As we count down to the last days of the campaign, I wanted to provide a recap of our progress over the last few months, and take this opportunity to express our gratitude.
For those of you still on the fence, this is the last chance to invest - please join us! :)
Recap of Progress:
- Ridgecrest: On July 4 and 5, 2019, we underwent a make-or-break moment: the Ridgecrest earthquakes (Magnitudes 6.4 and 7.1). These were large enough to create eligibility zones, but given the remote area, we had no customers in these zones (at that time - we do now) and therefore did not make any payouts. The great news is that our system works. In addition, we gained both visibility and growth. Each natural disaster brings opportunities to spread the word about how Jumpstart can provide key funds in a time of great need.
- Growth: Our customer growth has tripled over the course of the campaign. Spikes in customer sales have occurred immediately after people feel an earthquake, whether big or small. This means a key element of our marketing is timing - and to that end, we will continue to make best use of post-earthquake windows to bring awareness to Jumpstart.
- Marketing: Another key aspect of our marketing is word-of-mouth, and we continue to build marketing initiatives that inspire referrals. The Jolt Club, for small earthquakes, is the mort promising example where we are already seeing success - members are experiencing the simplicity of parametric payouts, but for smaller earthquakes - and they're getting rewarded for spreading the word.
- Thought Leadership: We continue to be invited to showcase parametric as a pillar of innovation in the insurance industry. At every event that I attend, Jumpstart's reputation precedes me - in a good way! Most recently, I learned that at least one other company has already referenced Jumpstart in conversations with regulators, as a proof point to illustrate the power and value of parametric insurance for consumers.
- Partnerships: Perhaps most exciting of all, we continue to make progress with our B2B partnership discussions, and I'm optimistic that we will roll-out a partnership by the end of 2019 that would double our customers nearly immediately.
Use of Funds
Now comes the fun part - making best use of your investment! Now that we know about how much is raised, here's what we plan to do with the money:
- Expand the product. Our natural first expansion will be for earthquake risk in Washington and Oregon. Meantime we will continue developing a product for flood risk.
- Grow the number of customers. We will continue and build upon our trajectory toward several thousand customers, with revenue in the multiple millions, by the end of 2020.
- Build the team. We're now able to fill key gaps in the team, for product development as well as marketing - at the strategic and tactical level. Recruiting is one of my favorite parts of the job, because everyone wants to join a company with tangible impact to make the world a better place.
What about my Perks?
After the campaign closes, you'll receive follow-up correspondence from Republic regarding the Crowd SAFE and other details. The close of the campaign is also when we'll start disseminating the perks. If you're at the $2,500 level or above, I'll reach out individually to discuss how you'd like to allocate your perks. Otherwise, please plan to expect your perks in the mail a few weeks after the campaign closes.
Now one of my favorite parts - giving gratitude. And what an appropriate week to do so, given the Thanksgiving holiday here in the US.
- Republic team: For making the process seamless and fun. You guys are true professionals and it was a pleasure to work with you. I believe crowd investing will become a "new normal" that opens financial access to so many who would otherwise be excluded. (not unlike Jumpstart!)
- Jumpstart team: You've been instrumental in making this campaign possible, especially Christine and Daniel. A special shout-out to the small handful of investors and advisers who were initially skeptical about crowd investing, but who have since acknowledged its value and success.
- Investors! Last but not least, the biggest thanks go to all of you! Many of you who live in CA became customers, and for this I'm additionally grateful, but all of you have become believers! You are now "part of the team" - and part of our success! I look forward to not only keeping you updated, but also asking for your insight and assistance with introductions, recruiting, and spreading the word.
It may be the end of the campaign, but this is Just the Beginning of Jumpstart's next step. We're so glad to be sharing this journey with you.