[DJ-Matt]

Well so far it sends me people that are over 50 miles away, fatties, or both. Even sent me one dude! I'm going to just start liking the far away hotties and see what happens there.

[MY DETROIT PLAYAS]

Yeah, I've gotten one's that were an hr or so away.

If you live in Chicago and your match is in the west suburbs, they may as well be in Beirut because a lot of city dwellers don't have cars or are too lazy to catch a train out

[enderilluminatus]

Signed up for it, let's see how it goes.

[Drazen]

When I first signed up about two months ago, I was getting matches everyday, then all of a sudden, I'd never get matches. Never changed my profile, which is kind of weird. I like the restrained one match per day thing, but this sudden streak of no matches is kind of weird.

As has been said, a lot of overachievers. Lots of girls that are "shy at first".

[iron93]

does not seem to be out in the uk/android yet. there is a link on their website with the google play link but is not working so presume they are working on bugs.

[Wahawahwah]

Coffee meets Bagel on Shark Tank today.

All three founders take an annual salary of $100,000 each , and with their projected earnings of a million by the end of the year, they still make a loss of one million.

Projected global earnings next year of 10 mil....and they break EVEN at that projection.

All the sharks went out, Cuban offered(did he?) them 30 mil for the whole deal, and was rejected.

They spoke about customer acquisition but really, there are no customer switching costs to their product. Most people are gonna use CMG in addition to POF/OKC etc. Plus its (relatively) easily reproducible.

So many holes in the pitch, and they only showed like 4 minutes of it.
Crazy numbers.

[Harvey Specter]

I tried it out and I don't really like it. Most women are in there 30s and not all that attractive.

[Drazen]

I got a notification I "connected" with a girl I "liked" over a month ago? Does this ever happen, if so, why? Did she use her "coffee beans" to match up with me even though the 24 hour window has closed?

[SpeedRacer]

Yes, it could be that she used her beans to rematch with you because she didn't respond during the initial match.

[MidWest]

Apparently the creators said that this app empowers women even more. They turned down 30 million dollars from Mark Cuban.

[Harvey Specter]

(01-14-2015 04:01 PM)MidWest Wrote:  

Apparently the creators said that this app empowers women even more. They turned down 30 million dollars from Mark Cuban.

I watched that and it didn't seem like he actually made an offer. Cuban is no idiot he is not paying 30M for a business that did 100k in sales.

[chyamor]

Dating sites/ app are a dime a dozen. I bet there's 100 others by feb 14th that copied concept.

[MY DETROIT PLAYAS]

Run into a couple cute one's on the site

Warning: This site chock full of "career women" if that's your thing

[Wahawahwah]

(01-14-2015 04:46 PM)Harvey Specter Wrote:  

(01-14-2015 04:01 PM)MidWest Wrote:  

Apparently the creators said that this app empowers women even more. They turned down 30 million dollars from Mark Cuban.

I watched that and it didn't seem like he actually made an offer. Cuban is no idiot he is not paying 30M for a business that did 100k in sales.

I didn't think so at first either. But he probably did, thinking he could cut out all the fat and make it more profitable much faster. He's made his money in tech and always seems to be on top for all tech stuff. Plus, cutting the three women would save $600,000 over two years just at that.
Plus, he's no idiot but when he goes in, he does have a track record of overpaying.
Also, CMG is not global, I bet he could get the global expansion done a lot cheaper than the women projected for the future.
Probable exit at a high valuation after global penetration.

I think he was somewhat serious

[DrewP]

That doesn't add up...

They came in asking for $500k for 5%, which means they value the business at $10m. So why would they not accept $30m? Or at least try to negotiate down the share if they didn't want to give up the company.

[MidWest]

(01-16-2015 11:18 PM)DrewP Wrote:  

That doesn't add up...

They came in asking for $500k for 5%, which means they value the business at $10m. So why would they not accept $30m? Or at least try to negotiate down the share if they didn't want to give up the company.

