I found this quiz online. You're supposed to be able to easily speak your answers in under six minutes. Here's a crack at it.
What stage is your company in?
Hi-Curious is a seed stage cannabis tech and marketing platform. Our revenue is generated through premium creator subscriptions & brand partnerships. We have been testing our concept for market fit and have just begun to produce revenue.
What is your unique selling proposition?
We provide a safe, legal platform to broadcast, share and monetize cannabis content, education and entertainment. Our platform starts where mainstream channels stop for the cannabis industry. We provide brands and creators the ability to create ongoing, meaningful relationships with their customers.
Describe the reasons why you started and developed your business?
In 2017, I "discovered" that cannabis is a wellness supplement and I wanted to share my discovery with the world. But, I couldn't find anyone "like me" or any thought leaders talking about it. This was due to the fact that it was early days (before the Farm Bill), due to stigma and few people being out of the closet, and due to the fact that there was nowhere safe and legal to talk about cannabis online.
I started Hi-Curious to provide a place for cannabis consumers, creators and brands to find one another and deepen their relationships in community.
I built the platform to help people start successful subscription businesses with no up-front costs.
And, finally I built the platform to build a bridge between cannabis businesses and their loyal brand lovers.
When did you start the business and how long have you been in operation/profitable?
I started the Hi-Curious brand before cannabis was cool and before CBD was legal. I officially trademarked the company as a digital marketing company in September 2020. However, we were on the app stores as of 4.20.20. We currently are breaking even on our very low run-rate. We will be profitable with 3 brand partners at $1420/month, we currently have one.
How much have you invested in the business and what have you used the money for?
I have invested the past three years full-time and invested $100K of personal money in the business. We have raised $350K in friends and family capital on a SAFE with a $3.5 million pre-money valuation. We used that money to fund a small content team, the development of the mobile app and our proprietary digital e-commerce platform that integrates with the app.
What are your business' total lifetime sales since starting? What are your current sales in the past 90 days?
In 2021, we had some nominal sales across Hi-Curious Premium while we tested the concept. In 2022, we began focusing on building our brand relationships and have had $6640 in sales.
Imagine yourself as an investor in your own company. If you provide funding, how will you get your money back, and how will you profit from your investment?
I am an investor in my company. Here's how we are going to get our money back and more:
The trusted name in cannabis wellness: we will grow over 3-5 years to 250K+ opt-in cannabis consumers who come back daily.
The cannabis wellness creator hub: in five years, we will have 5,000 revenue generating communities ranging in price from $4.20/month to $1420/month with an average of 20 members each.
The place cannabis wellness brands talk to their stakeholders: by year 5, we expect to have more than 2500 brand partners paying an average of $420/month.
3 years -- sell entire business or strategic partnership with an MSO
5 years -- sell entire platform or strategic partnership with mainstream media wellness platform
7 years -- IPO
What are the biggest hurdles your business has faced and how did you overcome them?
In 2019, "Vape Gate" caused both app stores to delete cannabis apps overnight. We were almost ready to launch. We had to pivot, but when the pandemic made virtual connection necessary, we were able to revive the app and get it approved on the app store on 4.4.20.
When we were building our e-commerce platform, it was surprisingly difficult to find a merchant services provider. After 3 months of refusal due to our association with cannabis, we decided to go with a cannabis payment provider; Hypur. But, it turned out that the Hypur platform was a terrible user experience. And, we knew we needed to build trust. We finally found a merchant services provider in NMI that allowed us to take debit and credit with fees that are more manageable than Hypur.