You need capital to build a better product or broadcast to a wider audience. In order to capture customers and compete, start here.
Pitch: The Investor Dashboard (aka Grow) provides everyone unique leverage to connect to your ideal investor. Btw, clever ones use the dashboard to check the competition or capture leads.
During Spark demos, we were often asked: do you also have the investors? Yes, we did, and it was the second product on our roadmap. Yet, what surprised us how much interest participants had to see the companies which have already raised capital. Where Spark delves deep into the numbers underlying the markets, we decided to create a light-weight version to focus on the names of the players with capital.
The initial design was to show the names of investors and, for context, to include the number and names of companies. This feature was an instant hit with the service providers of marketing, IT, and staffing. This list offered them a unique source of qualified leads: companies with targets and a budget. Subsequently, these companies will aggressively attack the market so need to be watched closely.
Especially in the contract space, those who raised early are spending on traffic and attention. Astute observers may argue that all this activity contributes to a bubbly atmosphere. Whatever the case, entrepreneurs should seize the moment to literally ‘capitalize’. In the Investor Dashboard, you can specifically exclude investors that have already invested in Contract Tech. This allows you leverage to approach only the investors that have the fear of missing out. So we dubbed this the FOMO filter.
In our first Investor analysis in April 2019, we found that the average number of investors for a typical legal tech startup is between 5 – 6 investors. That number in the mega-infographic also made us realize that we have more investors chasing good startups than good companies seeking cash. When the pandemic first hit, we collaborated with Legaltechstartupfocus.com, Charlie Uniman to create a global list of the top 106 investors.
Despite all these efforts, it’s extremely hard for young ventures to find funding outside of friends and family. Especially, if entrepreneurs aren’t well-connected or have a social disadvantage. Luckily, science explored and sadly explained why in these two articles. “How Venture Capitalists Make Decisions” by Harvard Business Review and “Entrepreneurs don’t have a special gene for risk—they come from families with money” by Quartz.
Legalcomplex is currently supporting several companies pro bono to level the playing field. We also have actively reached out to investors to collaborate. The Investor Dashboard is a platform to rebalance the process of funding innovation without using data on ethnicity and gender. If history should teach us one lesson, is that equality starts at the data entry.