I think that is why Cuban asked them that question. He knew they were bull-shitting. They just went on for publicity and to attract more users.

[Wahawahwah]

(01-16-2015 11:18 PM)DrewP Wrote:  

That doesn't add up...

They came in asking for $500k for 5%, which means they value the business at $10m. So why would they not accept $30m? Or at least try to negotiate down the share if they didn't want to give up the company.

Because a small portion of it still leaves them control of the company and a potential to reap greater benefits in the long run. Giving up a piece of the company is a short term play born out of necessity (need for funds or strategic tie-ups, usually) to help make the company more valuable to the shareholders (creating shareholder value is usually considered the most important function of private business. not always, but usually).

But it is still a short term play, where valuation is done at current or short term future forecasts.

If they have to sell the entire business, they need to take into account the future long term value : which in the case of CMB the owners clearly felt was way more than the 30 mil offered (i think they referenced OKC/match/POF being an 800 mill business or something during the pitch, and they felt CMG could become comparable).

EDIT: If they were a public company, with hundreds of shareholders and very low individual equity, I think they would have been forced to take the offer (since like you mentioned 30 mil is way greater than the current value...thereby adding to shareholder value. Similar to a hostile takeover if Cuban was really interested), but because they were the sole owners and their long term expectations (800 vs 30) were way out of sync with what was being offered, it was rejected.

[BlurredSevens]

(01-14-2015 04:01 PM)MidWest Wrote:  

Apparently the creators said that this app empowers women even more. They turned down 30 million dollars from Mark Cuban.

Fascinating video. Obviously there is more shit at play here than what is shown on TV, but still really interesting.

She said their User Acquisition cost = 30 cents. Yet they are trying to raise $500k to expand their member base AND they are paying themselves a $100k salary each.

That $300k in salary money could theortically get them 9M new users. Something is fishy there. Either their user acquisition costs are substantially higher than stated, or they are burning money somewhere else.

These girls are delusional to think that CMB is going to be at the scale of Match.com with $800M revenue. Match is a massive conglomerate and can afford to fund zero revenue apps like Tinder as loss leader for the rest of their dating properties. Hard to compete with big players like that.

I don't think Cuban's offer was serious, but their heads are in the wrong places if they don't even seriously consider a $30M buyout.

$30M for their niche dating app would be a HUGE success for them, and they could use that money and the lessons they learned to then go and start another company, which would then poise them to legitimately start a $1B revenue business.

[Private Man]

There is tremendous frustration with "choice paralysis" in current online dating. CMB's approach is interesting but our society is populated by choice addicts so I suspect CMB will remain a niche application. Let's see how well their marketing does.

[Drazen]

Lately I've been getting a lot of girls who just put a lot of "N/A" in their descriptions. Probably not even interested in anything, I wonder what the female "Like" rate is on that site.

[DJ-Matt]

I don't think this works the way they think it should, my daily matches are all up to an hour away, but attractive so I check them. No matches yet.

[Drazen]

I think the problem is not everyone checks it everyday, therefore you waste an entire match and the process becomes extremely slow.

The girls take forever to get back to you using the messenger app, so its good to go for the number right away. Before, I only had it on my ipad so I could only message when I was at home, but now its on my phone with notifications on. I've noticed the quality has gotten a little better, maybe due to the Sharktank appearance, perhaps?

[DJ-Matt]

They're also lying about how it works, I got my first match today, instead of being "instantly connected by SMS text message" I got some bullshit chat room where she asks a crowd of thirty betas "guys here's a question for you what's your favorite thing to do in winter?"

   

[samsamsam]

^^ holy Fuck. It is the dating game? You have to compete against 30 dudes? Ridiculous. Instead of.solving tinder's problems it seems to create other ones.

Where is little dark when you need him to clear a room.

[Drazen]

The app asks the question as an ice breaker between the two of you. The chat room is only between the two of you and you have a week to get the number before the chat closes on the app.