Sramana Mitra: What about stage? Are you investing in concept? Are you investing in a little bit of traction? What is comfortable?
Nate Redmond: Many investors have been using stage as a segmentation that is reflective in terms of process both in terms of sourcing and understanding of a business. We are early stage investors. By that, we mean we tend to be the first institutional investors in the company. In many cases, this company will have raised angel or seed money.
In some cases, that will have been called seed round. In some cases, A round. Most importantly, it’s understanding the type of risk that describes where this company is and the type of risk that we really want to own at this stage. We’re not religious about it being called Series A. We are focused >>>
Sramana Mitra: What are the key trends? You said rightly that it’s a very crowded space. What are the broad overriding trends in the space?
Lior Koriat: It’s a good question because you ask yourself that along the way, and you try to understand what would help customers choose you amongst others. What you see today as a main trend is that every customer becomes, more and more, a software company. We have customers that are very large paper manufacturers, for example. It turns out they have hundreds of developers developing websites because this is the way they go to market.
Even if you are a paper manufacturer or you are a technology manufacturer, you deliver your services through applications internally and >>>
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Entrepreneurs are invited to the 411th FREE online 1Mby1M mentoring roundtable on Friday, August 24, 2018, at 8 a.m. PDT/11 a.m. EDT/8:30 p.m. India IST.
If you are a serious entrepreneur, register to “pitch” and sell your business idea. You’ll receive straightforward feedback, advice on next steps, and answers to any of your questions. Others can register to “attend” to watch, learn, and interact through the online chat.
According to a recent report, the global accounting software market is estimated to grow 8.6% to be worth $11.8 billion by 2026, North America being the largest contributor to this growth in terms of revenue. The growth in the developed markets is expected to be driven by the adoption of mobile devices and movement to the cloud among organizations.
Sramana Mitra: Are there any strategic nuances that you could share of how you were able to do that?
Brian Lim: Social media was big here. We were able to broadcast our message to the right folks. We had a good ground game where we were meeting fellow glovers and ravers at these music events. We were able to build a following through social media and get people to our website and store.
Sramana Mitra: I guess the question that I’m wrestling with is, how do you manage the inventory financing with that kind of fast growth in a bootstrapped company? >>>
During this week’s roundtable, we had as our guest Slava Rubin, Founder of Indiegogo.com. Slava walked us through the trends on his crowdfunding platform.
As for pitches, we had Logan Spring from Saratoga Springs, NY, pitching EcoEscapade, an advisory service for living a sustainable lifestyle.
Nate Redmond: Investors including myself sat and looked at the company and didn’t quite understand the size and scope of the opportunity. Being an expert in hospitality didn’t necessarily help you. In fact, it probably created blind spots. The focus for us is really understanding how you can engage a supply base and organize it to really unlock a large portion of latent demand.
Unlocking that latent demand really requires understanding the types of behaviors that people would like to engage in and yet aren’t because they’re otherwise constrained. In the case of Airbnb, one of the most important elements that unlocked that behavior was a sense of trust.
Trust, for us, has become one of these foundational layers and lenses that we look through to really understand how you can build trust. What types of new behaviors emerge and what does that allow you to do in terms of reshaping the business model within that industry? >>>