Founder’s AMA Recap: August 17th 2022
- (27:00) Iwan Spillebeen, Sonar’s Strategic Advisor is introduced. Find his LinkedIn HERE. Iwan goes on to give his background and prior experience and how it fits into Sonar.
- (33:00) Jacob speaks about the last 6 months and the process of developing our business plan, defining revenue streams, preparing the pitch deck, practicing pitches, identifying VC’s and beginning to approach them.
- (34:11) Mike adds background to our experience thus far while speaking to various potential investors, and the different types of interest of the money that is out there.
- (36:40) Q: “How has the search for the right partners been, and what is the process for finding the right one which synergizes with the team and the project?”. A: Iwan answers that we are being more selective, and not looking for a partner that “just” wants to invest, but to also be actively involved in the growth of an early stage company. That includes tapping their knowledge, assistance with marketing, listing, and to help us take our product to the next level.
- (42:45) Q: “Has the long term business plan been completed?” A: Yes, it has been the work of many months and going over every facet and detail of the business. It’s a living document and will continue to be updated and fine tuned as Sonar evolves.
- (44:15) Q “Once the Whitepaper is finalized, is there a plan for applying to exchanges or is it a wherever/whenever approach?” A: The completed registration gives us the ability to list. Multiple factors are considered such as market state, product state, user rate. We want to maximize the opportunity of being listed for the most benefit.
- (49:10) Jacob shows a preview of our social media strategy & design. Then moves to a preview of the upcoming 0.3 update. We will also offer advertising packages for 3rd parties to advertise on our platform.
- (58:00) Preview of some Academy video content from our collaboration with Illo.
- (1:03:00) Community member makes a point that “Sonar is the brand ambassador for blockchain”. Mike expands; the mission of Sonar is to not only provide tools, but to also bring new users into blockchain and act as a steward of the space.
- (1:06:24) Jacob explains the “Sonar Blocks” feature, which are interchangeable app modules which can be used in other apps or platforms which are Sonar sourced and branded.
- (1:07:41) Ryan speaks about the upcoming Press campaign which will build upon the previous. Our press contacts and network continues to strengthen and we are able to build on past placements to secure newer and better ones.
- (1:09:30) Q: “What do you think the most important factor to consider is so that society will adopt the benefits of blockchain?”. A: The problem is how do you bridge traditional finance with blockchain economy, while overcoming individuals prejudices? Tools should be easy, intuitive, and powerful enough so someone who wants to enter this space can do so seamlessly. Sonar is working to create this bridge of mass adoption. Many of the projects that are reaching mainstream consciousness are only on centralized exchanges. So how do you bridge the gap to lesser known assets and companies? That is where Sonar comes in.
- (1:17:00) Q: “Why do we need analytics tools for a market that essentially follows Bitcoin?” A: Bitcoin may dictate the general trend but so much of the granular data that traders rely on is only gained by analyzing specific tokens and timeframes. Furthermore, when considering DeFi projects that are not on centralized exchanges, these tokens often defy overall market movements and require individual identification and analysis.
- (1:19:00) Mike expands upon this answer, with trading in traditional or the crypto space, one needs 7 or more windows and applications open just to gather all the raw data necessary to make trades in real time. Sonar is the amalgamation of all of these tools, condensed into a single interface. This is the essence of what Sonar is from the tools perspective.
- (1:20:00) Q: “Please expand on the currency aspect of PING? Couldn’t the subscription be paid with fiat?” A: Please read the very comprehensive article on this subject HERE.
- (1:25:00) Q: “WebSummit again this year?” A: We could potentially be very busy around that time if funding comes in, and that could be a good thing. Once a VC decides to invest, we become locked into certain KPI’s and deadlines, which means it’s really crunch time. WebSummit would take a back seat if that was the case.
We had a great time in this AMA! We thank Iwan for joining us as our special guest and due to his popularity we will have him back on again soon! Until next time Sonarians!