|1||🔥 NEW: Winner of Render Capital competition scoring $100k investment|
|2||🔍 Named a "top 5 startup to watch in 2020" by Business First|
|3||📈 Founder previously co-founded Touchcast & managed suite of internal communication products w/AI|
|4||⚡ Glvvv (solves "emailing yourself") is a "lightning bolt wedge" into the market|
|5||🚀 ~1B knowledge workers and 81%(!) email themselves reminders|
|6||🔮 Shaping how AI will assist knowledge workers and defining the culture management software market|
|7||📢 Top SEO rankings for "culture management" and "culture management software"|
|8||⚙️ Funding is to further develop AI/ML (GPT-3) for more automation|
I invested in Unitonomy because the time is right for remote working to truly take off, and with its rise the remote workforce will need a new suite of tools to coordinate and communicate effectively. Many companies are just now learning that remote work doesn't end at video calls, that's where it starts. The founding team at Unitonomy have a detailed understanding of how people work, and how to make the right tools to help them work together, better, from wherever they are.
Unitonomy is halfway to its investment goal on Wefunder! We just won the Render Capital Competition (another $100k investment) and have some other good news to share.
Unitonomy is starting by augmenting the inbox with our product Glvvv. Email sits at the core of work. Email is made for correspondence yet we use email for much more than that. Email doesn't help us manage our work, manage information, or manage ourselves. We are unbundling the email experience and focusing on the habit where we can make an immediate impact: emailing ourselves reminders.
For the 1 billion knowledge workers in the world, work communication is all over the place. The disconnect is not just siloed systems. So many messages, so many channels, so many apps. Knowledge gets lost. Information is missed. Connection dissolves. And now work is going remote?
Knowledge workers need help managing knowledge and information.
Companies need help cultivating culture.
These are related problems that AI & software can solve.
Soon AI-powered software will dramatically improve productivity (you), collaboration (your team), and work culture (your organization) by augmenting the communication tools of knowledge workers.
Perhaps the most difficult aspect of scaling my previous startup, Touchcast, was cultivating how we worked as a team. We grew to over 100 people across 7 time zones. Each of our teams had a specific, siloed system that helped them coordinate their efforts (Jira for the tech team, Salesforce for sales, Zendesk for customer support, etc.). With so many siloed applications, important information got lost and often details were never communicated across teams.
Like most modern companies at this stage, Touchcast turned to Slack. Soon we were drowning in messages and alerts. So we ran more meetings. Instead of improving our culture, we were making it inefficient and productivity suffered. We've found that this same story plays out across organizations worldwide.
We thought we had a culture problem. In reality, we had a communication problem. We needed help managing and transferring our information and knowledge.
According to Gartner, enterprise companies spent over $2,000 per employee in 2018 on consultants and workshops to change company culture and improve communication. Meanwhile knowledge workers are spend 80% of their time communicating in email, messaging systems and meetings, according to Gallup.
This is a really valuable problem to solve: can communication be enhanced to make information and knowledge transfer efficient and effective? Because that's how you change culture.
Culture management software is a nascent market that Unitonomy will define and corner. (we already vie for the top SEO ranking!) Whereas the productivity and people operations markets are focused on serving or managing the individual employee, culture management software focuses on the mechanisms and conditions for good communication and collaboration.
The time is now to offer innovative software solutions that cultivate employee connection through better communication and AI for 3 reasons:
We've built an engine to augment knowledge workers across the communication tools and systems they already use. Using the metaphor of a car's transmission, here's how communication transmits between capturing and organizing (we've already developed the green blocks):
This engine enables the potential to scale and expand quickly. In ten years, we envision Unitonomy offering products spanning the specific needs of internal communication across workplace culture.
Utilizing this advantage, our wedge to drive adoption is our product Glvvv. So many people email themselves reminders and Glvvv keeps this act just as fast and automatically categorizes the information.
By late summer of 2019, a group of people joined me on the Unitonomy mission because they saw the vision, believed in me, and wanted on board. The pandemic forced us to change plans around when to run private beta pilots and fundraise. The silver lining is we used the time to develop Glvvv.
Now with companies adapting their cultures to remote work, demand is running high for the solutions Unitonomy is providing.
Launch on Product Hunt: https://www.producthunt.com/posts/getcommit-by-unitonomy
There's a softer side of knowledge that companies need to understand: how do employees feel about their work?
