With Fundacity we now have a stable version 1. We discovered that hackathons, where hackers code for 48 hours and then pitch their projects in front of tech experts and investors, do not have a platform to assist in the project selection and evaluation. We know of a few, but I would go as far as to say that DealFlow by Fundacity is the best in the market globally. There isn’t really any serious competition in this segment.
Currently, we are helping AngelHack, a global hackathon that takes place in all major cities around the world, by providing the DealFlow for the judging process in Chile. In 24 hours we registered 42 startups and 100 new users.
We are not currently monetizing this client use as we see lots of benefits for us. It is fantastic startup acquisition and marketing for the DealFlow as the judges are usually investors (target clients). Moreover, we got to test our new product features such as:
- Google Drive integration as coders were asked to upload their code in zip files
- Our newly updated UX
We hope to replicate this in cities globally for Angel Hack.
The purpose of this blog: Many startup experts recommend to charge for your product from day 1. I think this true, we practice this with our key target users, however, one should seek out as many user testing opportunities as possible. Some may not be monetizable. Hackathons, being non-profit events, are not our key target users but they are a fantastic stress test for DealFlow by Fundacity. In 48 hours traffic spiked, users uploaded projects and applied to be judged and judges customized their selection process and reviewed startup in real time! Things need to go smooth otherwise it is a disaster. These product tests are really great in augmenting the quality of the product.
Test your products with clients whenever you can! The stress does wonders!