Product feedback — JJ

Finding investment workflow

• The key is to create and expand networks
• 5–10% of current investors come from cold contacts on LinkedIn and Facebook. Keep updating profiles and write posts and investors will take the initiative
• 90% of current investors are from direct referrals. In-person communication is the most important. For new investors, they will ask the existing network for endorsements and feedbacks before approaching
• After 4 years, in 2015~2019, they have established solid connections and reach the point that their current networks will automatically refer other people

Suggestion

• Create a board of advisors (investors) to consult and endorse the service. Their reputation will attract others to join
• Grow from a small number of investors first because they always want to find interesting new startups but do not have enough networks in VN to do so
• The problem with the model is users will not return because there’s not enough added value for them compared to other networks like LinkedIn where any post and connection is guaranteed to bring meaningful value to the future
• The solution is to have a small function to hook users, for example, create a pitch deck from VN startup examples and proceed to register
• A recommendation feature

UI/UX problems

• Thank you message is too big and does not signal to users that their profile needs to be reviewed

Feature to be developed

The registration form is too long, better to divide into small steps with only the required information. Then keep sending emails to remind users about missing info, and how that info will increase their chance of matching

• Step 1: Choose company size + current stage (idea, funding, funded)

Small company size & Idea stage

• Fill founder & member information (CV, LinkedIn, social media)
• Fill vision + short company description

Funding, funded stage

• Fill company information
• Fill funding information

Immediate business model solution

• Ask for permission from investors to input their information to StartupGate. They will review the final profile and give approval
• After having 4 investor profiles + quotes, begin inviting startups to the platform to send contact offers