Splinterlands Townhall (layoffs) notes

The townhall recording:

It's a sad period in Splinterlands history, where the team had to lay off a lot of good people due to the weight of the 2022 bearmarket.

These are my notes/paraphrasing's of Aggroed and Matt's main points from the townhall addressing the event.

Aggrod:

• We've laid of really good people.
• Many suggested to continue helping out for free.
• Two ways to pick up speed again:
  • Raise money.
  • Wait for bullmarket.
• Current runway is 12-18 months considering low or no revenue.

Matt:

• We are looking to raise capital - but not debt.
• Debt kills companies.
• Raising capital by diluting our shares of the company's equity instead.
• No matter what happens, we will still keep things running, even if it's just me and Aggroed left.
• We expect a bullrun will come again (personally am almost 100% sure).
• Our main goal is too still be around for that, and not just be around but be prepared.
• Last bullmarket we were not prepared. We didn't have processes, infrastructure, products or staff. We had to rush >scaling everything up while the bullmarket happened.
• Next time we will have everything ready to go. Features, games, products + the team and infrastructure to support that >will all be there from the beginning.

Aggroed:

• I believe FTX was the blackswan event that might signal the end of this bearmarket.
• But we wont run the company based on my hopes and believe.
• We intend to run a frugal and efficient company that can survive a bearmarket that lasts for another 2 years.
• Our main 5 priority:
  • Cut costs (mostly done).
  • Raise capital.
  • Increase revenue.
  • Get more efficient.
  • Communicate what we are doing.
• For raising capital we have two different groups helping us find capital.
  • Investment banker (Moelis)
  • Accelerator (Blockchain Founders' Fund). Their founder sits on our board.
• Increasing revenue:
  • We won't be targeting selling additional products to our current community (as we did with packs, nodes, runi, etc.)
  • Focus on outside money:
    • B2B deals:
      • Selling our tech to other companies that want to do what we are doing.
      • Single sign-on service. Log into other dapps with Splinterlands login (can expand our community).