A VERY COOL FUNDRAISING USE CASE (INVENTED BY BATCH 16 OF #500STARTUPS)
I was recently contacted by a Foundersuite user named John Rushworth of BottlesTonight, a startup bringing people together around bottle service; essentially John and team are bringing the premium nightlife experience industry online.
He wanted to meet up and talk about using our product to raise capital. I love feedback but am allergic to meetings, so I decided to do some research first.
I looked him up and I noticed he was in the most recent batch of 500 Startups. Ok, good enough for me. Fast forward a few days and I was sitting in 500 Startups’ San Francisco office, surrounded by companies who had all been using Foundersuite as part of their fundraising.
As a founder selling startup software to other founders, this was very cool.
What they told me next surprised me. Each had created their own Foundersuite account, but John had the bright idea of creating one “master account” they could all use to share investor leads.
Essentially, they took our standard Investor Board and re-skinned it to their own liking. They re-labeled the columns as :
PIPELINE | INTRO READY | RECEIVED INVESTMENT | NOT INVESTING | ACTIVE TALKS | SERIES A ONLY
...and then all the companies started adding investors from their personal funnels to the shared Board — a lot of investors (150+ already).
Here's what it looks like (note, this is a simulation, not their actual live Investor Board, which is highly confidential!):
It’s one of those ideas that in hindsight, looks so obvious. It’s brilliantly simple-- yet incredibly powerful. As John states:
"Foundersuite has not only helped me organize the process and accelerate fundraising for BottlesTonight, it helped my entire 500 Startups B16 class."
His tip for other startups using a shared board:
"After an investor is closed on your personal Foundersuite account, it's best to add it to the shared group board, since you proved they are deploying capital and are in good standing with you, so an intro will be welcomed."
FOR ACCELERATORS AND INCUBATORS
Are you with an accelerator or incubator that has a cohort of startups actively raising capital?
If you’d like to set up a shared Investor Board of your own, contact me and we will get you going.
The shared Board is free, and there is no cost for the setup service. Participating startups can set up their own individual Foundersuite accounts (for a fee), or they can use their existing tools such as Excel or Salesforce to track their investor discussions.
We will be collecting best practices and sharing tips on how to tap the collective rolodex and get everyone funded.
Let’s get you "on board" today! :)
Nathan Beckord, CEO