It's interesting that Jessica didn't distinguish between revenue and income when she talked about the problem she ran into with the business she started. "We thought we had lots of revenue but it turned out our margins weren't that great." Revenue = money in. Income = Money in minus money out.<p>Revenue != Income.
I think it's really cool that Web 2.0 entrepreneurs actually want to build businesses that have a clear business model, sell a product that people want, and have a clear path to long-term, sustainable profitability.<p>That said, I don't know how well this type of business correlates with raising such a large angel round- are all of those angel investors on board with that plan?
She gripes about the A/R and A/P pains of a small business owner, but has never owned a SMB...I'm rooting for her, but hope she has added people to her team that really know this market.
Question is...<p>How long until FreshBooks partners with Yodlee, builds some reports and has a more complete solution?<p>Or... Intuit creates a version of Mint.com for small businesses? They have a lot more cash and overwhelming marketshare in the SMB market. They'd be able to do this in 5 years, not 20-30. I think this poses a huge threat to InDinero.<p>That being said, the product that Jessica has already built is quite impressive. But, if it takes 20-30 years to iterate towards solving all of the financial pain points of a small business, you'll be too late because Intuit has a huge head start.
Good for her. Even if you are open to an acquisition, being ready to be 'in it for the long haul' puts you in a better position to negotiate - especially if there's only one really good potential acquirer out there. If you don't like their price you can always tell them 'see you next year', rather than becoming more desperate as the acquisition drags on.
I was unimpressed by Jessica's failure to disclose that Eventbrite is a "paying customer" because its CEO is an investor.<p>I think the product has potential. I have worked on something similar for many years myself. I'll have a hard time rooting for its success, though, when Jessica seems to routinely make mistakes like this.
A while back I was in an early-stage situation in which I was arguing for using quickbooks so as to at least have some semblance of double entry accounting (at least while we got our venture started). Another team member insisted on implementing our own solution... in excel. There is a market for this! Unfortunately, many small business-types just make-do, with paper if they have to, so it may be difficult for InDinero.
I'm totally not in the market for InDinero but I've seent his happen on multiple sites before. How do people agree to give the credential info of their bank account ?<p>I can't imagine giving out a login/password that is not restricted to just viewing my banking info. It seems to me that they are asking for full access to your bank account just to retrieve your data.