September 15, 2014
To whom it may concern-
I am writing today, as a small business owner, in order to support the finalization of Title III. My company, SquadUP, is an event management and ticketing platform. Using SquadUP event organizers seamlessly create a web and mobile page for their event, send invitations, track RSVPs, sell tickets, collect donations, communicate through real-time messaging and share photos/videos. Over the last 18 months, SquadUP has grown and we now employee 6 people including myself. The company is in search of a small amount of growth capital in order to continue operating and thriving as a small business in New York City. Under the proposed rules of Title III, SquadUP intends to raise up to $1m from friends, family and our user base of more than 110,000 individuals. Proceeds will be used in order to add 1 to 2 additional engineers to our team along with adding 3 to 5 members to our sales and account management team. Within 12 months we expect to have hired a total of 7 additional team members and for our business to become fully cash flow positive.
SquadUP is currently in a troubling yet promising situation. We have identified product market fit, demonstrated our ability to provide value to our customers, but remain limited in our ability to met our growth potential due to capital constraints. The SEC's issuance of final rules is incredibly important and will allow us to hire additional employees to support our growth IMMEDIATELY.
Please advise.
All the best,
--
Willie Litvack