STARTUP SPECIAL ....Want To Know If Your Startup Idea Is Viable? This New Network Can Help

Want To Know If Your Startup Idea Is Viable? This New Network Can Help

One of the most difficult parts of becoming an entrepreneur for me was knowing if my initial idea was any good. I wanted to talk to experts but didn’t know a whole slew of people as I was new to Silicon Valley by way of London, and hadn’t yet formed the networks that I have now. I found many of my colleagues and trusted peers through trial and error, but that process was long and difficult.

Naren Patil wanted to change that. His network, StartupWind, is not just an equity  crowdfunding platform but a social network -- initially populated by Ivy League school alumni entrepreneurs, investors and mentors, and later opened to any investor or entrepreneur. The peer network can take your startup idea from raw idea to readiness for seed funding. Investors can use it to find the next big idea, and entrepreneurs can use it to get honest, raw feedback about whether their product or idea will fly.

I spoke with Patil recently to hear more about how his network is coming along, and how social networks like his can help the startup founder who needs more than just a pitch deck.

Tell me about StartupWind, and what you’re doing. 

StartupWind is a social network and an equity

crowdfunding platform for Entrepreneurs and investors from premier schools. We believe that getting seed funding is hard, but getting ready for seed funding is harder, and we are the only platform that helps entrepreneurs with both the critical aspects.

We have three key components of the solution. One is the self-selective network where people are coming here interested in a startup ecosystem. With a self-selecting network it is easier for them to find a team, co-founders, mentors and potential investors. This is especially true when it is coupled with a strong alumni affinity, because we are initially targeting the top 50 schools in US, and about 20 schools in India.

The second key component of the StartupWind solution is the “get ready” part, where we offer something called Social Ideation; implementing design thinking in four steps. When people say they have an idea but they don’t know how to get started, we can get them started in five minutes. Then they can do customer discovery, brainstorming, and prototypes, and every step of the way the network is giving them feedback.

So, basically you will start with a raw idea and at the end of it, you have the problem validated, plus you have the solution validated. However, you may still not have the business side of your story complete or clear. That’s where we extend that framework by adding the third component, our business model canvas. The business model canvas forces them to think through the business side of the equation such as customer segments, value proposition, channels, revenue and cost structure. Once they are done with that, they have all the ingredients necessary to be able to create a pitch deck and get ready for seed funding. That’s when they create a business plan, and then launch a campaign and get funded by the investors on the network. That’s our story.

Murray Newlands 

https://www.forbes.com/sites/mnewlands/2017/09/21/want-to-know-if-your-startup-idea-is-viable-this-new-network-can-help/#2d77c83c6882