Jacob's Letter

Hey there, Explorior!

I am Jacob, the CEO of Explorio and I wanted to thank you for visiting - it means a lot to me and the whole team.

Explorio was the most exciting project I had ever worked on in my entire life, but it came to an unfortunate and an abrupt end...

Let me explain.

When I started the project (on the 7th of January, 2018), I knew Explorio will require significant amounts of funding to solve its inherent chicken and egg problems.

Thus we decided to do an initial coin offering (ICO) as there seemed to be no better options to fund the project, since we were building it on the blockchain. At that point the price of Ethereum had just hit $1,000 and the market was looking up.

So we focused 100% on making sure our ICO was successful - built a team of incredibly experienced employees, Advisors and Influencers, wrote an exceptionally professional white-paper and developed our smart contracts.

By the time we were ready to launch the ICO, the market was in a downward spiral as Ethereum went from its all-time high price of $1,280 to around $520.

At that point very few ICO projects were raising any money as most people have lost tremendous amounts on their crypto investments and were waiting for the market to recover before participating in new projects. I knew people who would spend over $1,000,000 to market their ICO and would end up raising 5-10 ETH.

So we decided to use the money we raised during our pre-sale and my personal investment to start developing the platform while waiting for the market to recover.

As the months went by, we made exceptional progress with the development of our platform and were ready to launch it publicly in Barcelona on the 12th of November, 2018 with a few prominent travel influencers participating in the launch, but...

The market didn't recover.

On the contrary, it crashed more than anyone could have imagined - Ethereum hit $170, meaning an 87% crash in the last 8 months.

Obviously we had to abandon any hopes of doing a successful ICO and then there were only three fundraising options left:

  1. Skip the Public ICO, launch our Tokens into the market and sell them there over a period of a few years. At some point this seemed like a good option, but when the market is where it is, it's impossible to expect people to sell their current positions at a massive loss and buy and hold a completely new Token;
  2. Raise a traditional Angel/VC round. This option requires tons of time and most investors will want to see a good track record of the company before they invest - they want to see growing traffic numbers, positive ROI (return on investment) from their marketing campaigns and increasing monthly revenues, none of which we had before launching our platform, obviously;
  3. Launch the platform much sooner than expected and make money before our money would run out. I loved this option the most and the whole team was on board with it. The only problem was that we only had a few months left to live and given the nature of our SEO and community-driven business, it would take us a very long while to have enough traffic to generate at least what we were spending each month - we would have had to make affiliate hotel booking sales of $600,000 per month to sustain our monthly expenses. Which was obviously impossible to do in just a few months of operations.

Faced with this harsh reality we didn't have any other option, but to cease working on Explorio as there was a 0% chance of success with any of those three options in the few months we had to live.

We have obviously spent a lot of our pre-sale money on developing the platform, but I decided to refund all of our pre-sale participants from my own pocket, netting me a loss of over $100,000 and making me the only person who lost any money on this venture.

I am not wrought-up about the money I lost, even though, of course, the situation is quite grim.

However, I'm saddened by the fact that I let all of our supporters down and I didn't fulfill our mission at Explorio, which was to inspire and empower millions to travel more. That hurts a lot more than all the money I've lost.

So I wanted to say I'm really sorry for how things turned out.

All the people I've talked with about this kept saying it wasn't my fault that the market crashed and things turned out the way they did. Even though, yes, it probably wasn't my fault, it was definitely my responsibility.

You believed in me and my vision and you trusted me to carry it out.

But I didn't.

Once again, I'm sorry for how things turned out and I hope I'll be able to make it up to you in the future.

Right now I'm helping all of our team members find other jobs at my friends' companies, where they will work on cool projects and have tons of opportunities for growth.

As for me... I've spent the last 8 months and 10 days working on Explorio pretty much 24/7 and I feel quite over-worked and a little drained.

So I'll take a few months off to travel to some remote locations, go on a couple of challenging adventures, work out what I could have done better with Explorio, learn my lessons and figure out what other business project I'm going to work on that would inspire and empower people to travel more.

Thank you for all your support for our project. We would not have gone this far without you.


© 2018 Explorio Ltd. All rights reserved.
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