Gotem is a decentralized platform that enables anyone to crowdsource and crowdfund global investigations, private security and humanitarian aid. The platform operates many functions over the Ethereum blockchain (i.e. payments, escrow, smart contracts, voting, feedback) to enable transparency for all parties involved. Users can open a global crowdfund for any type of mission. Contributors to a mission are allowed voting rights to determine who gets selected for missions, approval of evidence, and release of funds.
Our beta for user signups launched last year November 2020. Crowdfunding features are ready to be launched in July of this year. Key metrics that we plan to track are customer acquisition cost (CAC), Click through rate (CTR), and Customer Lifetime Value (CLV). We’ve found the most effective means to generate signups and case submissions to be Google ads/Facebook ads. Keywords/descriptions work best when dynamic and contrarian to the industry norm. Traction can be demonstrated with our case submissions data form we generated from the MVP investigations marketplace, MeetMySpy.
People who are going through a crisis that urgently need investigations or crowdsourced information from the source. We simplify the grueling task of hiring and paying for a private investigator(s) and gathering information from a broad range of sources.
Revenues for private investigation services are projected to expand over 3% per year through 2021 to $6.4 billion.
Problem or Opportunity
Due to globalization, the world is now experiencing something called digital blowback. The digital revolution has caused a new wave of civil and criminal matters that are beyond what governments can process. Using the US as an example. Law enforcement agencies are underfunded and further being defunded due to a growing awareness of police brutality and corruption. Public safety and investigations for transparency have come to the forefront of public demand. With many communities within the US now exploring the option to privatize law enforcement through privatized security and investigations. The market still lacks a defined medium for people to outsource and manage such a complicated industry.
Private investigations and security is a 50 billion dollar industry in the United States, alone. Crowdsourcing for investigations has recently become a norm for law enforcement, with them utilizing social media platforms to gather intel. Publicly this is largely an untapped market that continues to see exponential growth each year. There currently does not exist a reliable outlet to address the emerging societal blowback we are experiencing from the digital revolution. gotEM looks to address this issue with crowdsourcing and blockchain ledgers to further bring transparency to the outdated investigations and security market.
Solution (product or service)
The beta platform enables crowdsourcing for small to large scale investigations local and international. Users are able to launch an investigation remotely within a short time from their devices. Crowdsourcing for an investigation is much more effective than relying on just one source to conduct your investigation. Our added crowdfunding feature changes the landscape in that people can now gather funds to conduct large scale investigations as a group rather than individually.
Blockchain brings transparency, automation, and group governance into the already ambiguous investigations industry which is unregulated in many parts of the world. It can further bring transparency for payments, milestone management, and group voting.
Similar competitors within the market were Trustify, founded by Daniel Boice. Due to the founder embezzling all funds raised (18 million) and now jailed for 8 years--our only competitor has since left the market: https://www.washingtonpost.com/local/legal-issues/trustify-founder-prison-sentence/2021/03/26/f3b18e94-8d71-11eb-a730-1b4ed9656258_story.html
I actually realized how difficult and expensive it was to hire a detective when I was looking to hire one in the US. With everything holds virtually nowadays, it has becoming harder and harder for both customers and service providers (detectives and private investigators) to find each other offline.
Advantages or differentiators
Trustify’s business model was that they would match a user with a detective and cap the hourly rate to $35 per hour. This was an ineffective model that proved unprofitable due to the manpower needed to have a sales team speak to each user and then match them with a subpar investigator with low hourly fees. Moreover, the platform took a 50% rake from each mission, hence leaving the investigators with not much to take home.
Our platform doesn’t look to manage or cap hourly rates as we firmly ascribe to Free Market Theory--that a market should not be governed and that people within that market will naturally find an equilibrium. We are first to market by innovating the world's first crowdsourcing platform with crowdfunding capabilities to address private investigation and security missions worldwide.
Smart Contract to deduct 15% rake from successfully completed missions. Individuals stake nodes to network reserve fund and company earn 15% monthly.
Money will be spent on
These funds are needed to expand dev team and market intentionally. Specifically within the United States, United Kingdom and the UAE.