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Mint Founder Institute Accounting

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Andrei Marinescu
Andrei Marinescu
Business
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Aaron Patzer, Founder & CEO June 30, 2008 Founders Institute: Accounting for Startups
Outline: Learn Sequentially ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Mint.com is the #1 personal finance web application . . . ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Helps users gain control over and do more with their money Accessible on the go (iPhone) and across the web (Yahoo!)
Aaron = Geek … with accounting skills Duke: EE / Comp. Sci. Princeton: PhD Dropout Financial + Managerial Accounting
Garage: Goal = Prototype ,[object Object],[object Object],[object Object],[object Object],Pre-revenue Valuation: +$500k / engineer -$250k / business guy
Garage: Expenses Expenses Minimum Cost Founders (living expenses) $30k / yr Engineering First Hires (low salary, high equity 1-5%) $30-50k / yr Office (by the cube) $400 / cube / mo Tech (laptops + couple of servers + dev software) $10k Legal (Corporate setup) Deferred payment for 0.50 – 0.75% of co. 2 founders + 1 engineer/contractor (Assumes 1 technical + 1 business founder) = $150k / year burn  Raise Seed money within 9 mo.
Seed: Goal = Alpha Launch ,[object Object],[object Object],[object Object],[object Object],[object Object]
Seed: Expenses Expenses Cost Annual Salaries (equity decreases, salaries rise, but below market) $50 - 90k / yr $450k Overhead (facilities + benefits + taxes + food + laptops) +20% $100k Legal (…and VCs will make you pay for the financing) $25k (incorporation) $2k / mo (general) $50k Total burn (5-6 person team) = $600k / yr  Raise Series A within 12 mo.
Seed: Revenue Projections You have a revenue model, right? ,[object Object],[object Object],[object Object],[object Object],[object Object],2007 2008 2009 2010 $1m $10m $50m
Mint - Money Intelligence Competition: Quicken & LowerMyBills ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Original Mint late 2006 slide Consumers
Lead-Gen & CPA Opportunity: $30+/user/yr Original Mint 2007 slide Category Where on Mint CPA Revenue Frequency Of Action User Adoption Rate (%) = Goal Rev User / Year Credit Score WTS $36 2 yr 20% $3.60 Credit Cards WTS $60 2 yr 10% $3.00 Check/Save WTS $30 2 yr 10% $1.50 IRA Center $100 3.5 yr 5% $1.40 Brokerage Inv/WTS $200 Once 5% $2.00 CDs WTS $30 Once 10% $0.60 Daily Savings Txn $1.50 1 mo 20% $3.60 Insurance WTS $15 2 yr 10% $0.75 Comm. Services WTS $50 2 yr 10% $2.50 Mortgage Refi. WTS $200 Once 5% $2.00 Travel Goals $50 2 yr 10% $2.50 Home Improve Goals $200 Once 5% $2.00 Edu & 529 Goals $200 Once 5% $2.00 = $30
Business Model: Referrals & Lead Generation ,[object Object],[object Object],[object Object],[object Object],Mint - Money Intelligence Original Mint late 2006 slide 20 – 65 M x $30 = $0.6 – 1.8 B User base Rev/user/yr Mint Opportunity Advertisers
Funded = Launch & Lead ,[object Object],[object Object],[object Object],[object Object]
Funded: Expenses Expenses Cost Salaries + Overhead (Salaries at market + taxes + benefits + facilities) $200k / yr COGs (customer service, SMS, bandwidth, servers to scale) Widely varying Legal (contracts, patents, employment scale up with headcount) $10-50k / mo Total burn (30 person team) = $6.0m / yr  Profitable with 2 years
Build a Model ,[object Object],[object Object],[object Object]
Acquired: More than $$$ ,[object Object],[object Object],[object Object]
Questions?

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Mint Founder Institute Accounting

  • 1. Aaron Patzer, Founder & CEO June 30, 2008 Founders Institute: Accounting for Startups
  • 2.
  • 3.
  • 4. Aaron = Geek … with accounting skills Duke: EE / Comp. Sci. Princeton: PhD Dropout Financial + Managerial Accounting
  • 5.
  • 6. Garage: Expenses Expenses Minimum Cost Founders (living expenses) $30k / yr Engineering First Hires (low salary, high equity 1-5%) $30-50k / yr Office (by the cube) $400 / cube / mo Tech (laptops + couple of servers + dev software) $10k Legal (Corporate setup) Deferred payment for 0.50 – 0.75% of co. 2 founders + 1 engineer/contractor (Assumes 1 technical + 1 business founder) = $150k / year burn  Raise Seed money within 9 mo.
  • 7.
  • 8. Seed: Expenses Expenses Cost Annual Salaries (equity decreases, salaries rise, but below market) $50 - 90k / yr $450k Overhead (facilities + benefits + taxes + food + laptops) +20% $100k Legal (…and VCs will make you pay for the financing) $25k (incorporation) $2k / mo (general) $50k Total burn (5-6 person team) = $600k / yr  Raise Series A within 12 mo.
  • 9.
  • 10.
  • 11. Lead-Gen & CPA Opportunity: $30+/user/yr Original Mint 2007 slide Category Where on Mint CPA Revenue Frequency Of Action User Adoption Rate (%) = Goal Rev User / Year Credit Score WTS $36 2 yr 20% $3.60 Credit Cards WTS $60 2 yr 10% $3.00 Check/Save WTS $30 2 yr 10% $1.50 IRA Center $100 3.5 yr 5% $1.40 Brokerage Inv/WTS $200 Once 5% $2.00 CDs WTS $30 Once 10% $0.60 Daily Savings Txn $1.50 1 mo 20% $3.60 Insurance WTS $15 2 yr 10% $0.75 Comm. Services WTS $50 2 yr 10% $2.50 Mortgage Refi. WTS $200 Once 5% $2.00 Travel Goals $50 2 yr 10% $2.50 Home Improve Goals $200 Once 5% $2.00 Edu & 529 Goals $200 Once 5% $2.00 = $30
  • 12.
  • 13.
  • 14. Funded: Expenses Expenses Cost Salaries + Overhead (Salaries at market + taxes + benefits + facilities) $200k / yr COGs (customer service, SMS, bandwidth, servers to scale) Widely varying Legal (contracts, patents, employment scale up with headcount) $10-50k / mo Total burn (30 person team) = $6.0m / yr  Profitable with 2 years
  • 15.
  • 16.