START-UP
COMPANY
REPORT: ATRI
LABS
ECON3430
1
EXECUTIVE SUMMARY
Atri Labs is a startup company that introduces a python framework as an improved solution to an inherent problem
within current frameworks. Atri Labs identified current frameworks are static and limited by the programming
language used [1]. Their design framework boasts capability of designing in multiple languages as well as
developing front end and back-end designs.
This report analyses the current environment of the startup providing insights into the organisation, market
competition as well as a business model. By providing this information, the report aims to inform and advise
potential investors on which decision they should make when considering their interests.
The report concludes, that while Atri Labs is neither a lucrative investment opportunity it is nor a loss-bearing one.
Discretion is advised due to the lack public information available for the company.
Overall Atri Labs is part of a highly competitive market but holds its own perks to acquire customers. As its currently
in the beta phase no known sales are acknowledged at this period of time. Finally this report advises, interested
investors to invest around $100,000 - $500,000 while providing support in the business aspect of the company.
2
CONTENTS
Executive Summary ................................................................................................................................................ 1
Table of Figures ...................................................................................................................................................... 3
Introduction ............................................................................................................................................................. 4
Company Vision .................................................................................................................................................. 4
The Problem ....................................................................................................................................................... 4
The Solution ........................................................................................................................................................ 4
The Company ......................................................................................................................................................... 5
The Founders ..................................................................................................................................................... 5
Organisational Structure ..................................................................................................................................... 6
Company Timeline .............................................................................................................................................. 6
Team Evaluation ................................................................................................................................................. 7
Company Ownership .......................................................................................................................................... 8
The Consumers ...................................................................................................................................................... 9
Target customer/user .......................................................................................................................................... 9
Web Developers ............................................................................................................................................. 9
Non-Web Developers ................................................................................................................................... 10
Market Potential ................................................................................................................................................ 10
Consumer Traction ........................................................................................................................................... 11
The Competition .................................................................................................................................................... 12
Market Overview ............................................................................................................................................... 12
Market Breakdown ....................................................................................................................................... 12
Market Structure ........................................................................................................................................... 12
Market Forecast ........................................................................................................................................... 13
Market Regulation ........................................................................................................................................ 13
Business Model ................................................................................................................................................ 14
Pricing ............................................................................................................................................................... 15
Company valuation and Investment Advice .......................................................................................................... 16
Valuation ........................................................................................................................................................... 16
Investor Advice ................................................................................................................................................. 17
Conclusion ............................................................................................................................................................ 18
References ............................................................................................................................................................ 19
3
TABLE OF FIGURES
Figure 1: Atri Labs Organisational Chart [16] .......................................................................................................... 6
Figure 2: Atri Labs Timeline [16] ............................................................................................................................. 6
Figure 3: Ownership of Atri Labs ............................................................................................................................. 8
Figure 4: Web design turn around [10] .................................................................................................................... 9
Figure 5: Example of non-web developer design [17] ........................................................................................... 10
Figure 6:Progamming Language Community Sizes (Millions) [6] ......................................................................... 10
Figure 7:Web Development Framework Market Breakdown [10] .......................................................................... 12
Figure 8: 2022-2028 Web Development Framework Market forecast [8] .............................................................. 13
Figure 9: Web development Cost Breakdown [19] ................................................................................................ 15
4
INTRODUCTION
Company
Vision
“To enhance
developer
productivity”
The vision statement is
built around the
objectives of the Atri
Framework. Atri Labs is
committed to achieve
the following objectives:
- Increase developer
productivity
- Adopt PWA
specifications
strictly
- Easy to adapt to
compliances
through the use of the
framework. [1]
The Problem
Progressive Web Apps or PWA are websites/apps built using web-based platform technologies
[4]. PWAs combine several features of traditional websites and platform specific apps (i.e., Android
or iOS-based apps), to allow end-users to easily access content either as a website or an installed
app [4].
