We certainly were not as far along on demo day as we (or the YC partners!) would have liked. That's the reality of big enterprise sales. Our customers have incredibly long procurement and sales cycles. We aimed to get signed LOIs by demo day and instead we got very serious negotiations.[1]
We spent the summer building the product to support a heavy amount of sales and business development work. We put together a prototype (we essential built the platform against something we call "fake financial") where we can use the terminal and some simple application to show banks and bank customers how easy it would be with our platform-as-a-service.
[1] Whats important here is that you can't bullshit investors. The proof is in the pudding. We had to account for where we were with every potential customer, who we were speaking to at the companies (investors might end up knowing them!), what terms were discussed, etc.
We spent the summer building the product to support a heavy amount of sales and business development work. We put together a prototype (we essential built the platform against something we call "fake financial") where we can use the terminal and some simple application to show banks and bank customers how easy it would be with our platform-as-a-service.
[1] Whats important here is that you can't bullshit investors. The proof is in the pudding. We had to account for where we were with every potential customer, who we were speaking to at the companies (investors might end up knowing them!), what terms were discussed, etc.