A critical part of internal communication. is listening, and that's what OrgVitals does. Unitonomy took research from the University of Louisville that surveys employees. Using our engine, we created OrgVitals to ask employees how they feel about their work experience, their collaborations, and the overall culture.
But how we ring the cash register doesn't matter if we can't build awareness with customers.
Our customer for Glvvv is the individual knowledge worker. Our aim is to have Glvvv customers tell their boss and have companies use GetCommit.
Unitonomy is putting significant effort into running acquisition experiments to understand which segments of customers convert through different mechanisms:
One core strategy comes from our first investor (Garrett French, citationlabs.com): lead with generosity. Unitonomy provides free tools that get people to our website. This includes the User Manual (fun tool to generate a presentation that's all about you as a collaborator to share with your team). Give them a try!
Through these experiments we've cracked SEO and Unitonomy already ranks at the top for "culture management" out of 2.5B webpages!
We are confident we are well-geared to execute on our vision because of the quality of our team. We are 9 people full-time and 3 part-time (plus sales reps working part-time on commission).
Three advisors joined us: employee engagement researcher Dr. Brad Shuck from the University of Louisville; Martin Low, founder of OnPlane Consulting and formerly of Amazon; and Christopher Davis, senior product designer at Trello (Atlassian).
As the pandemic hit, we paused our initial fundraising (we raised about half of our $500k goal just as quarantine began). We hunkered down to mature our beta software. Now is the time to formally launch our beta products and renew our fundraising.
To date, the Unitonomy team is super proud of what we've accomplished in short order and despite the global pandemic:
We are creating something valuable, to not just improve our customers' lives today, but to position them better for the future. We know the commitment and time such an endeavor takes because we've already lived it. We hope you will join us on the journey.
Unitonomy, Culture Management Software. Help people work together better.
Unitonomy has financial statements ending December 31 2019. Our cash in hand is $62,660, as of August 2020. Over the three months prior, revenues averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $32,747/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.
Most companies know culture and AI are competitive advantages. Few are prepared to leverage either.
Unitonomy helps companies change and manage their culture with AI and software that augment internal communication.
In other words, our products complement tools already in use inside a company to help their people communicate effectively and efficiently. We know when colleagues are better connected to each other, to their purpose, and to knowledge, the entire culture performs better.
Unitonomy are defining "culture management software" to corner the market by using AI to provide affordable, self-managing software that delights colleagues and returns ROI by improving the culture.
In other words, we are building the Atlassian for culture management software in the age of AI.
Given the Company’s limited operating history, the Company cannot reliably estimate how much revenue it will receive in the future, if any.
Unitonomy Inc. was incorporated in the State of Delaware in June 2019.
Since then, we have:
Historical Results of Operations
Our company was organized in June 2019 and has limited operations upon which prospective investors may base an evaluation of its performance.
Related Party Transaction
Refer to Question 26 of this Form C for disclosure of all related party transactions.
Liquidity & Capital Resources
To-date, the company has been financed with $30,000 in debt and $237,500 in SAFEs.
After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 4 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 4 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
Unitonomy Inc. cash in hand is $62,660, as of August 2020. Over the last three months, revenues have averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $32,747/month, for an average burn rate of $32,747 per month. Our intent is to be profitable in 18 months.
We have spent the last year since the company's inception developing our products, three of which are launching in August 2020 so we have the prospect of selling products and generate revenue for the first time.
In six months we hope to have revenue in the range of $40,000 - $50,000 per month and expenses in the range of $80,000 - $90,000 with the monthly losses continuing to decrease month to month as revenues ramp up.
We hope for monthly recurring revenue to be an increasing source of cash to fund operations as we progress from our product launches. Other than product revenue, investments are expected to be our primary source of capital.
