Most product development teams think they know what their customers want. Keith Frankel thinks that they're wrong. That's...
Parlay’s deadline was August 1, 2018
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Every month, software companies spend thousands of hours and millions of dollars updating and building product features. In general, the smaller the company, the more it spends on product development, with the fastest growing teams currently spending on average around 44% of their entire budget each year on product updates.
Despite this significant investment, most teams have no idea what the impact of their expensive product updates will be until after they've already built them. Why?
When was the last time a designer or developer from a product you use contacted you and asked for your say in the direction of new or existing features? For most, the answer is never. That's because rather than talking to customers directly, nearly everything software teams know about their users wants and needs are either gained indirectly (through passive observation rather than active communication) or from another team at the company (such as through the sales process or incoming customer support tickets). Because of this, the information software teams use as a basis for ongoing software development is often inaccurate, unclear, biased, or simply not actionable.
The result: a whole lot of expensive and time-consuming duds.
The Solution: Parlay.
Parlay dramatically transforms how companies engage their customers in order to build better products. Through Parlay, teams can engage their customers in a far more proactive and personal manner, giving both sides the tools they need to share new ideas, review potential product updates, validate the impact of future efforts, and dramatically de-risk the cost of new feature development – all before they write a single line of code. In short, Parlay allows software teams to treat the people using their products not just as a bunch of paying customers, but rather as an army of potential collaborators.
How it Works:
Parlay lets teams accurately determine the impact of potential new features long before they spend the precious time and money building them – all thanks to their users.
Parlay launched its open beta on April 26, 2018. We will provide updates here as we onboard companies and transition out of beta in the coming weeks. Separately, Parlay has been covered by multiple media outlets, received positive reactions from some of the industry's most notable people and companies, and – out of more than 1000 startups – is in the top 10 in Collision Conference's pitch competition – America's fastest growing tech conference. The final pitch event takes place in New Orleans on May 2, 2018.
Parlay's market is substantial and only getting bigger, with potential customers including all global digital product companies and professionals. Today, software revenues are in the range of $600B annually, and expected to grow by more than 60% over the next 10 years. Every single one of these businesses is a potential customer. Even if Parlay captures only 1% of the market, it's still a multi-billion dollar opportunity.
In the near term, though, Parlay is focused on 3 target markets:
At launch, we expect the average monthly subscription to Parlay to be $50 for the SMB market, our largest initial potential customer base. This mirrors base pricing for similarly sized and positioned companies in our space, and the familiarity will help us avoid sticker shock while still monetizing in a manner which will allow for future upsell. We will offer two payment options: on a monthly recurring basis, or an annual subscription paid up front in exchange for a 10% discount on the monthly price.
We support multiple pricing tiers depending on the size and maturity of the customer. Initially, we will support 3 tiers: 'Early Stage', 'Team', and 'Enterprise'. Tiers will differ by included functionality, in particular by the number of simultaneously allowed active previews and the number of connected products or apps. We will segment 'Team' and 'Enterprise' pricing according to a threshold of Monthly Active Users, meaning the number of customers Parlay's customer has. Over time, we will continue to differentiate these pricing tiers by including new functionality in only the higher priced tiers.
While we believe Parlay is a powerful tool for digital product teams today, we believe its value will grow exponentially over the next few years.
The maximum valuation at which your investment converts
into equity shares or cash.
If a trigger event for Parlay occurs, the discount provision
gives investors equity shares (or equal value in cash) at a reduced price.
Parlay must achieve its minimum goal of $25K before the deadline. The maximum amount the offering can raise is $800K.
A SAFE allows an investor to make a cash investment in a company, with rights to receive certain company stock at a later date, in connection with a specific event.
A SAFE allows an investor to make a cash investment in a company, with rights to receive certain company stock at a later date, in connection with a specific event. · Learn more
I have been in product management for a long time, I recognize the benefits of a tool that enables collaboration with users. I like the potential here.
I have full conviction in such an experienced team and founders having massive success in 2 previous startups to boot!! Need I say more? These guys walk the walk
1. Strong funding team with experiences in startups that either went public or got acquired. 2. Product has the potential to support other use cases. 3. Creates a new sub-category and currently no competitors provide similar products.
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