This is a 3rd party report on the valuation of this company at its early stage in its great performance

1. 5/25/2017 Gust | Gust
https://gust.com/companies/v­locators/premoney_valuation/assessment?welcome=true 1/4
RIK
tart up confidentl with Gust Launch: all the legal, accounting, and financial tools ou need to start and run our compan. (https://launch.gust.com/start/?
utm_campaign=core&utm_content=anner_entrepreneur_incorporation&utm_medium=referral&utm_source=platform-gust.com)
$3.1M UD
ased on Ohio data
Overview
The following graph depicts the inputs which form the foundation of our PMV. Higher numers mean less risk for investors
TRNGTH
Inputs & Feedack
Team
Team Value Drivers
Knowledge
Deep industr knowledge like ours doesn't come overnight. Highlight the unique insights ou have into the customer prolem and, more
importantl, how this insight will translate into product development and, eventuall, traction and growth.
xperience
Previous successful exits are a tremendous advantage. Highlight our team's role in the previous ventures, what the rought to the tale, and an
information ou can release regarding the previous exits (e.g., 10X, $20M, etc).
Composition
uccessful ventures are tpicall comprised of complementar skill sets, most commonl a usiness-person, technologist, and designer. Highlight
our team's strengths and how our comined skills will accomplish our goals. e prepared to answer how ou plan to address an gaps in required
skills (e.g., specifics around additional hires).
(/dashoard) 
V Locators
Tools & ervices (/companies/v-locators/tools_and_services) Pre-Mone Valuation Report

Your Pre-Mone Valuation
ASSUMPTIONS & LIMITATIONS (/COMPANIES/V­LOCATORS/PREMONEY_VALUATION/ASSESSMENT/ABOUT)

2. 5/25/2017 Gust | Gust
https://gust.com/companies/v­locators/premoney_valuation/assessment?welcome=true 2/4
Team Risks & Recommendations
Network
Access to large networks can e helpful for marketing, sales, talent, capital, and eond. If ou have strong advisors, explain how their expertise will
help our ventures. If not, consider augmenting our team with partners or advisors (including mentors found at accelerator programs).
Market
Market Value Drivers
ize
The market ou are after seems to e fairl large. Highlight this  showing the numer of potential uers and their willingness to purchase. This
can e done  showing how our potential customers are solving this prolem currentl (X customers solving their prolem at Y frequenc 
paing $Z per transaction).
tructure
Highlight the common needs and trends of our customer ase. If our customers have homogenous needs, the need for customization is reduced
(thus reducing costs) and the potential for growth is expedited.
Development
Development Value Drivers
weat quit
Reinforce our level of commitment  comparing the time ou have invested with the milestones ou have achieved. Investors want to see (in order
of importance): recurring revenue, sporadic revenue, finished product, prototpe, customer interview and insight.
Development Risks & Recommendations
Proof of Concept
Market validation is ke to receiving professional angel or venture funds. If ou have a prototpe that is out in the market, discuss what ou have
learned from our customers. If ou don't have a prototpe et, talk to potential users so ou can discuss what ou have learned from them with our
investors. You should spot trends in our customers' needs.
Financial Commitment
Consider investing personal funds or raising capital from our friends and famil. Investors want to know that ou and our loved ones have skin in
the game. Highlight the effectiveness of our investments  showing the corresponding usiness success.
Growth: Traction
Traction Risks & Recommendations
Traction
Use user research to validate the following: Wh will users use the offering? How long and often will the use it for? Are existing users’ rationales and
usage patterns applicale to other users?
Growth: Competitive Advantage

3. 5/25/2017 Gust | Gust
https://gust.com/companies/v­locators/premoney_valuation/assessment?welcome=true 3/4
Competitive Advantage Value Drivers
Competitive Advantage
Demonstrate network effect to our investors with data (e.g., interactions etween users). If network effect has not een gained et, ut ou elieve
that it will once ou have achieved critical mass, then consider updating our response as there is a sustantial difference etween achieved
network effect and presumed network effect.
Growth: Partnerships
Partnership Risks & Recommendations
Partnerships
Descrie detailed acquisition plans and pending partnership opportunities. If ou have traction, focus on scalailit and other ke strengths. If our
acquisition plans can e inexpensivel tested, consider validation experiments.
Next teps
Prepare answers to the identified risks - consider modifing our pitch documentation accordingl
1
Consider a priced equit round
2
The compan is fundale within the seed stage ($310k - $620k UD in funding)
3
Consider setting our Pre-Mone-Valuation etween $2.5M and $3.1M UD
4

(http://www.twitter.com/gustl)

(http://www.faceook.com/pages/Gust/246116808757618)
© 2014-2017 Gust. All rights reserved | Terms of ervice (/tos) Privac (/privac-polic)
nglish (/change_locale?locale=en) Français (/change_locale?locale=fr) spañol (/change_locale?locale=es) Português (/change_locale?locale=pt-R)
简体中文 (/change_locale?locale=zh-CN) Русский (/change_locale?locale=ru)
upport (//gust.helpscoutdocs.com) Careers (//gust.com/careers) Contact Us (//gust.com/contact)

4. 5/25/2017 Gust | Gust
https://gust.com/companies/v­locators/premoney_valuation/assessment?welcome=true 4/4