|1||📊 Using AI to solve critical communication, complexity, and measurement challenges for organizations leading positive social change.|
|2||💻 Already written one million lines of proprietary software code.|
|3||🛠️ Elegant, accessible software already used by 200+ socially responsible companies, non-profits, and schools.|
|4||⚡ Powered 100,000+ people taking positive environmental and social action in 2019.|
|5||♻️ Offset or canceled over a million pounds of carbon (CO2) last year.|
|6||💰 Experienced team with previous software startup acquisitions.|
|7||📈 High growth potential with low capex and operating costs thanks to software-as-a-service (SaaS) model.|
|8||📈 +20% month-over-month (MoM) growth in March 2020 due to increased usage around coronavirus (COVID-19) response and relief work.|
The technology world is undergoing a profound shift from "social media" to prioritizing social responsibility - particularly in the era of COVID-19. Brightest is building the software operating system for that future.
In 2018, we noticed the world changing. Non-profits and young people like March for Our Lives and Greta Thunberg's Fridays for Future were using the internet to bring people together and accelerate positive change. B Corp (public benefit corporation) registrations were growing exponentially.
We were excited. But we also talked to dozens of non-profits and social enterprises who were struggling. Growing from a group of passionate people who want to make a difference into an organization is hard. You need process, org structures, communications, training, technology, compliance, analytics, and lots of administration to fulfill your core work and mission.
But when we looked around, we only saw tech companies building fundraising and donation software, which, while important, is only a fraction of the work these organizations do.
We can help the 1.5+ million non-profits and social enterprises focus on their work and mission, and we'll provide a complete set of technology infrastructure and tools to help them do it faster, better, and more data-informed.
When a new wave of advocacy groups emerged to protest the detention of migrant children, our app helped elevate their voice and connected thousands of people to volunteer and pro bono opportunities.
When young people started calling attention to the urgent problem of climate change, our software helped dozens of environmental organizations and organizers turn September 2019 into the largest week of climate action in history.
- Partnered with the National Forest Foundation to plant trees the more Brightest gets used so we can operate as a net-zero carbon company.
- Helped power a campaign to pass one of the most ambitious climate laws in U.S. history.
- And met a lot of really inspiring people along the way (including AOC)!
Today, our platform supports 200+ social impact organizations, has already powered over 100,000 acts of good, and is being used across the U.S. and United Kingdom for remote and in-person COVID-19 relief and support. Now we're on a mission to become the digital operating system for social impact and sustainability around the world.
✅ Make our first sales hire to focus on customer and revenue growth
✅ Complete and launch the next, more advanced version of our product
✅ Start testing and investing in smart, high-ROI marketing and partnership opportunities to accelerate our growth (to date we've grown 100% organically)
We know we're stronger and better working together, and we're grateful to WeFunder, our own inspiring community, and everyone else who's helped us along the way, including (but not limited to) Abhiti, Ana, Bryan, Charlotte, Chelsea, Daniel, Georgie, Jerry, Kareem, Kwesi, Petra, Roxane, Vernon, Victoria, and hopefully you too. Onward and upward.
Brightest has financial statements ending December 31 2019. Our cash in hand is $22,493.55, as of March 2020. Over the three months prior, revenues averaged $1,019/month, cost of goods sold has averaged $811/month, and operational expenses have averaged $6,504/month.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes and other financial information included elsewhere in this offering. Some of the information contained in this discussion and analysis, including information regarding the strategy and plans for our business, includes forward-looking statements that involve risks and uncertainties. You should review the "Risk Factors" section for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.
We make software that helps socially positive organizations (B-Corps, mission-driven companies, non-profits, schools) work faster, manage their operations, and measure results and impact easier.
There are 1.5 million nonprofits + thousands of social enterprises just in the United States. But when it comes to doing good, most organizations use digital tools that haven't kept up with new technology trends (ex: AI, remote work), aren't designed for impact work (ex: Facebook), or only focus on one task (ex: GoFundMe for fundraising). Brightest is the first complete operating system for good, with potential to positively transform companies, culture, and communities around the world.
Brightest, Inc. was incorporated in the State of Delaware in February 2018.
Since then, we have:
Historical Results of Operations
Our company was organized in February 2018 and has limited operations upon which prospective investors may base an evaluation of its performance.
Liquidity & Capital Resources
To-date, the company has been financed with $250,000 in convertibles.
After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 12 months before we need to raise further capital.
We plan to use the proceeds as set forth in this Form C under "Use of Funds". We don’t have any other sources of capital in the immediate future.
We will likely require additional financing in excess of the proceeds from the Offering in order to perform operations over the lifetime of the Company. We plan to raise capital in 12 months. Except as otherwise described in this Form C, we do not have additional sources of capital other than the proceeds from the offering. Because of the complexities and uncertainties in establishing a new business strategy, it is not possible to adequately project whether the proceeds of this offering will be sufficient to enable us to implement our strategy. This complexity and uncertainty will be increased if less than the maximum amount of securities offered in this offering is sold. The Company intends to raise additional capital in the future from investors. Although capital may be available for early-stage companies, there is no guarantee that the Company will receive any investments from investors.
Runway & Short/Mid Term Expenses
Brightest, Inc. cash in hand is $22,493.55, as of March 2020. Over the last three months, revenues have averaged $1,019/month, cost of goods sold has averaged $811/month, and operational expenses have averaged $6,504/month, for an average burn rate of $6,296 per month. Our intent is to be profitable in 12 months.