Since PWAs are primarily websites, they contain the basic features where they have at least 1
HTML page that loads some CSS and JavaScript. As such PWAs are often developed through the
use of frameworks which are supported by certain programming languages. As of 2023, the
following frameworks were identified as the best to develop PWAs:
1. Angular – HTML/TypeScript/JavaScript
2. React - JavaScript
3. Vue – HTML and CSS
4. Preact - JavaScript
5. PWABuilder – Vue.js and Node.js
[3]
However, like with any other software in the web development market, PWAs frameworks also
face stark limitations. Few identified are:
1. Frameworks face limited functionality upon implementation [2],
2. Certain programming languages have inherent limitations which impacts developers’
ability to design PWAs [2].
3. Due newness of the concept, limited support currently for such programs [2].
Atri Labs further identified current frameworks are static and limited by the programming language
used [1]. For example, a Python PWA developer would find difficult developing front-end
applications due to inherent limitations of Python. As a result, they will tend
to spend years
learning JavaScript to address the shortcoming [1]. The issue with such a method is that learning
a new programming language consists of a steep learning curve and if not practiced and learned
properly, developers would face coding difficulties often leading to project abandonment.
The Solution
For developers to avoid learning a new language from beginning and not be limited in terms of
framework software availability, Atri Labs developed its Atri Framework. The Framework utilises
Python for back-end web developments while implementing JavaScript for front end UI [1]. The
framework boasts the following capabilities:
- Compatible with multiple major programming languages, i.e. JavaScript, Python and
Node.js.
- Suite of productivity tools to reduce development time. Such as a visual editor and an asset
management tool.
- Developers do not need to write and document REST APIs. Has benefits such as reducing
compliance breaches.
- Ability for non-web developers to develop and maintain apps with little difficulty. [1]
In line with their vision, Atri Labs follows the following design principles when developing the
framework:
- Simple front-end code
- Flexible backend API
- Follow “What you see – What you get” [1]
5
THE COMPANY
The Founders
Darshita Chaturvedi
Chief Executive Officer
Darshita is a Co-Founder and the
CEO of Atri Labs [15]. She leads and
maintains the development of Atri
Labs open-source project: the Atri
Framework. Darshita is a frequent
speaker at JavaScript and Python
conferences. She is a member of the
Grants Working Group at the Python
Software Foundation [15].
Darshita has worked in Machine
Learning and Data Science positions
previously in MIT (Graduate
Research Assistant) and BlackRock
(Quant Researcher) [14].
Prior to founding Atri Labs, she co- founded Quaffles, a start-up with
similar goals to Atri Labs, as its CEO.
The startup was founded alongside
Shyam Swaroop and Juanita Baker
[14].
Shyam Swaroop
Chief Technical Officer
Shyam is a Co-Founder and the
CTO of Atri Labs. His
responsibility includes the main
technical development of Atri
Labs open-source project: the Atri
Framework [15].
He has prior three years of
professional experience in the AI
and Machine Learning field [15].
Prior to founding Atri Labs, he co- founded Quaffles, a start-up with
similar goals to Atri Labs, as its
CTO. The startup was founded
alongside Darshita Chaturvedi
and Juanita Baker [15].
Juanita Baker
Chief Product Officer
Juanita is a Co-Founder and the
CPO of Atri Labs [23]. Juanita is a
frequent speaker at JavaScript and
Python conferences. She is a
member of the Grants Working
Group at the Python Software
Foundation [23].
Juanita was a quantitative
researcher at BlackRock. Her key
focus areas were quantitative
signal research using Machine
Learning and statistics [23].
Prior to founding Atri Labs, she co- founded Quaffles, a start-up with
similar goals to Atri Labs, as its
CPO. The startup was founded
alongside Darshita Chaturvedi and
Shyam Swaroop [23].
6
Organisational Structure
The following organisation structure is developed based on the current members/roles visible on Atri Labs LinkedIn
page [16]. The organisation shows a streamlined process with lower ranked employees capable of communicating
directly with higher ranked employees. With the small size of the team, this raises efficiency in terms of allocating
tasks and outlining key targets for each member of the team.
