Trying to build a startup I find you tend to go from solving one massive headache to finding the next headache needing to be solved. I developed an itch I had to scratch when I worked for a large telco and was tasked with managing their implementation department. We launched a Mobile Wallet for the telco and my eyes bugged out at the scale possible. My path has been a bit of a windy road. The short story is I have now signed a contract with a client in Uganda. The objective is to deliver a remittance payment flow, allowing small transfers (<$100) to be made instantly and within properly regulated partners.
For the risk averse readers, the compliance has been solved first. End to end we follow strict Anti Money Laundering and Know Your Client processes.
We know our niche market pretty well. We have heaps of research supporting the model I want to deploy.
My question is really where the heck do I go now? I have a few options that some sound advice from the forum here might help me with.
1) I can implement the contract using a white label pay wall for next to nothing and wait for revenue to build.
or
2) I can try to find an established partner who can enhance the product and potentially fund faster expansion. I have two potential partners lined up, both operate their own Wallet platforms and want to expand in Central Africa.
My contract I mentioned will deliver 70c per transaction to me. There are 30,000 customers my client has who are all remittance recipients. Prior to this contract, these people only had access to traditional money transfers(Banks, Western Union). Our product will save the customer $9 on every $10 transfer sent (competitors charge $9.99 per transfer).
I realise the best for me long term would be to own everything. This is a fast expanding market and I don't want to miss the chance to be one of the bigger players in time if I can achieve that.
Perhaps a better question is, What is my contract worth, and can I raise funds against it?
Thank you in advance and don't be afraid to offend. I prefer straight blunt talk. Life's too short - get to the point :D
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