The townhall recording:
It's a sad period in Splinterlands history, where the team had to lay off a lot of good people due to the weight of the 2022 bearmarket.
These are my notes/paraphrasing's of Aggroed and Matt's main points from the townhall addressing the event.
Aggrod:
- We've laid of really good people.
- Many suggested to continue helping out for free.
- Two ways to pick up speed again:
- Raise money.
- Wait for bullmarket.
- Current runway is 12-18 months considering low or no revenue.
Matt:
- We are looking to raise capital - but not debt.
- Debt kills companies.
- Raising capital by diluting our shares of the company's equity instead.
- No matter what happens, we will still keep things running, even if it's just me and Aggroed left.
- We expect a bullrun will come again (personally am almost 100% sure).
- Our main goal is too still be around for that, and not just be around but be prepared.
- Last bullmarket we were not prepared. We didn't have processes, infrastructure, products or staff. We had to rush >scaling everything up while the bullmarket happened.
- Next time we will have everything ready to go. Features, games, products + the team and infrastructure to support that >will all be there from the beginning.
Aggroed:
- I believe FTX was the blackswan event that might signal the end of this bearmarket.
- But we wont run the company based on my hopes and believe.
- We intend to run a frugal and efficient company that can survive a bearmarket that lasts for another 2 years.
- Our main 5 priority:
- Cut costs (mostly done).
- Raise capital.
- Increase revenue.
- Get more efficient.
- Communicate what we are doing.
- For raising capital we have two different groups helping us find capital.
- Investment banker (Moelis)
- Accelerator (Blockchain Founders' Fund). Their founder sits on our board.
- Increasing revenue:
- We won't be targeting selling additional products to our current community (as we did with packs, nodes, runi, etc.)
- Focus on outside money:
- B2B deals:
- Selling our tech to other companies that want to do what we are doing.
- Single sign-on service. Log into other dapps with Splinterlands login (can expand our community).