This Is Bizness: The Sourcely One

Welcome to This Is Bizness: The Sourcely One

I am excited to announce that we are the new owners of Sourcely, an innovative AI-powered source finding tool that makes research easier for students. We are committed to building on the great foundation laid by the previous owners and taking Sourcely to even greater heights (MRR!).

Wait…. We?
Yes sir I bought this business with a partner: @elmanmansimov 
He’s worked with Deepmind and Google before and currently working at AWS. He has his Ph.D. in AI from NYU, is an AI GOAT and will be the technical genius behind Sourcely going forward 🧠 

How it started

How its going now:

Me being the young savvy business genius I am easily convinced him to partner up 😉. Fast forward to a month later on 22 May, we closed the deal for Sourcely at $4,000 (8x multiple of MRR). It was a great price mainly because college had just ended for the summer and we suspected many users would churn over the next few weeks. The old owners also really wanted to sell 🤷 

How did we find Sourcely?

Originally on Microns.io but at that time they had received an offer for $7,000, feeling the price was too high we let it go. Then I came across them again on Acquire.com at a lower price. We quickly finished the deal after that for $4,000 with Elman and I both buying in to buy the business.

Why did we buy Sourcely and our future goals?

We bought it because we recognized the potential that the site had since it was at a decent MRR through organic traffic and getting users with a subpar landing page. We felt that by optimizing a few things and adding more features we could provide a lot more value. As a student, I have dealt with this problem many times so I felt I had a good idea of the market, its problems, and a network to act as initial channels of distribution. You will see building for students, as a student be a common theme around here 😉 
In the next 12 months, we hope to 10x Sourcely to $5,000 MRR before evaluating a sale at 4x $60k ARR= $240k (Recent precedent for this)
Our goal with Sourcely is to help students discover credible sources for their research papers and essays easily. We believe that with the right tools, students can excel in their academic pursuits, and that's why we are committed to ensuring that Sourcely remains useful, relevant, and up-to-date with the latest technology.

So how are we going to turn $4k → $240k?

First order of business is to optimize everything to improve conversion rates and traffic. That will include remaking the website with better copy, a better landing page and adding some guides and videos on how to use the tool since we notice many users inputting essays incorrectly into the chat bot. Along with this we will begin implementing aspects of SEO through a blog and promoting our services more seriously on socials.
After that we are going to be experimenting with the pricing system a bit as we include a pay as you use token pricing system to compliment our monthly subscription. We will begin adding additional features in a few weeks and are considering a plagiarism checker and citation formatting generator. Reply to this email with any ideas you may have!

The Big Picture

You guys knows how much I love my big picture view so find below a chart of Sourcelys larger vision and planned features roll out. I had so much fun thinking about this and making this chart! It really reminded me of why I wanna do this stuff which is just to build and have fun with it

The dream would be for Sourcely.net to become the go to tool for students to help with essay writing. Take a minute to try Sourcely now, and see how convenient it makes finding sources. Whether you need to support a statement or find credible sources for an essay, Sourcely has got you covered.
Best of all, it's soooo easy to use, you just have to input your essay and let the AI search Google Scholar for relevant sources.

Let's work together to make Sourcely the best tool for students across academic disciplines who need to do research, from high schoolers to PhD candidates. Give it a try, tell your friends about it, and let us know your thoughts, feedback, and any issues you may experience.

For those who made it this far, a little sneak peak 🫶: There are obvious synergies with Eleven59 with similar target markets so this will essentially be the first Eleven59 tool for students, putting the AI in eleven59.ai to good use 🫡 
 
Thank you so so much for taking time out of your busy day to read This Is Bizness. I appreciate and love every single one of you 😊 

Alrighty see you guys next week 🖖 

Dev