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Update #1 - August 2022 - Ocho

Update #1 – August 2022

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Update #1 – August 2022

New company, who dis?

22 months after I sent my last Teachable update, excited to bring you the first NewCo Update. As a reminder, we (are trying to) exist to help creators, freelancers and business owners build wealth.

It’s only been ~2 weeks since trying to do this and I don’t have a ton to share, but never too early to get the monthly update cadence going.

Name

Haven’t finalized a company name yet, but digging Ocho (currently registered at ochowealth.com) — it’s short, brandable and the owner of ocho.com is willing to sell it to us. Eight is the number of prosperity / wealth so fits our message.

Team

Spending most of my time right now recruiting the founding team — we are very, very close with a bunch of exceptional people right now, and hope to have a lot more to share next month. Right now, outside of me, Nick is officially signed on board and cranking on building our MVP.

I’ve worked with Nick for many years at Teachable where he was the Head of People. He then went on to start a venture-backed company Cquence that we backed, and how he’s on board with the newco. as well (and somehow taught himself to code wtf??)

But still open to intros to exceptional people! Specifically looking for amazing designers, marketers and developers based in NYC that are entrepreneurial and want to get in on the ground floor of something dope.

Product

Currently in the midst of studying what it would take to get some semblance of a Solo401k plan launched before the end of the year.

Everywhere I look there seem to be obstacles and it’s very clear that building in fintech is annoyingly slow. There’s regulatory overhead on everything, vendors seem to not move at startup speed, lots of stakeholders involved — but we’re trying to push as hard as possible to get something out by the end of year so people can hit their 2022 and 2023 contributions.

We’ve outlined some of our strategy here if you’re keen to take a look.

Legal / Ops etc.

  • Company is incorporated via AL Stack, but we may have to redo incorporation, yolo
  • We’re funding $2.4M from Vibe Capital into Ocho — should clear in the next week or so
  • Close to finalizing an office space in Williamsburg — probably won’t be move in ready for a couple of months but will be good to be back at a physical space

Hope to have some fun updates in a month — LFG