From GET/GUTS CEO Maarten Bloemers. This was originally posted in the GET Protocol July update blog.
With the first signs of cryptospring in the air, we thought it would be fitting to provide an update on how we made it through the winter and to give some insight in the continuity and strategy of the organisation. Although we aim to be as transparent as possible, we shall not go into specifics because this could harm our position in the market.
Just before the winter we’ve used a rather large portion of ETH to provide us with 1,5 years of runway. In hindsight we’d rather have used a bit more, but all in all we’re quite pleased with the chosen strategy. Furthermore we’ve mitigated risks by swapping a sizeable amount of ETH to BTC. The organisation as a whole only has ETH & BTC in holding because we believe these to have reached (to some extent) an anti-fragile state.
In short; things are good on the crypto side of things.
After almost 3 years of building, we believe our application is ready to scale. With the functionalities we now offer we’re a player to be reckoned with in the Dutch ticketing market. New additions to our sales team and upcoming functionalities will help grow and consolidate our market share in the Netherlands.
Because of the tight grip ticketing behemoths have over venues, artists and promoters, the most efficient way to grow is by onboarding independent parties and they are scarce if we keep acting locally. To maximize volume in tickets, our goal for next year is to standardize our front and backend, so anybody who wants to create their own primary ticketing company can do so without too much hassle.
Existing ticketing companies can choose to implement our tech with little to no investment, both financially and time-wise, and can start to reap all the benefits of selling truly digital tickets. Our strategy to take down the behemoths can be summarized best by; death by a thousand cuts.
Our burn rate is decreasing steadily due to turnover new clients are bringing in.
Even without any new clients we could keep up the current pace for several years, but we’ve projected that we’ll hit break even well before our means run out.
To achieve that goal we’re hiring new team members every month and will continue to do so. Even without any new clients we could keep up the current pase for several years, but we’ve projected that we’ll hit break even well before our means run out.
TLDR; Continuity of the organisation is guaranteed due to recurring revenue and there is room to invest in further growth for several years.
More about GET Protocol
Any questions or want to know more about what we do? Join our active Telegram community for any questions you might have, read our whitepaper, visit the website, join the discussion on the GET Protocol Reddit. Or get yourself a smart event ticket in our sandbox environment. Download the GUTS Tickets app on iOS or Android.