Ryan Shank discusses the Equifax breach as a lesson in employee fraud and checks and balances for founders. PhoneWagon made one sale that day with a goal of two per day to hit $1,000 MRR weekly. He's pitching a $1 million seed round at $6 million pre-money valuation using demos instead of a formal deck.
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Yeah, I mean, I was just thinking because it's fresh people are sort of seeing it that the sooner the better another person sorta reach out so it'd be cool if you broke it though through like—
Guys guys guys!
Alright this is what we're doing. We're using the incident that happened the other day to spread awareness about employee fraud with everything going on with Equinox? Equifax hack? The Equifax hack? That's crazy. Everything that's going on with the Equifax hack all this other fraud and things like that. Where there's We're also spreading awareness that even people outside of your organization can hack into you or they can scam you and scams are getting more sophisticated and things like that. We wanna spread awareness to other entrepreneurs, other founders that this can happen. So one, it's super important now more than ever that you need to put systems in place and you need to have checks and balances and things like that. Are you done?
Yep.
Alright, cool. And things like that, I talked to a writer, I guess, a contributor for a pretty good publication. So by the time you guys are seeing this, actually it should be out, so check out the link to the article, it's gonna be in the description. Oh no, it's not gonna be out today, it's gonna be out tomorrow. and we kind of like just went over like strategy because like we want to be able to spread awareness and to like help other people from this situation. And so that we're not like the only ones that are learning from it, like we want other people to be able to learn from it as well. So other than that, the day was okay. Like we had one sale. Not bad, not bad. But I mean, we need more. We need at least two a day because we're going for 10 a week, $1,000 in net new MRR per week. So anyway, we're gonna get to the vlog. If you guys are new here, my name is Ryan Shank. This is our journey. We're building PhoneWagon from the ground up. No outside funding. We do this every day. We're going through Techstars in New York City. Hope you guys are out there working hard, being pioneers, being wagoners.
Welcome to the vlog.
Like, I actually want to like really paint the big fucking picture and close the loop. Like, basically paint the picture of how we're going to close the loop.
Where did I send that?
Where was that? Did it say $4 billion? Like what? Yeah! Like literally like voice changer I'm doing listening to his calls and I do a demo when it's like—
he has like a super thick southern drawl so yeah damn sure damn damn damn damn damn damn damn sure you didn't have taken any outside help.
So I guess that happened on Wednesday or Thursday last week. Yeah, I mean I was just thinking because it's fresh people are sort of seeing it but the sooner the better. Yeah, that'd be awesome. That could be interesting. Interesting. And I told him the price of the round. I was like, it's gonna be a $1 million round at $6 million pre. And he was like comfortable with that. 'Cause again, it's not based on, it's not like, no one's doing like a revenue multiple. For investor pitch practice? Uh, I just don't have a pitch yet. I can show up. I'm just, yeah, yeah, yeah. So funny though, I literally said to this guy, he's like, look, we don't have to go through a deck or anything. I was like, well, that's good 'cause I don't have one. And he's like, oh, that's good 'cause every company we've invested in, we've invested like not because of the deck.
And I was like, yeah.
So like, I feel like having, not having a deck back is actually like plays well for you. Yeah, so either way, that was like Do you have like a folder, like a Dropbox link with like assets, like, uh, just the, uh, uh.