The Company is an early stage company incorporated in Delaware on June 17, 2019. Accordingly, the Company’s operations are subject to all the risks inherent in the establishment of a new business enterprise, including potential operating losses. Any investment in the Company must be considered in light of the risks, expenses and difficulties frequently encountered by companies in an early stage of development in new and rapidly evolving markets. These risks include the Company's substantial dependence on acceptance into a highly competitive marketplace surrounded by better funded and more established companies, our need to conduct product development, and our need to expand our sales and support organizations, respond to competition, manage changing operations, develop strategic relationships, control costs and expenses, maintain and enhance our brand, expand our product and service offerings, improve function and benefits, attract, integrate, retain and motivate qualified personnel, and rely upon acceptance and growth in our targeted markets. In addition to being subject to all of the risks associated with the creation of a new business, the Company will be subject to factors affecting business generally, such as general economic conditions, increasing government regulatory activity and competition. The Company believes that the estimates prepared by them as to capital, personnel, equipment and facilities required for their operations are reasonable, but until their operations have continued for a period of time, it will be impossible to determine the accuracy of such estimates. No assurance can be given as to the ultimate success of the Company. The likelihood of the success of the Company must be considered in light of the problems, expenses, difficulties, complications and delays frequently encountered in connection with the formation of a new business.
We face competition with respect to our key products that we seek to develop or commercialize in the future. Many of our competitors have significantly greater financial, technical and human resources and superior expertise in research and development, marketing and websites. These competitors may also in the future compete with us in recruiting and retaining qualified personnel and acquiring technologies. Smaller or early stage companies may also prove to be significant competitors, particularly through collaborative arrangements with large and established companies. Accordingly, our competitors may commercialize products more rapidly or effectively than we are able to, which would adversely affect our competitive position, the likelihood that our products will achieve initial market acceptance and our ability to generate meaningful additional revenues from our products. Our success depends on our ability to anticipate and respond to shifts in business trends, including increased demand for products that meet the needs of companies that are increasingly concerned with remote workers. Consumer preferences may shift due to a variety of factors and there is no guarantee that the Company’s products will successfully anticipate future consumer preferences or be able to adapt to changing consumer preferences.
The Company might not raise enough funds in this offering to meet its operating needs and fulfill its plans, in which case the Company might need to reduce sales & marketing, engineering, or other expenses. Even if the Company raises the entire round successfully, we may need to raise more capital in the future in order to continue. Even if we do make successful offering(s) in the future, the terms of that offering might result in your investment in the company being worth less because of the terms of future investment rounds.
The Company’s future success depends on the continued services and performances of key management, consultants and advisors, and it currently does not carry key person life insurance. However, the Company may secure key person life insurance when such coverage is deemed financially prudent. Also, the Company’s future success may further depend on the Company’s ability to attract and retain additional key personnel and third party contractual relationships. If the Company is unable to attract and retain key personnel and third party contractors, this could adversely affect our business, financial condition, and operating results.
Michael Mooney is a part-time officer. As such, it is likely that the company will not make the same progress as it would if that were not the case.
Increased IT security threats and more sophisticated cyber crime pose a potential risk to the security of our IT systems, networks, and services, as well as the conﬁdentiality, availability, and integrity of our data. If the IT systems, networks, or service providers we rely upon fail to function properly, or if we suffer a loss or disclosure of business or other sensitive information, due to any number of causes, ranging from catastrophic events to power outages to security breaches, and our business continuity plans do not effectively address these failures on a timely basis, we may suffer interruptions in our ability to manage operations and reputational, competitive and/or business harm, which may adversely affect our business operations and/or ﬁnancial condition. In addition, such events could result in unauthorized disclosure of material confidential information, and we may suffer ﬁnancial and reputational damage because of lost or misappropriated conﬁdential information belonging to us or to our partners, our employees, customers, suppliers or consumers. In any of these events, we could also be required to spend signiﬁcant ﬁnancial and other resources to remedy the damage caused by a security breach or to repair or replace networks and IT systems. The trend toward public notiﬁcations of such incidents could exacerbate the harm to our business operations or ﬁnancial condition.
To develop revenues we must expand our customer base. To accomplish this, we must increase our visibility in the marketplace. Potential customers must be aware we exist and be able to find us. We need to demonstrate how our services can be useful to them. That could require us to devote more resources to marketing efforts, including advertising and other expenses, to build public awareness of our brand. Even with an enhanced marketing effort, there is no guarantee that we will be able to increase the number of new visitors to our website and in turn, convert them into paying customers. Any number of conditions could affect the success of our marketing efforts, including a poorly executed campaign, the failure to deliver our services in a manner that keeps customers coming back, or an inability to keep up with new technologies, which could have a negative impact on user experience with our website and adversely affect our results of operations and future growth. As we grow our customer base and scale to a large number of users, our infrastructure as it relates to storage space, bandwidth, processing ability, speed and other factors may begin to deteriorate or fail completely. This may result in deteriorating user experience, system failures or system outages for continued periods of time. If we are unable to resolve any technical glitch, our business and financial conditions could suffer.
