The Winklevoss Twins, best known for their supporting role in the early Facebook saga, have filed a fascinating registration statement. The Winklevoss Bitcoin Trust has made a filing with the SEC to register around $20 million of Winklevoss Bitcoin Shares.
The point of this investment will be to reflect the performance of the “Blended Bitcoin Price” of Bitcoins. This price is the weighted average market price of Bitcoins on Bitcoin exchanges chosen by the Winklevosses.
The Winklevosses intend for the Trust to hold Bitcoins “using the Trust’s proprietary Security System,” whatever that means for a digital asset.
While this is sort of novel and interesting in its own way, what I found most fascinating is the fact that the financial statements filed with the Form S-1 were blank. Completely blank.
While initial registration statement filings often contain blanks, I’ve never seen “Form of Financial Statements” before. Financial statements may change over the course of a filing history, such as in response to SEC comments. However, it will be interesting to see if the SEC sends the Winklevosses a bedbug letter for this filing.
Best line from The Social Network.
When you work in the startup world, you see it over and over again. A company has founders, a product and, maybe, some angel or friends and family investors. It is time to get that product out the door and some cash in your pocket.
Many founders believe that their wonderful and innovative idea combined with their passion will explode into sales. This is not always the case, particularly when your target market is other businesses.
Being an inventor, administrator, financier or (even) attorney is not the same thing as being a salesman. Selling is a talent and a skill. Not everyone is born with the ability to sell. Not everyone has taken the time to develop this particular skill. However, if your business depends on personal sales calls to buyers, whether they are end users or intermediaries, you may want to consider whether you should hire a dedicated salesperson.
Generally, when the product has been tested and is ready for entry into the market, it is a good time for the startup to have a committed salesperson on board. Preferably that person would know the industry and show up with a ready-made contact list, as ‘Rolodex’ is so-old economy. However, even a person who has sales experience and can understand the product will be preferable to an inventor or founder who may not have the right experience to turn an opportunity into revenue.