Underdog March Update

What happened with Underdog in March? ⭐

Hey Max- Let’s see how building Underdog Protocol went in March 2023. Lots of rain, learnings, and more signs of progress. Let’s dive right in. TLDR: Less user growth this year 0.5x from last month (80 new developers). We accomplished all of our priorities from the last month, grew revenue 70% MoM, submitted to Grizzlython, and scored a Solana Mobile.

What is Underdog Protocol?

Underdog Protocol is an API that enables developers and startups to seamlessly integrate web3 into their product or workflow to enhance user experiences

We’re building the modern data stack for web3 by turning the blockchain into a shared data layer so we’re able to build user-centric experiences

🤝Asks

Fundraising Help & Introductions

Do you know any angel investors or web3 funds who would like to chat? We want to test the market. We have great momentum with a $1M check committed.

More Customers

Do you know any web2 and web3 companies who want to create experiences like Loyalty & Rewards for their users? The verticals that we are focused on are : Sports, Fashion, and Entertainment

👍 Highlights

Partnerships & Biz Dev👬

We have been able to close Solana Mobile for a 20,000 NFT drop (valued at $1,000/MRR for 3 months) via a network referral with a sales cycle of ~2 weeks

We’ve grown a pipeline of valued at $100,000 ARR with upwards of 100,000+ NFTs that is continuously growing with names like Dialect Messaging, MonkeDAO, and Ultimate Wallet

We are increasing our velocity of Outbound vs. Inbound in different verticals like Gaming and De-Fi Once again - We’re on the radar while pricing & positioning is working ⭐

Product 📱

Launched more Zapier Integrations like Square, Mailchimp, Viral Loops to connect web2 with the power of NFTs.

We are moving quickly on implementing Compression into our Program, we’ve launched the ability to Burn/Revoke NFTs, and made it possible to upload Animated Artwork

We’ve been able to find the best groove for our team to take on product assignments that we are excited to scale out as we grow: Request → Scope → Discuss → Linear → Build → Test → Launch. Small but makes us way more efficient in building the best product possible.

Check out some of our Integrations that were built with Underdog in this twitter thread -

here⁠

👎 Low lights / Challenges

Growing Developer Pains 🌀

We are spending a little too much time doing custom work for our customers that it’s delaying and pushing back our engineering priorities - how would you advise to minimize custom work for customers while still securing the deals?

Business Development & Fundraising 🐶:

As you’ll see in the screenshot below, with an increase in fundraising and customer meetings, I am losing the ability to post on our twitter leading to a decrease in engagement and top of the funnel activity.

Our growth receded this month - our hypothesis is from a lack of marketing and the decrease in velocity around hackathons or community engagement events

March Growth

March Growth

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📰 News

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Screen Shot 2023-03-29 at 4.38.36 PM.png

⁠

We’re part of the Solana Mobile Pack. We were hand selected as one of the 5 to 10 startups who are providing a Welcome Pack for holders of the Solana SAGA Phone. This will be announced on April 13th via a livestream. This could be huge for us!

🎯 April Priorities

Biz Dev 📊

Outbound 50+ Web2 companies companies to conduct customer interviews and meet with people at NFT NYC

Increase amount of users on API MRR by $1,000 (roughly 10-20 new devs on paid plan or 1 Enterprise Deal)

Launch 3+ marketing campaigns that utilize our API and NFTs for top of funnel acquisition and notice

Product 📱

Launch Compression for NFTs

Launch 2-3 Native Integrations

Launch Dynamic Sticker Packs with Dialect Messanger

GTM 📈

Create a Case Study in partnership with Solana Foundation + Solana Mobile + Parcl to dive into Customer Engagement & Retention through Loyalty/Rewards NFTs ( Never launched)

Go to NFT NYC and close $5,000 MRR

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