Hi Ashley, I loved the elevator pitch. I…

Hi Ashley,
I loved the elevator pitch. It is good that you put your picture. I also think the idea is great. You exceeded the 1 min limit though. I like the statistics and how you clearly explained what do you expect from the investor.
The venture pitch highlighted the problem in a very clear manner. The statistics show how large of a market there is for this app. The marketing plan needs to be a digital one rather than being an offline marketing plan (My suggestion). For competition I suggest you check an app called: lextTalk. I like the business model but I think you need more than 20k USD in investment. You have expenses for cloud computing specially when you start getting traffic on the app. You need to pay developers a salary and you definitely need a marketing expense. I recommend asking for 200,000.00 USD and offer the investor 30%-40%. I do not recommend mentioning how much is the company worth at this stage. A venture Investor wants to take a risk and he will estimate the worth of the company from his own perspective. I love the Buddy-branded apps – StudyBuddy, CoffeeBuddy, BikingBuddy, MovieBuddy, etc. This can be the differentiator of your app. I would do the coffeebuddy app first and move from there. You also can make money on selling the statistics gathered from your app. Many organizations are willing to pay for such resources.