Weekly Wins Impact On Fundraising and Startup Networking
Weekly-wins in Untapped is one of the most crucial aspects to raising capital that is overlooked. Allow me to explain.
Data-driven decisions. Going through YCs startup school, one of the points that’s driven home over and over again is constantly collect data to utilize in decision making. At every Untapped event, we’ve been collecting data. After over 1000+ RSVPs in 4 cities we now know:
- The stages of many startups
- The industry they are in
- The location of the startup
- The problem(s) the startup is facing
One of the most interesting findings from the data we’ve collected is that 85% of the start-ups report that their number one problem is raising capital and they are looking for an investor. In Untapped, there are about 250+ startups (which is tiny compared to YC Startup School 15,000) and our organization has the ability to make warm introductions to several VCs and Accelerators.
But there is one small problem, many startups want those connections but to maintain Untapped’s relationships with investors we have to keep our quality of introductions high. And remember you’re not just competing against the 250 in Untapped, there is the larger ecosystem that goes well beyond 15,000.
Startups are competitive and out of 250 startups, how are you creating visibility around your success and what makes you stand out?
What Are Weekly-Wins And Why They Are Important
Weekly wins are a feature in the community where every week you share the progress your startup has made. I got the idea from Netta Dobbins of Mimiconnect and also realized that other programs utilize a similar concept.
Weekly-wins are more than just bragging. They are essential for several reasons including helping you stand out for intros investors, a great opportunity to network, and keeps you on-course for success.
Weekly Goals Shows Progress and Grit
As a founder myself, I have both good weeks and bad weeks. Sharing both the good and bad demonstrates the grit of a founder. It’s easy to push forward when things are going well, but startups have many down moments where failure seems imminent, founder depression overtakes your thoughts, and your life sounds like Langston Hugh’s poem, “Dreams Deferred”. Great founders persevere through these bad moments, and when thinking of whom to intro, I think who is going to have the grit to make it.
Before an intro, it is also good to know if a company is making progress towards their goals and seeing constant growth instills confidence. When approaching investors, you want to come from a position of power where you have leverage that makes investors want to chase you. Growth will attract VCs to you — and they are around silently watching as investors in Untapped have reached out to members when the startup makes themselves known.
Weekly-Wins Is Strategic Networking
When startups post their weekly wins, a few important things happen. The first is everyone learns a little about that startup, and that opens up the opportunity for a conversation, a connection, and learning. If someone’s business seems like a fit for a partner then reach out, if you think you can help someone think about a problem then connect, if someone raised capital then ask how they did it.
One of the best traits good Entrepreneurs have is they are inquisitive. They discuss their problems, are open to hearing feedback, and ask questions about other people’s thought processes. If someone else is having success, ask them about their execution and think what the takeaways are for you. Weekly-wins offers a perfect learning opportunity.
Y-Combinator Startup School Requires Weekly Updates
Are you trying to grow or a business or having a fun with a hobby? Not just YC- Startup School but other programs like Techstars track progress with weekly updates. The early stages of your company is the fastest your business will ever move. It’s easy to make decisions, there is little overhead, a minimal amount of decision makers, and it is extremely easy to pivot. This energy and pace should be harnessed and used to keep you on track. The differentiator between people who create companies vs those that have hobbies will be the dedication they to their startups and their mindset about growth.
As your business scales and has increased complexities, it will become harder to move as quickly. With growth, as a C-Level executive you become further abstracted from execution and begin measure results in months and quarters — but that’s years away for many early-stage companies. One of the biggest mistakes I see is when early-stage founders take months to execute which almost always leads to a company stalling. Remember that you are competing with other companies around the world, the winners will be those that execute.
Takeaways
The weekly-wins are for you. Even if you do not want to share your wins publicly, it is a metric you should be tracking privately. For those interested in raising capital, posting your wins in Untapped will help you stand out as a startup that should receive introductions. It can be used to keep you on course for growth, create accountability and present great opportunities to network. And as people begin to utilize weekly-wins, I see more successful companies forming, with or without investment.
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