I have developed a software programme which guides managers in real time while they are conducting coaching sessions. It has a lot of IP built in to help managers coach across a wide range of issues combined with the connection software. We have some initial traction with some big companies but it is very small and only in the pilot stage. I had a great conversation with Kevin McCathy. One option he suggested was to develop a freemium version to build up a customer base. Would like to do this but really need some income right now so concentrating on building income from companies. There is only me in the company, funded from savings and friends. Would appreciate advice on should I try and get some funding and get the freeium version going or should I stick to what I am doing? Or try a new approach altogether.
It sounds like you really want or need to be making money from this venture quickly and that you are either at capacity or nearing capacity for you to continue self-funding this. If I'm reading the situation correctly, an investment in building out a freemium version is not feasible at this point. The cost to do so and the relatively low conversions from free to paid, make this option seem unrealistic at this point, although it certainly has long-term value.
I was able to raise a small angel round from great angel investors at a time when I had a few large companies in varying stages of piloting my software that was all about collecting feedback from employees. So it's possible that you could put yourself in a situation where you could raise a small angel round as well. I would suggest that's the best path forward unless you think one of your customers is near the point where they could make a significant purchase in the next 30 days (which still would mean you're probably 90 days out from being paid).
Happy to talk to you in a call to explore your options more thoroughly.
