: We will need to figure out ways to minimize our time and effort spent to get new customers onboarded once they’re scoped out. This is why we’re focusing on revamping our docs and launching a self-service option for communities → enterprise.
Sales & Marketing Engines: We will need to accelerate our marketing to make use of our self-service option and need to create a sales playbook to a. Automate Biz-Dev b. Raise c. Close deals
Community Involvement : A lot of our pipeline has come from our trip to Breakpoint. We’re sponsoring a hackathon next to the Top 20 projects in Solana, we will need to double down on Hackathons/Hacker Houses/ Events to create pipeline and capture market share.
We’ll schedule our regular type of Updates this next month. Excited and grateful for you on this journey. Let’s find time to catch-up!
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Underdog End of Year Update