First Round, Betaworks, And Angels Back Up Backupify With $900K
@will, I think you may have misunderstood the FINRA requirements. FINRA can’t mandate that twitter/facebook/etc have to have a backup service, and they’re not. They can mandate that certain companies have to backup the info they put on facebook. Thus where backupify fits in. While the guy going to the pub doesn’t want to remember, facebook.com/cocacola could contain information that may be relevant to a court case in the future easily enough.
95%+ of facebook users probably won’t give a toss about backupify, and that’s generally fine for any company. You don’t need to get $50 a year off every user to make money (if you could, you’d make about $20b a year though, which would be fairly awesome). Hit up even 1% of 1% of them (so 99.99% of them don’t need to give a toss) and you’re looking at $2m revenue a year, not bad.
Plus tax writeoffs involve you actually earning money in the first place. Businesses could expense the cost of any backup service, but there’s no business tax writeoff in the world that gives you more money back than what you spent on it (except maybe being unemployed). Even Uwe Boll movies make money, the thing is if they don’t then the German government lets you write off 100% of your losses (meaning you get about 50% of it back), so the risk is lessened.
who says you have to be in the valley, to be a startup.