Podcast Transcript Notes

Participants

• Host: David Bernard
• Guest: AJ Meta, co-founder of Portola (makers of Tolins)
• Co-host: Jacob Iding, CEO of Revenue Cat

Key Discussion Points

1. Founding Story of Tolins

• Inception: Started about 18 months ago, inspired by advancements in AI (e.g., ChatGPT, Midjourney).
• Objective: Explore new consumer apps/products enabled by AI, focusing on personalized experiences.
• Initial Target Audience: Young generation, primarily teens and children.
• Prototype: Initially developed an iOS app for story building aimed at kids.

2. Building the Team

• Co-founders: AJ Meta, Quinton Farmer, Evan Goldmid.
• Background: Co-founders have previous entrepreneurial experience, relevant to fintech and consumer products.
• Importance of Networking: Founding team was assembled based on long-term friendships and mutual respect.

3. Product Vision and Development

• AI Companions: Aim to create an AI companion that feels personalized and warm.
• Development Insight: Initially explored various prototypes and consumer reactions to find emotional resonance.
• Character Design: Deliberately chose non-human, friendly designs to avoid romantic implications.

4. Fundraising Journey

• Seed Round: Raised $10 million, combining early seed and additional investment after launch.
• Investor Relations: Worked with Locky Groom, a known and trusted investor.
• Monetization: Shifted to monetization quickly due to high usage and operational costs.

5. Growth and Market Strategy

• TikTok Growth: Leveraged TikTok for organic growth due to the visual and engaging nature of the app.
• Influencer Collaborations: Worked with creators to produce content that highlights app features.
• Global Expansion: Currently US-focused with future potential for global/Asia expansion.

6. Challenges and Retention

• Latent Demand: Faced high initial operational costs due to rapid user adoption.
• Retention Focus: Invested in improving user experience and boosting engagement.
• User Feedback: Regular user feedback helped prioritize product improvements and feature developments.

7. Vision for the Future

• Generalizable Technology: Aim to develop more than just Tolins, with a focus on scalable AI companion technology.
• Competitive Landscape: Prepared for potential market competitors.
• Localization Plans: Consideration for localization to tap into non-English speaking markets.

8. Hiring and Team Expansion

• Current Team: Small team of nine, primarily focusing on product development and growth.
• Hiring: Open positions for iOS developers, particularly those with indie or startup experience.

Conclusion

• Market Insight: There is a growing interest and market for AI companion apps, with potential for future expansion and product diversification.
• Podcast Call to Action: Encouragement for interested developers to join the team at Tolins.

Additional Notes

• Podcast Tone: Informative and relaxed, with a focus on the journey and insights of building an AI-driven app from the ground up.