We came across this SWOT analysis of our project and we were amazed by the thorough overview.
We sent them an email to understand how can we improve our score at the strengths and opportunities sections of the analysis, nevertheless, the criteria that define other aspects so we can improve on it?
Our priority now is indeed to work on the weaknesses. We started by updating our Github repo with our utility token ERC20 smart contract.
https://github.com/Redcabllc/REDCPartnering with a large company might be a challenge due to the scale of operations and cooperation at this phase, and the demands and/or financial obligations that such partnership might oppose on us. We strategically chose to partner with 5 start-up companies to become partners in success and grow together quicker.
RedCab LLC. was founded in 2016. We launched our MVP in late 2017 and started on-ground operations already in moving people from point A to point B within a tactically selected touristic spot by the Red Sea. Our ambitious roadmap will continue to develop regardless of the amount raised through our upcoming ICO. We raised our first round of investment in August 2017 and we used the funds to develop our MVP and start our on-ground Operations. We're planning to raise another round of investment by Q1 2020. That's why we're launching an ICO to give the community the opportunity to crowdfund the company and help us grow, develop our product and invest in infrastructure and marketing, list our REDC utility tokens in exchanges and consequently, appeal to investors when we raise our 2nd round. Our token distribution was built on a 38/62 rule with a total of 38% reserved tokens and with the 62% for crowdfunding being minted as contributions are sent to the contract address, hence we start the supply with 0 and build up. Total Circulating Tokens post-ICO will be 38,000,000 REDC + Minted REDC tokens from Private Sale + Minted REDC Tokens from PreSale + Minted REDC Tokens from Crowdsale.
To dodge the heavy competition from big funded centralized players, our strategy is to acquire market share in touristic spots because the competition is not as heavy as in capitals or big cities over there and will allow us to grow. Our first coastal city was Hurghada - It's a beautiful spot by the Red Sea. You should visit sometimes btw. Our second spot was ElGouna which is also a small touristic spot by the Red Sea. We're planning selected cities in Latin America, Europe, Asia Pacific and Europe gradually during the next 3 to 5 years.
We are confident in our ability to compete with big players on the long run because our business model is different and robust, it is backed up by the community, and is solving a real problem while being affordable to the consumer from other companies yet more profitable to the driver. We're building Redcab to last, and that's why we have a strategy to subtly acquire market share and expand carefully till we have strong roots that'll allow the business to withstand heavy competition as we gradually ramp down from our current centralized business model and ramp up our completely decentralized model within the next 3 years as mentioned in our roadmap.
We noticed that some information was required, thus we will try to respond as much as we can.
· about the experience of the founders in the implementation of a successful business.
The team behind RedCab has a track record in a combined professional experience of over 150 years in various industries, start-ups, roles, functions, and countries.
Our team of Advisors shares the success of implementing successful and tangible businesses and we’ve worked very closely since the birth of our company as not to reinvent the wheel and to share the best practice in success.
We’re bringing along our path to success experts and professional personnel to help us build our company.
· about compliance with the legislation requirements of the securities market and on the taking preventive measures.
We’re creating a utility token to be used within our platform, and we are not selling securities as carefully mentioned in our terms and conditions. Due to capped supply, and organic growth of demand in our service, the logical consequence of expected ROI will occur which will allow us to reinvest in infrastructure and grow further.
Preventive measures in restricting investments from selected countries were taken.
· about compliance with the legislative requirements for personal data protection and about the development of a Privacy Policy
Our privacy policy is available on our website and updated as of May the 1st 2018. Due to the fact that we do not operate within the EU, the GDPR privacy policy update does not apply to the services we provide at the moment, thus not obligate us to update our policies at this stage. We are planning to update it, however when the business need arises.
· about large VC investors in the project
Our first round of investment was not large, however, we utilized the funds efficiently to launch our minimal viable product and start operations.
We are currently within an ICO stage to crowdfund our roadmap, develop our processes and backbone, and seek a large VC investor as planned within 2020 to carefully expand our global market reach further.
· about the safety audit of the smart contract
We used Securify.ch formal auditing tool as well as SmartCheck
https://tool.smartdec.net/ for vulnerabilities and bad practices.
Due to the fact that we used POA wizard for the creation of our smart contract that is powered by Tokenmarket.net contracts and open zeppelin best practices, we did not come across any severe issues that might jeopardize the functionality or the safety of our smart contract.
We’re also considering the opportunity to hire a professional auditing company for the thorough report.
Indeed the path ahead is long and full of challenges. Our main priorities at the moment are to expand our advisory list with experts and experienced personnel who believe in the success of our project and would indeed advice us and guide us, as well as hiring the right people from the tech and blockchain space to develop our protocol within time, and walk through our roadmap by developing a product that will impact our communities yet drive profits on the long term.
