What’s Happening With Your Start-up?

Bubblewrap logo.

So there was a point where I was building or I was supposed to be building, but I have somehow ended up crushing myself under the weight of indecision and a reluctance to get shit done.

Yes, my start-up’s name is Bubblewrap.

Yes, things have slowed down and I haven’t gotten it off the ground.

But, I am working on other things I feel are more viable (right now) with Ayobami. Long story short it’s a savings app that’s not like a regular savings app. You may probably love it when it’s done and you may not. But I believe it’s going to change how we save (at least I hope it does). There’s also a product for the betting space. TBH, that one is quite a different approach to get into the betting space.

The basic problems I had with Bubblewrap is the us vs them problem. There are problems we would face on our end as a tech company playing in the Insurance space.

• We would have to run a lot of PR (Public relations) and marketing to sanitize the public perception people have about insurance (search X, it’s not positive at all…and I know what I hear offline too).
• It’s going to be a battle to get the license to run in the insurance space (this is a skill issue). I have a way around this which was suggested to me by a brilliant start-up lawyer.
• There are those who don’t even believe they should have insurance and when I mention it, the shock on their face confirms their complete obliviousness.

On the part of the user, there are some issues that are harder to overcome.

• I’m very wary about fraud. I would be quite irresponsible not to consider the company being a target for fraud, especially in an industry like insurance. Finding a way to incentivize trust from our users and not rely solely on the good nature of our users.
• I also have to price the product at an amount that doesn’t swallow a huge chunk of my SAMs pocket.
• There is also the issue of the market. There’s something I realized about the market that makes me a bit hesitant. I’ll keep that one to myself.
• Deciding the first set of gadgets that Bubblewrap will insure is important for the company’s first few months of life. Our users need to have the options that really matter… Phones? Laptops? Cameras?

These are the things I think about more or less. The company is somewhere in the middle of all of this. But, till I figure those things out, I am donating my brainpower to crack the power of group savings (and the betting thing on the side). I currently owe Ayobami one PRD and another that I want to finish and also get his input.

This is more or less an accountability letter put out in the open. I should make an update to this with a progress report of sorts. They say build in public right? Well, let’s see how this goes. If you filled the survey form for Bubblewrap before, you should expect an email from us. If you are interested in joining our waitlist, send a DM or tweet at me for a link.

As for the savings app, Ayobami and I should have something for you guys soon. When I texted him recently, I set an ambitious target for December, so I’m going to hold myself to those standards. I understand that I’ll have to become an efficient machine to achieve this and that’s what I’m going to do.

I’m also going to make this a way to build discipline in writing. I’ve always wanted to write under a strict timetable but never found the structure. Here is to starting, and I hope to continue these posts as much as I can.

Cheers,

Tony.