Company Timeline
CEO Back End
Developer Front End
Developer Software
Developer (Full
Stack) Intern Software
Developer CTO CPO Feb 2022 - Atri Labs
founded by CEO,
CTO & CPO Jul 2022 - Atri Labs
hires Software
Developer (Full
Stack) Sep 2022 - Atri
Framework released
as an open-source
project Oct 2022 - Intern
undertaken as a
front end developers Jan 2023 - Y
Combinator funding
acquired
Feb _ Apr 2023 -
Further Developers
hired Figure 1: Atri Labs Organisational Chart [16]
Figure 2: Atri Labs Timeline [16]
7
Team Evaluation
Many studies have been undertaken to analyse factors that result in the success and failure of a start-up
companies. One such key factor is team composition. A post-mortem analysis of failed startups shows roughly
23% of failures was due to not having the right team [12]. Based on articles from Mass Challenge and Business
Daily News [12][13], the following roles were identified as pivotal for a success of a start-up company.
Roles Responsibility Occupied (Yes/No)
CEO The leader and visionary of the team.
Necessary in setting direction of the company
to ensure success.
Yes – Role fulfilled by Darshita
Chaturvedi.
CTO Innovator of the team. Necessary to develop
and support the CEO’s vision through
technical abilities.
Yes – Role fulfilled by Shyam
Swaroop.
Product Manager Director of the team. Responsible for
showcasing the value of the start-up’s product
in the market.
Yes – Role fulfilled by Juanita Baker
Developer Builder of the team. Overlooks the finetuning
and building up of the product as per the
CTO’s and CEO’s direction.
Yes – Four software developers
identified, each addressing certain
aspects of the product.
Operations Organiser of the team. Responsible for
overlooking the productivity of the team to
ensure the delivery of the product.
No – Currently assumed to be
shared between the CEO, CTO and
CPO
CMO Marketer of the team. Required to promote the
product for the public/target audience to
ensure demand for the product.
No – Currently assumed to be
overlooked by the CPO.
CFO Financer of the team. Necessary to manage
the start-ups funds, income, and expenses.
No – Unclear on who undertakes the
role.
Analysing the organisation structure and the key roles undertaken, it can be evaluated the start-up places a heavy
emphasis on the technological aspect. With many team members possessing education or industrial background
in technology development, Atri Labs possesses a high calibre of personnel to cover technological roles (CTO,
Product Manager, Developer). However there is a clear vacuum in terms of employees to manage the financial
and marketing roles of a startup. Currently the unoccupied roles are shared among the upper hierarchy of the start- up. However such inoccupation spells high risk of failure for Atri Labs in the future due to intensive nature of tasks
each role requires [12].
Overall in the one and half years of operation, Atri Labs does seem to outline a positive growth in terms of hiring
employees. In the first year, Atri Labs focused on securing funding to run operations, while in the second year the
startup went through a hiring phase growing from a team of 3 to 8 employees in the span of 6 months [16]. Most
employees hired were focused on developing the product, however there is a lack or little public information
regarding hiring of business (marketing/financing) oriented employees. Therefore technologically wise, Atri Labs
shows capability of hiring the correct employees. However in terms of business management, while the founding
members have prior experience running a startup, the lack of marketing and financing hires alludes otherwise.
8
Company Ownership
Atri Lab gained funding from Y-combinator in 2023. Y-combinator invests $500,000 in every company as a deal.
Of the total funding, $125,000 is invested for 7% of the company [18]. The remaining ownership is shared between
the founders of the startup [18].
It is important to note that Atri Labs provides its product through GitHub. Due to GitHub holding a subscription
model in order to provide start-ups and developers a platform to promote their product, they legally do not hold a
percentage of the company. As such it is rather seen as an expense for an asset [11].
Ownership of Atri Labs Atri Labs (CEO,CTO, CFO) Y-combinator Figure 3: Ownership of Atri Labs
9
THE CONSUMERS
Target customer/user
Overall Atri Labs Framework is open for any user who is interested in web design and development. As such the
target customer/user can be broken to two distinct categories:
• Web developers
• Non-Web developers
WEB DEVELOPERS
Web developers are a profession that creates and maintains websites. Developers often learn a particular coding
language to perform their job description adequately and successful. With the introduction of frameworks, which
streamlines and simplifies the process of creating website, many developers have turned to such tools to perform
their task quickly. Survey done in 2022 found that 60% of web developers use frameworks as part of their job. The
usage of frameworks lies in its efficiency to perform critical development tasks such as deployment and restoration
of service at a faster rate [10]. The graph below outlines how many developers were able to meet tight deadlines
with either using a framework or not [10]. Overall it shows more developers were able to reach targets earlier using
a framework [10].
