Hey @Peter - no problem at all, its your responsibility to ask as many as you want before you part with your money, and my accountability to answer. So keep them coming.
- could you explain a bit more about your approach to technology? Specifically, do you see Dozens as a “build it then you’re done” project or something that you’ll be continually changing over time?
Easy one - absolutely continuously vigorously vociferously changing over time! Like anyone sensible in this day and age, we want to be led by qualitative and quantitative data - we track app usage, I personally (along with others in the Product team) read all forums to keep a finger on the pulse and look for feedback on what changes to prioritise, we track success (or not) of campaigns, we have an open transparent internal culture that allows questions and suggestions to come through from within the team etc etc - all of these datapoints, plus a clear but resolute strategy in terms of where we want to compete, means our backlog will be full for months - hopefully forever
- On a similar theme, what’s your relationship with the team in Ukraine? Do you own the IP? Do you have tech expertise in house? What contingencies do you have if the relationship sours or that part of the world becomes more unstable? What’s the long term plan?
Igor who runs the Ukraine team, is our VP, Engineering - the developers themselves are contractors. We absolutely love them and the structure is of Resource Augmentation not Offshoring, so day-to-day no real difference from internal team other than contracts. As we grow, we will need some more interface roles in London to keep comms smooth. In fact, as a symbol of their own confidence in the product they are building, Igor and co are investing £1m into the company in the current round, along with every one else.
Oh, and yes we do own the IP completely.
- Could you explain the relationship between Dozens and Project Imagine? I assume the crowdfunding is for shares in the latter - is that correct? What plans do you have for Imagine? I’ve read that Dozens is the first brand and you might launch others - or get into white labelling. Is this still the case?
Yes, correct on all points. I think the Info Memo that is getting uploaded on Sun/Mon morning will make this clearer for you but short answer is yes. Just bear in mind that for this round, Dozens comes first and we will only do the other bits reactively (eg someone seeks out the white labelled product) or when we have a growth catalyst like another round of funding.
- How resilient do you think your business model is to downturns in the market (for example a bad Brexit)?
As of now, we have no exposure to Brexit per se - we are a UK company with UK licenses, and UK residents as customers. It does impact our growth plans with respect to Europe and we have many talented Europeans in our team, but I think our launch timing actually allows us to think and react to how things shape up in the coming days, a lot better than most of our competitors who may already have deeper intertwined links like license passporting etc.
In general, when things go south, people should spend less and save more - and with even our investment products reflecting a market sensitive pricing, I would think we are pretty well structured for a downturn, should there be one.
- Have you considered what you might do if your competitors decide to do a “me too” thing? i could see a situation where (someone like) Freetrade ends up providing ETFs from within (someone like) Monzo’s app. How would you respond?
I think it’s pretty easy to do what you suggest. But that for me is the eBay model. We want to occupy the Amazon Prime space - one seamless customer experience that is Dozens and no one else in between us and the customer.
In general, if a few others started offering 5% pa products, I would consider it a small win for Dozens.
Am ready for more - keep them coming!