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 as a service platform. 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. We may provide certain projected results of operations to prospective investors in connection with this offering. Projections are hypothetical and based upon present factors thought by management to influence our operations. Projections do not, and cannot, take into account such factors as market fluctuations, unforeseeable events such as natural disasters, the terms and conditions of any possible financing, and other possible occurrences that are beyond our ability to control or even to predict. While management believes that the projections reflect the possible outcome of our operation and performance, results depicted in the projections cannot be guaranteed.
Technical developments, customer requirements, programming languages, and industry standards change frequently in our market. As a result, success in current and new markets will depend upon our ability to enhance current products, address any product defects or errors, acquire or develop and introduce new products that meet customer needs, keep pace with technology changes, respond to competitive products, and achieve market acceptance. Product development requires substantial investments for research, refinement, and testing. We may not have sufficient resources to make necessary product development investments. We may experience technical or other difficulties that will delay or prevent the successful development, introduction, or implementation of new or enhanced products. We may also experience technical or other difficulties in the integration of acquired technologies into our existing platform and applications. Inability to introduce or implement new or enhanced products in a timely manner could result in loss of market share if competitors are able to provide solutions to meet customer needs before we do, give rise to unanticipated expenses related to further development or modification of acquired technologies as a result of integration issues, and adversely affect future performance.
The Company intends to use a significant portion of the proceeds from the offering for unspecified working capital. The offering proceeds will be used by the Company in the ways management deems most effective towards the Company’s goals. This means that although we definitely have plans for the proceeds (focused on sales, marketing, and product development) the Company will have ultimate discretion to use the proceeds as it sees fit, including but not limited to providing a salary to corporate officers, and the Company has chosen not to limit the Company’s use of the funds to specific uses that investors could evaluate. Such portion of the proceeds from this offering will be used for the purpose that the company’s management deems to be in its best interest in order to address changed circumstances or opportunities. As a result of the foregoing, the Company’s success will be substantially dependent upon its discretion and judgement with respect to application and allocation of such portion of the proceeds of this Offering. The company may choose to use the proceeds in the manner that the investors do not agree with and investors may have no recourse. The Company’s management is committed to the long-term growth of the business and, thus, cannot assure you that the proceeds will yield any return in the short or immediate term, if at all. A use of proceeds that does not further the Company’s business and goals could harm the Company and its operations, and ultimately cause an investor to lose all or portion of his or her investment.
We do not plan to pay dividends in the near future and there is no guarantee shareholders will ever receive any profit from the Company’s operations. The Company may never receive a future equity financing or convert the SAFE (Simple Agreement for Future Equity) 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 SAFE nor a liquidity event occurs, the investors could be left holding the SAFE in perpetuity. Any securities received upon the conversion of the SAFE will likely have numerous transfer restrictions and will likely be highly illiquid, with no secondary market on which to sell them. The SAFE is not an equity interest and has no rights to the Company’s assets or profits and has no voting rights or ability to direct the Company or its actions. In addition to the risks listed herein, businesses are often subject to risks not foreseen or fully appreciated by the management. It is not possible to foresee all risks that may affect us. Moreover, the Company cannot predict whether the Company will successfully effectuate the Company’s current business plan. Each prospective investor is encouraged to carefully analyze the risks and merits of an investment and should take into consideration when making such analysis, among other, the Risk Factors discussed herein. THE SAFE INVOLVES A HIGH DEGREE OF RISK AND MAY RESULT IN THE LOSS OF YOUR ENTIRE INVESTMENT. ANY PERSON CONSIDERING AN INVESTMENT SHOULD BE AWARE OF THESE AND OTHER FACTORS SET FORTH HEREIN AND SHOULD CONSULT WITH HIS OR HER LEGAL, TAX AND FINANCIAL ADVISORS PRIOR TO MAKING AN INVESTMENT. AN INVESTMENT SHOULD ONLY BE MADE BY PERSONS WHO CAN AFFORD TO LOSE ALL OF THEIR INVESTMENT.
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.
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