Alt Update - 17th May 2023

May 17, 2023

Hey there,

We’re having a lot of fun building some exciting products. We want to use this update to share our progress with you more frequently.

It will include numbers and major updates for our ventures and experiments.

Here is what’s included in this update:

Revenue: Still waiting for the first user to make money.
Outreach: 200+ reached → 50+ user research calls → 10+ creators are testing the product including Bayaan, KeepingUpWithKhans, & OnTheMic.
Biggest Challenge: Publishing the iOS app was a big pain as Apple wanted a 30% cut on all our transactions. We moved the payment flow to the web to bypass the Apple cut.
Biggest Learning: We went too wide i.e. we targeted way too many personas with initial outreach. We have narrowed down our target persona to ‘creators who are already making money directly from fans using a hack’ as the initial cohort, we are dropping other leads for now.

Creato is building in public on Twitter. Follow us here to stay updated.

First Revenue: $250 (pay when you hire model - first successful hire)
Customers: 3 companies using the product
Applicants: 250+ applicants, ~90% matched without human involvement.
We have integrated the async video interviews to allow companies to conduct the first screening call automatically.
Next, we’re working on AI agents to reduce the time spent by an applicant to fill out an application.

Revenue earned: $13K from a company with 4K+ consultants globally - automating their Ops using no-code and AI.
Revenue in the pipeline: $27K with 3 companies in decision-making phase.
Our next milestone is $1 million ARR ($84K MRR) by Sept 2023.
In other updates, we closed a partnership with StartX (Stanford incubator) to help their founders build quick MVPs.

Experiment 1 - Tasveer, generate localized AI avatars.
- 5+ paid users but the conversions rate is very low. We believe pricing is too high for the Pakistani market (starting at PKR 1200 for 5 avatars)
- Our margins are 50% right now so we are testing price sensitivity by offering promo codes to specific communities like universities, co-working spaces, and groups like Soul Sisters.
Experiment 2 - AutoGPT powered bot trained on your company data.
- It is trained on internal data (policies, past projects, etc.) of a company with 4K+ consultants globally.
- We will demo it to the company management with the goal of implementing it and saving their team 1000s of hours every week.

There is no obligation to help but we will be grateful if you can do one of these things to help us move forward:

Connect us with podcasters, fitness instructors, or other creators in your network looking to monetize their content directly from their audience.
Connect us with a company that is looking to find good talent in significantly less time and effort.
Connect us with enterprises looking to automate their Ops using no code and AI.

You will hear from me again early next month.

Best,
Muhammad.

P.S. This update is inspired by Ankur’s public investor updates.

Alt Vault