My first 7 weeks on the Antler programme
Hello everyone, I hope you’re all doing well. For the last 7 weeks, I’ve been on the Antler program. Antler is a global early-stage VC that enables and invests in startups. It has been a deeply valuable experience thus far. Let me tell you a little about what goes on behind the scenes.
The programme
Over 3,000 people applied to be part of the latest cohort in London, and 81 of us were selected. We are all here to build startups, and to do that, Antler helped us with three big things: 1. Bring together 80 other truly inspirational people, to help us find a co-founder(s). 2. Give us support and guidance through webinars with successful early-stage startups, and pairing us up with a coach. 3. Access to a group of investors who have given us feedback and advice, and could potentially invest in our startups.
To be straight up, this programme has been absolutely brilliant. We have been privileged to have the support from the team at Antler.
I found an amazing co-founder
The first two weeks of the programme were focused on helping everyone in the cohort to get to know each other. At the end of the third week, I decided to form a team with Sushil Bansal. Sushil is a full-stack developer who has previously built websites for communities including a Reddit clone for India, and SaaS products for global brands such as Tescos, Sainsbury’s, Boohoo, and Lloyd’s. He’s brilliant!
It made sense for us to track out given our complementary skill-sets. What sealed the deal was the fact that we both got along very well, and I enjoyed the fact that we were both very competitive when playing pool, whilst also discussing business. We also bonded over our shared desire to serve communities. It’s been a fantastic partnership so far.
Since we formed a team, we set out to do three things: 1. Discuss what kind of company we wanted to build and what kind of partnership we wanted to have as co-founders. This helped us decide the founding principles of our company. 2. What groups of people we could best serve from day one, and figure out what problems they have. 3. Build a minimum viable product (MVP) to solve the most painful problem and serve our first customers.
The early days of our startup
We've done stages 1 and 2, and now we're at stage 3. For stage 1, we decided to build a startup team in which we communicate constantly and openly, where we hold ourselves and our company to high expectations, use our skills and abilities to help our stakeholders, and be success-oriented so that we serve our customers in the best way possible. We hope to build these pillars upon a foundation of what Sushil and I called a real partnership where we would back each other up and support each other always.
Serving people who run communities
For stage 2, we decided that as founders, we were best placed to solve the problems of people who have started and/or run communities. By communities, we mean any group with a shared interest. These can be communities who support charities and nonprofits, activists who work together for a cause, passionate football club fans, motorcycle clubs, and members of political parties of all colours.
At first, we focused on communities who we knew. As I’ve spent the last 16 years working closely with and for a diverse set of communities across the United Kingdom and the world, we were fortunate to be able to speak to amazing folk who have contributed so much to the people around them. (To those of you who we’ve spoken with so far, thank you for your contributions!)
A huge problem: Fundraising
We have spoken with over 100 people to learn about their problems, and one problem came up again and again: How to raise money regularly, to be financially sustainable and to grow.
The community organisers we spoke to from both non-profits and for-profits said that they loved helping and supporting their members, but they struggled to get regular income. They would organise one-off fundraising events and crowdfunders, apply for grants from foundations and trusts and governments, seek corporate sponsorship, create products and offer services, and set up e-commerce shops.
But we found something out that was really insightful: These folk all have deeply loyal and caring members - sometimes as many as millions. And their memberships are growing too! And when these members were asked to help with funding, a substantial proportion had given one-off payments at fundraisers and events.
A big problem within the huge problem: Regular funding for financial sustainability
The challenge for them after these one-off events is how to get regular financial support online. This is a huge problem: Our research showed that it takes hours, if not days, to set up bespoke websites that community organisers the ability to receive recurring payments, write marketing copy, create social media content. Yet, the organisers were people with little time, little money, and sometimes zero tech skills to do what, to Sushil and I, is easy to do.
But we discovered something that was powerful: When explained why becoming a regular donor or a paid member contributing monthly payments is helpful, one-off donors were 64% more likely to donate. This is important because regular givers are 440% more valuable than one-time givers. We also found that if you share a video asking for money, there’s a 105% increase in the likelihood of a website visitor of giving money.
That’s why we’re now building a minimum viable product (MVP) for community organisers to help them ask their followers and supporters to become regular givers.
Are you a community that needs help fundraising?
I'm sharing this message with you all for two reasons: 1. to update you about the last couple of months 2. And to see if you have set up or run a community and have the problem of fundraising / bringing in revenue to survive/grow/thrive.
If you run a community - either online or offline, non-profit or for-profit - and would like to be an early user of our MVP, please apply here http://crowdapp.squarespace.com/.
We’re looking for 3 amazing communities to help them serve their members better. If selected, Sushil and I will share our insights with you, help set up a custom website about your community, and enable you to receive regular payments from your community members, helping them to support you. All of that, all for free.
As we’re at this really early stage of our company, we’re doing all we can to support our early adopters - so it won’t be perfect, but we’ll give it our all to get something off the ground!
Want to be an entrepreneur? Apply to Antler now
Finally, for those of you who have read all the way to the end, I’d like to inform you that Antler have now opened up applications for their next cohort (Spring 2021). If you want to be an entrepreneur, if you have that entrepreneurial spirit, and/or if you’re looking for a co-founder and investment, it is worth applying to Antler. I’d definitely recommend it.
At this point, I’m fully focused on serving early adopters of our MVP, so I won’t be able to answer questions directly about Antler recruitment at this point. But if you want to apply, let me know by messaging me and I’ll note you down.
You can apply here: https://www.antler.co/. Best of luck, and thanks for reading.
Alvin Carpio is an entrepreneur at Antler’s 3rd cohort in London.
