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Fundraising from... you - Need $5,000 from 500 people, each giving us $10.

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Re: Fundraising from... you - Need $5,000 from 500 people, each giving us $10.

#21
@jgrahamc

1. How do you compare with all the other book swapping sites out there?

We offer faster swapping. In the presentation video we called it "Instant Swap" but didn't explain in detail. Here's how it works. At our site, people don't have to wait to swap their books. Just send your book to us and you can request a book back. It's different from other sites because we work with a fulfillment center they are only peer to peer.

2. You financials seem to indicate that by 2010 you'll have revenue of $70k is that correct?

Yes, we calculated the numbers by comparing it to one of the swapping site. Don't believe it, though. It only shows our faith.

3. Why would I pay to swap a book? It seems to me that in swapping a book I'm already giving something and getting something of 'equal' value; what makes you think people will pay for this service?

Swapping is all about getting the book you want with low price. If you swap manually, it's cheaper because sending a book usually costs $2.47 via USPS. However no one can tell you when the book you want is available. At our site, you don't need to wait, when you see some book you want, click instant swap and then send your book. The book you want will be delivered to you in 5-10 business days. All you have to pay is $3.99. We think it's a better swapping experience and worth $3.99.

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@cmccann77

Thanks. Our goal is actually $15,000 but we don't think we can make it. So we decide we get around 5k through this and get a loan for the rest.

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@aristus

Q: if this is a "swap", who pays the 4 bucks? Both parties?

Only the one who gets the book pays. Sending is free, getting a book is $3.99.

O1: I think you are onto something here. But it is probably not this exact idea. If your proposition is "cheap + used + as fast as Amazon"... why not just use Amazon? People with books valued over 4 bucks lose out; better to sell it.

Swapping is for people who sell their books to read more. If they want to get money, selling them on ebay or Amazon would be a better choice.

O2: You have been working on this full-time for 6 months, and have 3 months more to go? That is an unhealthy amount of time to do something like this without user feedback.

We started it as a part-time and go full-time a few months ago, but can't continue because of financial reasons. We do show our prototype to friends and ask for feedbacks, just not publicly.

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@joeguilmette

Q:do both parties mail their books at the same time? why the $4 fee? what does that money buy? to me, this looks like you could get leapfrogged by a facebook app, which says

I didn't explain everything because I'm afraid no one will go through a presentation more than 5 minutes. The other reason I don't explain is customers don't have to care about the swapping details.

You send your book when you see some book you want, and pay $3.99 total. The book you send goes to our warehouse and you don't have to worry when someone wants your book, we'll handle that.

The $3.99 is for shipping + our commission

Q: also, is this $10 an investment or a donation? do we get any equity for purchasing?

It's a donation. We did want to make it an 3%~5% investment (compared to YC funding 5%~7% for $15k) but we don't think we can promise anything so we dropped it. We'd like to give contributors special deals when we start the swapping.

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@falseprophet

Q: Why do you keep telling us you are Taiwanese? Note Paul Graham never tells us he is English.

A: It's the same as people calling their live website a "beta" --- just some excuse when things go wrong.

Re: Fundraising from... you - Need $5,000 from 500 people, each giving us $10.

#22

You expect people to donate to a profit seeking venture? That is insane. I think you would have better luck asking for investors of >= 1000 and giving them equity. edit: Nevermind. I just read one of the co-founders is a business-dev guy with a "big idea" and I just vomited in my mouth. edit edit: Why do you keep telling us you are Taiwanese? Note Paul Graham never tells us he is English.

[deleted]

Re: Fundraising from... you - Need $5,000 from 500 people, each giving us $10.

#23

I'd also recommend you do some contracting work if you can swing it. I recently left a full-time position and now devote 50% of my time to contracting, making 2x as much per hour. Net result: I have 50% more free time and make roughly the same amount. There could be dry spots if the economy / web bubble slips, but for the most part demand seems to be exceeding my capacity so far. ($4k contract for 50 hours of my time…

I agree.

Re: Fundraising from... you - Need $5,000 from 500 people, each giving us $10.

#24

You expect people to donate to a profit seeking venture? That is insane. I think you would have better luck asking for investors of >= 1000 and giving them equity. edit: Nevermind. I just read one of the co-founders is a business-dev guy with a "big idea" and I just vomited in my mouth. edit edit: Why do you keep telling us you are Taiwanese? Note Paul Graham never tells us he is English.

I am starting a business, the business is to solicit donations.

I also like how they are asking for funds to start the site, but don't explain what the money is actually for. How is 5k going to magically get things off the ground? Is the bus-dev guy going to outsource it?

Re: Fundraising from... you - Need $5,000 from 500 people, each giving us $10.

#26

$5000 isn't worth the risk of using 500 non-accredited investors. If you really believe in your company my advice is to put some real sweat equity into your business and a. get a part time job, restaurant servers get good tips b. take out a credit card c. liquidate everything you can to afford it d. or a combination of all three

b. and c. are not an option for everyone. Their risk profile may be different than what you think it to be.
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