Atri Labs provides the same benefits as most web frameworks, proving lucrative to majority of web developers in
the market as per the statistics.
0 10 20 30 40 50 60 Code Deployed on command Lead time less than an hour Service restored in less than a day No . o f w eb
de ve lop er s ( % ) Web design Turn-around [11] With Framework Without Framework Figure 4: Web design turn around [10]
10
NON-WEB DEVELOPERS
Non-web developer refers to the population that hasn’t formally learned or been trained in web development. These
people often contact web design as an end-user. However one particular group that would benefit from the ability
to web design are small-to-large business owners. With Atri Labs user-friendly front-end, business owners can
build their own websites without having to hire professional web developers or learn coding themselves. This will
be increasing savings on resources. The image below showcases an example of a business-built website.
Market Potential
Demand for web frameworks is dependent on the
user base for the product. As per the identified target
consumers, majority of user will fall within the web
designer category. With the framework being
primarily supported by Python, demand for the
product will be primarily driven by Python web
developers. Python was recognised as the second
biggest language community as of 2022 with 15.7
million users [6]. The number of developers
highlights the potential consumer base for Atri Labs
framework. With Atri Labs further catering for
JavaScript, the framework builds an even larger
potential consumer base. With the benefits Atri Labs
framework holds over other types, demand for the
product can be forecasted to be proportional to the
number of developers.
However, while demand for Atri Labs Framework can
be proportional to the number of developers,
Figure 5: Example of non-web developer design [17]
Figure 6:Progamming Language Community Sizes (Mi llions) [6]
11
developers’ preference plays a negative role. Net Solutions identified 11 Python Frameworks which are popular,
of which Atri Labs isn’t included [5]. Django, developed in 2003, was identified as the most popular form of Python
framework in 2023 [5]. Therefore, it can be observed Atri lab has a high potential demand, however there is intense
competition presented by existing frameworks. The potential for high demand is further support by Atri Labs placing
within the top 10 for the fastest growing open-source startup as of Q1 2023 [16].
Consumer Traction
As of current, public register crunchbase.com reports Atri Labs sees around 6,237 monthly visits, with majority
being from United States (45%) and India (26%) [21]. On Atri Labs GitHub servers there are currently 27
repositories created for the development of apps by users [17]. Publicly, the company acknowledged over 20,000
downloads of the framework in the year 2022 and was placed as the number one repository in GitHub [16].
Furthermore the latest edition of ROSS index (Q1 2023) places Atri Labs within the top 10 fastest growing open- source startup [16]. All the data outlines the company is experiencing significant interest by the community.
In terms of methods of customer acquisition, Atri Labs have not released any public statements. Due to the product
being open source and its beta phase, it can be inferred users find the product through word-of mouth. Social
Media posts by the founders on Twitter and LinkedIn allows Atri Labs to expose their product to the social and
professional community increasing curiosity of viewers to trial the product [16]. Overall due to the newness of the
startup and the lack of public information it is quite difficult to provide definite methodology used by Atri Labs for
customer acquisition.
12
THE COMPETITION
Market Overview
MARKET BREAKDOWN
Atri Labs is identified as part of the web development framework market. As per Web Tech Survey, the current
outlook for the market is as follows [10]:
As seen from above most popular web frameworks are JavaScript frameworks, with React holding slightly less
than half of the market share (40.67%) [10]. The most popular Python based framework is Django and it only holds
0.71% of the market [10]. As such for a python framework entrant like Atri Labs, it faces a high barrier to entry due
to existing JavaScript based web frameworks holding majority of the market.
MARKET STRUCTURE
The overall market structure can be described as a monopolistic competition, where many companies offer
competing frameworks which are similar substitutes to one another [9]. The companies are differentiated by the
frameworks programming language, the tools, and standards available and branding [9].
Total no. of sites developed using frameworks 12,147,723 websites
Percentage of global websites in the category
(Developed using frameworks)
13.43%
Current Leading Framework
React
Fastest Growing Technology Slim
Largest User Location
United States
Technology Description Market Share
React Framework that allows the user to build interfaces out of individual
pieces called components
40.67%
Microsoft ASP.NET Open-source web framework used for building different types of
applications
33.96%
Backbone.js Lightweight JavaScript Library that allows to develop and structure
client-side applications
6.13%
AngularJS JavaScript Framework 5.47%
Vue.js JavaScript Framework for building user interfaces 4.39%
Microsoft ASP.NET
MVC
Lightweight, highly testable presentation framework optimised for
use with ASP.NET Core
3.09%
⋮ ⋮ ⋮
Django High-level Python web framework that encourages rapid
development and clean design.
