Does anybody like to do tax reports? It’s complicated, time consuming and nerve-racking. And it even gets more complicated in terms of crypto currencies and crypto trading. So the founders of Heytax, our Newcomer of the month on Startbase in April, looked for a solution to simplify their own crypto trading activities…and started a business. Here are 10 questions to Heytax.
1. Why did you found your startup, which problem do you address and how do you solve it?
Heytax is a tool that helps crypto traders and investors to create tax reports. For example, when a trader buys Bitcoin and sells it for profit a couple of months later, he then has to pay taxes on the income he has generated; this is the simplest example. It gets really complicated once someone trades crypto against other crypto or receives airdrops or coins from hard forks. Once someone has made many trades, they have the challenge of creating a report for the tax office with all of this data.
We founded Heytax because we, (the founders), need the service Heytax is providing. We were trading and looking for a solution that would help us to monitor our trades, give us an overview of our tax debt and tax optimize our trading behavior. There was and is just nothing on the market that is doing this for us. This is how the idea for our tool started.
2. What was your greatest success so far?
We organized a meet up where we did a pre-sale (or Initial Access Offering, as we called it) for the product and the feedback was great. People were eager to purchase (even before the end of the event) and almost every participant wanted to secure early access for themselves. This gave us the great insight that people are interested in this service and this topic. It was rewarding to see how many people showed up at our meetup and were willing to pay cash up front for a product that is still in development.
3. Why are you on VentureZphere / Starbase?
We are currently preparing for our seed round. We are hoping to get contacts to investors from the fintech space who have experience with either tax products or in the crypto space.
4. What would you recommend other founders?
Just do it. It is always worth it. The risk you are taking is not as crazy as many think but the learnings and the contacts you get are amazing. Talk to as many people as possible about your idea. Everybody will have something to add to what you already have and some might even give you new perspectives.
5. Where did you meet?
Vladislav and I were co-workers at Taxfix and at the time we came up with the idea we also met Constantin at a Blockchain Meetup. All of us are crypto traders and with our different backgrounds we realized, that we are the perfect founding team for this problem.
6. What was the roughest rejection you ever got in a pitch?
We haven’t had this experience yet (crossed fingers). Everybody was really nice to us. Though, we have had the experience of turning down a incubator and funding offer.
7. Do you have an office cat/doc/turtle or any other pets?
Not yet. But all of us are very pet friendly so I can imagine that this happens at some point.
8. Do you still have a proper social live since the founding?
For us, work/life balance is super important. We think that people are more productive when they have a good balance. We have a no-work policy for weekends. I sometimes get too excited about things and will often do smaller things also during the weekend. But yes, we all work hard to maintain our social lives.
9. If an Investor gave you 500.000 Euro, what would you do with the money?
We are currently in the fundraising process, so we have a very detailed spreadsheet about how much money we need and what we are going to do with it. But to summarise the next big step: get the prototype to a product stage so we can launch.
10. Let´s say, you are the Governing Mayor of Berlin / of the city where you have your headquarter, for one day, what would you change?
I would change the accepted currency to Bitcoin for one day, so everybody can experience how easy and fast it is to use a cryptocurrency.
Check Heytax‘ profile here.
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INSIDE is the magazine of the German Startups Association. The German Startups Association represents the German startup-ecosystem and campaigns for entrepreneur-friendly conditions. Through the dialogue with political decision makers, the Startups Association offers suggestions with the aims to foster a culture of self-employment and to decrease the barriers for founders. The Startup Association advocates for innovation as well as an entrepreneurial spirit and carries the startup-mentality into society. As a network, the German Startups Association connects entrepreneurs, startups and their friends with each other.