We are just under 2 weeks away from closing out our campaign. I urge you if you have not done so already, please complete your investment today. There is still time to invest and still time to share this opportunity with your networks (https://www.startengine.com/leagueswype). Thank you again for your support!
Over the course of the campaign, I have been asked several questions about Leagueswype and what we are building. I have decided to answer a few of the most commonly asked questions here as an update. Hopefully, you will find them insightful and helpful in informing your decision to invest.
How did you come up with this?
Back in 2015, every time I turned on the tv I saw a daily fantasy sports (DFS) commercial telling me I could become a millionaire. Okay -- now I have won my fair share of fantasy league championships, but never did I believe I could somehow turn that into millions of dollars. At that point, it became evident to the world that fantasy sports is a multi-billion dollar industry. I thought maybe I should create a game. The new DFS! But see I have played video games for a long time, what I realized was games come and go. New versions are released all the time. But rarely do you have a new video game system that emerges to take any meaningful market share from PlayStation, Xbox, or Nintendo.
I decided then, I want to be the console, not the cartridge.
At the same time, I became frustrated with the lack of all-in-one fantasy sports apps I had to choose from while commissioning my teams. One that is transparent and flexible. One that could make collecting, storing, and transferring money easy and fun. So, I set out to create one. Since then, I’ve designed the platform, hired developers, recruited investors and supporters, produced a viable product, beta tested the heck out of it, and now boot-strapped, our company opened a public investment opportunity to find like-minded investors to support our mobile application development and UX/UI design enhancements.
These are my people. I have been a part of the fantasy sports community for 20+ years. I know what makes sense, I know where the industry is headed. I am a fantasy player, who has used his hard-earned money, his nights and weekends, sacrificed time with friends and family to build this platform for a community that I know and love.
Now, in addition, I am also an accomplished finance professional. I’m a CPA with a near-decade of public accounting experience and am the former CFO of a billion-dollar private equity fund of funds. So, let’s just say I know that people pay good money to those who know how to move money more efficiently and I know the importance of doing so securely, transparently, and in full regulatory compliance.
This is a true marriage of my passion for sports with my demonstrated professional expertise.
What do we get for our investment?
You get ownership in Leagueswype. The company is set up as a limited liability company (LLC). As such, we are offering membership interest. Membership interest refers to the ownership stake that a member holds in an LLC. More info can be found here: https://www.upcounsel.com/llc-membership-interest
What is the status of the app?
Leagueswype is in beta. We have a working web application that has been and is currently being beta tested. We are now developing the next iteration of Leagueswype based on early beta testing and subject matter expert input. We are committed to building a brand that our users and investors are proud of. This equity raise will allow us to continue to do that. Your support is very much appreciated.
How do you make money?
There is a nominal 4% fee assessed for deposits onto the Leagueswype system. These fees allow us to offset processing fees and gives us the freedom to house “League Banks” indefinitely and make all transfers within the system 100% FREE.
We will eventually introduce a tiered subscription model. Each tier will allow our users additional access to premium content and exclusive services. There are numerous other revenue streams available to us and each will be well vetted and implemented at the appropriate time.
How do you plan to scale the team in the next 12 months? What key additions to the team are needed in the short term?
Our initial needs are a full-time internal technology lead and senior marketing officer. We have an interim CTO and a dedicated 3rd party development team. Both are well respected in the fantasy sports industry. We plan to fill both positions in the next 3-6 months.
In the interim, we continue to add to our advisor network. Our current advisory board consists of fantasy sports tech heavyweights and early industry pioneers along with senior marketing professionals who past clients include Pepsi, Quaker, and AT&T. We also have a great marketing intern, Daniel T, who has helped tremendously.
Please, if you have additional questions leave them in the comments or reach out to me directly, firstname.lastname@example.org. I welcome your questions, comments, or suggestions. We are in the stretch run and cannot meet our funding goal without you.