0.71%
Figure 7:Web Development Framework Market Breakdown [10]
13
MARKET FORECAST
In terms of forecast for the market, a study in 2023 concluded the following for the web development market [8]:
This outlines there will be continued demand for web applications, showcasing an opportunity in the five years, for
Atri Labs to grow competitively with existing firms.
Furthermore as a result of the COVID-19 outbreak in 2019-2021, digital transformation and technologies have
sped up outline a digital surge. As of 2022 number of global internet user have nearly doubled from 3,444 million
in 2018 to 5,300 million users. This trend shows the market for web development to increase proportionally outlining
a further opportunity of Atri Labs and other competitors’ growth.
MARKET REGULATION
Similar to other business, web frameworks can be majorly impact by government regulation. Laws can be imposed
either restricting sales or services provided by companies [7]. Furthermore taxes, fees and/or licenses/permits
would be required for companies to perform their services legally [7].
It is also important to note that sanctions can be applied to web frameworks depending on the political atmosphere
of nations [7]. For example, due to the Russia-Ukraine war, web frameworks could see sanctions imposed
restricting market engagement in Russia or Ukraine.
2022 Market valuation USD 60709.6 million
Compound Annual Growth Rate (CAGR) 8.08%
2028 Forecast USD 96748.41 million
Figure 8: 2022-2028 Web Development Framework Market forecast [8]
14
B usiness M odel Key Partners
•
GitHub – Atri Framework
platform provider
•
Y-Combinator – Funding
provider
•
turingLabs and Marvelloux –
Design partners
[17]
Key Activities
•
Framework designing and
development
•
Framework maintenance
•
Framework upgrades based
on customer feedback
•
Continuous service support
[1]
Value Proposition
•
Provides web developers a
streamlined alternative capable of
front end and back-end web
development
•
User friendly UI allows non-web
developers to easily develop their
own websites
•
Framework is compatible with
JavaScript, Python and Node.js
appealing to a wider target
developer audience
[1]
Custom er Relationships
•
Customers have a dedicated
feedback section to provide
developers with key request to
improve the framework
•
Darshita provides a link which
allows interested users to set
meetings with her to understand
the product
•
As the product is open-source
external parties can provide advice
to improve the framework
[1][17]
Custom er Segm ents
•
W eb designers
•
Non-W eb designers
o
Small-to- Large
Business
Owners
Key Resources
•
GitHub Repository Account
•
Python software
•
JavaScript front end software
•
IT equipment (laptops, PCs)
•
W eb framework developers
•
Marketing team for the product
Channels
•
Framework will be available
through GitHub
•
Further distribution methods are to
be investigated.
Cost Structure
•
Startup location lease
•
GitHub Account fees
•
Salaries
•
Associated bills/ Legal fees
•
IT assets and office utensils / Software licenses
Revenue Stream
•
Investor Funding – Y-Combinator and GitHub [21]
•
Due to product in beta phase no sale is recorded yet.
15
Pricing
As the product is open-sourced and in its beta testing phases, no sales have been announced for the company.
As such it is difficult to place price on the framework as of this moment. However comparing the prices it takes for
a company to develop a website using different means, a range can be inferred [19]. The table below shows how
much it costs to build a website using different means.
Website developed using … Cost
A Website builder USD $5 - $50 per month
WordPress USD $35 - $780 upfront, then $11 - $50 per month
Web Developers USD $5000 - $30,000 upfront
Figure 9: Web development Cost Breakdown [19]
Since the Atri Framework is a website builder of sorts, a price range between $5 - $50 per month, can at this stage
be assumed as Atri Labs sales target.
16
COMPANY VALUATION AND INVESTMENT
ADVICE
Valuation
The simplest form of company valuation is to subtract liabilities from assets [20]. However this methodology does
not paint the company’s true value. Due to the lack of public financial information the Berkus Valuation
Methodology for startup will be used to valuate Atri Labs [22].