Since the completion of our financials, the world has experienced a global outbreak of coronavirus (COVID-19), with related downward pressure on the international economy. Short-term, COVID-19 has only limited impact on our finances and operations, some of which are positive (increased usage, new partnership opportunities and exposure). We do expect in the 6 month time-frame, revenue opportunities within certain segments of our business (corporate and university in particular) may be diminished. Our primary near-term focus continues to be product development, with the goal of improving Brightest and having a better, well-positioned product available to commercialize heading into the 2nd half of 2020 and 2021.
Our top 3-6 month priority as a Company continues to be product development. Upon successful execution of this fundraise, we expect to hire one additional software developer to accelerate product development, and we will incur the additional operating costs of that employee's salary. Beyond that we do not foresee any meaningful increase in costs or expenses over the next six months. From a revenue standpoint, we expect revenue opportunities within certain prospective segments of our business (corporate and university in particular) may be diminished due to macroeconomic conditions, but the value of our software and technology remains intact, and in some ways has increased given the solutions we can provide to socially-focused non-profits and businesses. Twelve months from now, we hope (but not guarantee) to be generating $20,000 in monthly revenue while incurring $7,000 in monthly expenses.
If necessary, the company rely on founder-contributed funds and future revenue for additional capital.
While COVID-19 creates a high degree of overall economic uncertainty, as a 100% remote, low operating cost software as a service (SaaS) business focused on social impact, we feel we are as well-positioned as any for the current economic environment.
Third parties or competitors may copy features or functionality and this could impede growth and ultimate success (we have already seen one competitor actively try to copy us). The company is mitigating this risk (1) by developing proprietary machine learning and predictive analytics software for social impact and community measurement, (2) speed-to-market and shipping new features faster than our competition, (3) establishing a leading, recognized, and trusted brand, and (4) getting to usage and data scale to increase acquisition, retention, and product-led growth and ecosystem pull.
While the Company believes in good faith that its business plans have a reasonable chance of success, the operation of the Company are ultimately speculative and involve the possibility of a total loss of investment, due to any number of considerations. Investment is suitable only for individuals who are financially able to withstand total loss of their investment.
The Company’s revenue model may be impaired or change. The Company’s success depends mainly on its ability to receive revenue as earnings from the Company’s software. The company may generate but retain some or all of the earnings for growth and development of its business and accordingly, not make distributions to the shareholders. If the Company does not generate revenue, its business, financial condition, and operating results will be materially adversely affected.
The company has a limited operating history upon which you can evaluate our performance, and accordingly, our prospects must be considered in light of the risks that any new company encounters. The Company is still in an early phase and is just beginning to implement its business plan. While the Company has a low burn rate and operating expenses and management sees a realistic path to profitability, there can be no assurance the Company will ever operate profitably. The likelihood of its success should be considered in light of the problems, expenses, difficulties, complications and delays usually encountered by companies in their early stages of development. The Company may not be successful in attaining the objectives necessary for it to overcome these risks and uncertainties.
Our future success depends on the efforts of a small management team. The loss of services of the members of the management team may have an adverse effect on the company. There can be no assurance that we will be successful in attracting and retaining other personnel we require to successfully grow our business.
We may implement new lines of business or offer new products and services within existing lines of business. As an early-stage company, the company may implement new lines of business at any time. There are substantial risks and uncertainties associated with these efforts, particularly in instances where the markets are not fully developed. In developing and marketing new lines of business and/or new products and services, we may invest significant time and resources. Initial timetables for the introduction and development of new lines of business and/or new products or services may not be achieved, and price and profitability targets may not prove feasible. We may not be successful in introducing new products and services in response to industry trends or developments in technology, or those new products may not achieve market acceptance. As a result, we could lose business, be forced to price products and services on less advantageous terms to retain or attract clients, or be subject to cost increases. As a result, our business, financial condition or results of operations may be adversely affected.
Purchasers will not be entitled to any inspection or information rights other than those required by Regulation CF. Purchasers will not have the right to inspect the books and records of the Company or to receive financial or other information from the Company, other than as required by Regulation CF. Other security holders of the Company may have such rights. Regulation CF requires only the provision of an annual report on Form C and no additional information – there are numerous methods by which the Company can terminate annual report obligations, resulting in no information rights, contractual, statutory or otherwise, owed to Purchasers. This lack of information could put Purchasers at a disadvantage in general and with respect to other security holders.
Purchasers will be unable to declare the Security in "default" and demand repayment. Unlike convertible notes and some other securities, the Securities do not have any "default" provisions upon which the Purchasers will be able to demand repayment of their investment. Only in a liquidity event, may the Purchasers demand payment and even then, such payments will be limited to the amount of cash available to the Company.
Our future success depends on the efforts of a small management team. The loss of services of the members of the management team may have an adverse effect on the company. While we have seen a high number of qualified inbound job applications, there can be no guaranteed assurance that we will be successful in attracting and retaining other personnel we require to successfully grow our business.
The Company may never receive a future equity financing or elect to convert the Securities upon such future financing. In addition, the Company may never undergo a liquidity event such as a sale of the Company or an IPO. If neither the conversion of the Securities nor a liquidity event occurs, the Purchasers could be left holding the Securities in perpetuity. The Securities have numerous transfer restrictions and will likely be highly illiquid, with no secondary market on which to sell them. The Securities are not equity interests, have no ownership rights unless certain qualifying conditions are met, have no rights to the Company’s assets or profits and have no voting rights or ability to direct the Company or its actions unless certain qualifying conditions are met.
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