South American Adventures

Taking flying leaps into the unknown

A weekend with AngelHack – gathering user feedback

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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!


Author: Miklos Grof

Miklos is the CEO and co-founder of Fundacity. Fundacity is making startups investing easier. Fundacity already supports all the notable accelerators in LatAm in their startup selection and management and they are expanding rapidly across Asia-Pacific and Europe. With the recently launched Fundacity Investments Clubs it seeks to simplify the startup investing process in emerging markets and make it accessible to more people. Miklos has unique and extensive experience in start-up formation, business development and venture financing. He has raised and evaluated investment offers in venture capital from angels and VCs from three continents for a variety of deals. He thrives at launching businesses and making sales in new geographies. Miklos currently serves as a financial advisor and mentor for various start-ups including Taggify (an online contextual advertising company based in New York and Buenos Aires). At Taggify, Miklos advises on fundraising, financial reporting to the board of investors, tax filling and cash flow management. Miklos completed his MsC in Finance at the London School of Economics and previously worked in corporate finance at PricewaterhouseCoopers in London, fund sales at UniCredit Vienna and economic research at Erste Bank Budapest. He is a Chartered Accountant with the ICAEW, Institute of Chartered Accountant England and Whales and is quinti-lingual. He is passionate about startups and entrepreneurship and spends his free time engaging with the startup community.

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