The Berkus Method provides a maximum valuation based on optimistic future revenues. It’s used as a valuation
method prior to a company’s first revenue [22]. In Atri Labs case, since the company has yet to generate any
consistent flow of revenue aside from the initial investment, the method is deemed appropriate.
The method studies five crucial areas of a startup while allocating a value from zero to $500,000 for each area
[22]. The areas are
Area Description Valuation Reasoning
Sound Idea An exciting
business
idea
$500,000 Atri Labs has successfully presented an idea which address
a particular problem in the current market.
Quality
Management
Team
An excellent
management
team
$400,000 As of current, Atri Labs has been able to attract and built a
team to successfully deliver the product technologically.
However they are lacking personnel to overlook the business
(marketing/financing/organising) aspect of Atri Labs.
Prototype A solid
product or
prototype to
attract
customers
$500,000 Atri Labs has successfully launched a beta prototype which
experienced positive reviews by users.
Strategic
Relationships
Powerful
strategic
alliances,
partners, or
a burgeoning
customer
base
$100,000 Currently, Atri Labs has strategic partnership with GitHub and
its user community, showcasing a positive relationship
between the platform, users, and developers. However Atri
Labs is noticed to have a small set of industry connections. If
Atri Labs is able to build up a rapport with for example the
coding language company, Python, the valuation would be
higher.
Product Rollout
or Sales
Company
has signs of
revenue
growth and a
pathway to
profitability
$0 Currently due a lack of financial information and that the only
public investment is noted, it is difficult to ascertain the
product rollout plan for the company. Also due to the lack of
a CFO and CMO, it raises a risk of – if the company is able
to successfully generate revenue.
Final Valuation - USD $1,500,000.
17
Investor Advice
Based on the current business model of the company as well as it’s linear organisational structure, an investment
would be highly beneficial for the growth of Atri Labs. It will allow them to have enough cash revenue to hire
employees for the business aspect of the startup as well as further develop their product. As such it is not
recommended against for an investor to invest in Atri Labs.
However before an investor starts investing in the company, it should be highly prudent of them to request the
current financial status. By not requesting current financial information, any investor incurs high risk of a negative
return of the investment.
Also based on the given valuation, an investor should also not invest more than $1,500,000 in the company.
Looking at their investment history, an investment between $100,000 and $500,000 would be adequate, as it
matches the deal of Y-Combinator.
If an interested investor wishes to provide the full valuation amount they should undertake a stage-by-stage
approach outlining key targets the company has to achieve before receiving their next set of investment amount.
This will ensure security for the investor.
In terms of shareholdings, for the recommended investment amount (between $100,000 to $500,000):
• If the investor wishes to be involved in the company, a percentage over 51% will be favourable. This will
allow the investor to place any input/queries/decision, which will definitely be considered by the start up
when tasks or objectives are being undertaken. The investor should also:
o Aid in the business component of the company.
o Introduce qualified personnel to overlook financial and marketing aspects of the start up
o Place a mutual trusted operations manager to oversee the process and efficiency of the
company.
• If the investor does not wish to heavily engage in the process of the business, a shareholding of 7% is
adequate. This value is based on the y-combinator deal Atri Labs made.
18
CONCLUSION
In conclusion, Atri Labs is neither a lucrative nor a loss-bearing investment opportunity. Due to the high
competitiveness of the market, the Atri Framework will face a high barrier to entry, with majority of the market being
held by JavaScript based frameworks. However in terms of user-friendliness of the software, Atri Labs provides an
easy-to-use front-end UI which even non-web developers can use. This advantage allows Atri Labs an opportunity
to grow in the competitive market. With the capability of integrating Python and JavaScript, the framework will
appeal to wide target audience resulting a high potential demand.
In terms of the company, the team is heavily focused on the technological aspect of the start-up, outlining a lack
of business management positions. If an investor wishes to be involved with the start-up, they should focus on
improving the business aspect, to ensure the success of the company.
Overall, there is no recommendation against an investor from investing in Atri Labs. However should an investor
wish to invest, they should request an overall internal company report due to the lack of public released information
regarding Atri Labs. This will mitigate the high risk created due to the lack of information.
19
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