Contents
Meeting Outline
- Introductions
- Key outcomes for this meeting fit into the following areas:
- networking
- storytelling
- fundraising
- Set goals for post-meeting follow up
Who am I?
I’m also a startup founder, a life transition coach, writer, an emerging podcaster, and lifelong learner. I’m obsessed with unlocking human potential, libraries, solving problems, business strategy, electronic music, and lifestyle wellness hacks. You can find me tinkering at https://christinafedor.com/.
Initial Questions
- What is the landscape (market) and why does this solution matter?
- How did you uncover this opportunity and how did you validate your understanding of the problem?
- How will ChainRaise address the scalability (technical) problem in the blockchain?
- What does customer discovery look like now? What are some key challenges in that approach for future/sustainability?
- Describe the partner ecosystem. Who are some of the key players you lean most heavily on in this business? Where do you see opportunities to develop partnerships vs. competition? How can you minimize bottlenecks?
- Who in the buyer/supplier ecosystem is getting the most benefit from the product?
- What does your product trajectory look like for the next 1-3 years, what are the key variables that won’t change over this time period?
- Why are you raising money at this juncture and how far will that capital take you? How can you extend the runway?
Summary of Takeaway Impressions
ChainRaise is the model of a company that is setting out to develop new models for the way things are done in the future. There is a Peter Theil quote which says that great companies are a conspiracy to change the world; they’re built on a secret that other people don’t yet understand. After speaking with Jake, I gleamed that this idea is central to the reason for ChainRaise to exist in the first place. The founders have seen an opportunity to change the world and are seeking to design an ecosystem that supports that vision. That said, the bulk of my takeaway from this presentation of the company is related to product features and steps the company is taking to achieve product market fit. That said, the vision for this company was not clear. It’s important for investors to walk away with a clear, definitive answer to (1) the problem and (2) the solution. ChainRaise can improve its proposition by clearly articulating its potential to generate future outcomes in the following areas: (1) define a key social outcome (mission) and north star (core purpose), (2) using the north star as a compass, better identify the core values and marketplace for this product, (3) identify the target user base, explain that user’s journey and how ChainRaise unlocks that user’s desires, and (4) showcase a growth strategy to complement and/or balance existing content-focused growth strategies.
Addressable Improvement Areas
- Company Purpose, Personality and Position
- Purpose: “For ChainRaise, the world would be a better place if ___________”
- Personality: If you met your company at a party, how would you describe him? List as many adjectives as you can and then pick the top three.
- Position: What makes you unique and different? Define: For (target customer), who {statement of need), ChainRaise is a platform that (key benefit) unlike (competing alternative) ChainRaise (statement of primary differentiation)
To transition from starting a business to building a company, ChainRaise will need to answer the fundamental question: How is this company changing the world for the better? The answer to this question should resonate across all touchpoints, processes, pitches, etc.
👉 Possible Action Steps: Take some time to write down answers to the following:
- Product-Market Fit
- Survey or interview different groups of people. Don’t focus only on who you believe your customer persona to be. Collecting responses from different people may reveal new insight about who your target market could include.
- Durable Value Creation
- Identify the feedback loops between ChainRaise and its key, target user base more clearly.
- Are there investment opportunities that retail investors want that haven’t been offered elsewhere?
- Growth Strategy
- Key in on low-hanging fruit for growth: what multidisciplinary partnerships and/or affiliates and SEO strategies can help ChainRaise build an organic growth machine?
- how can ChainRaise leverage social engagement on the buyer side?
- Brand Strategy
- What does the product do for users?
- What is the user’s call to action?
- Do you have social proof?
- Can you use exclusivity as a competitive advantage?
- How can you make the platform more approachable/human?
In a two-sided marketplace, the “customer” is the side that is most willing to pay (the demand side), so your product development is to do whatever it takes to attract the other side.
👉Possible Action Steps:
The pitch doesn’t clearly articulate how ChainRaise is delivering value on dimensions [a large population of target] customers care about. From the pitch, it wasn’t clear that ChainRaise has identified and refined the product to reflect demands from users.
👉Possible Action Steps:
Based on our initial call, it’s my understanding that ChainRaise is setting its sights on raising a $3M seed round of capital within the next few months. We didn’t get a chance to discuss growth strategy in detail, but as part of the visioneering process, the pitch and traction both would be served from exploring low marginal cost viral strategies for growth, such as a product-led acquisition growth strategy. Essentially, asking the question, “How can ChainRaise convert its retail investor users into brand advocates and invite other users onto the platform?” can clarify the company’s value creation strategy too.
👉Possible Action Steps:
Part of what ChainRaise is seeking to sell is an experience. The brand is the summation and symbolic representation of that experience. Across the various user touchpoints (website, transaction, post-transaction experience), ChainRaise can amplify its organic growth with greater brand recognition and awareness.
👉Possible Action Steps:
To better tell your retail investor-focused brand story across the user touchpoints, ChainRaise will want to answer the following questions:
The Brand Represents a Hero’s Story
Ordinary World - What is the company’s world like at the beginning of the story?
Call to Adventure - What happens to prompt the company to take a step into the adventure?
Meeting with the Mentor - What contributing factors help the company gain wisdom?
Crossing the First Threshold - When does the company cross the point of no return?
Tests, Allies, and Enemies - What resistance and/or competition does the company face?
Approach - Does the company try and fail? How so? What does it do when it fails?
Ordeal - What is a make-or-break scenario for this company?
Reward - What does the company receive as a reward for its efforts?
The Road Back - How does the company invest the value it creates?
Resurrection of the Hero - What is the final test of the company’s durability?
Bringing the Brand to Life
- Self-Discovery: What is the mind, body and soul of your brand?
- Embody the Brand: Implement a user feedback process
- Build Your Foundation: Map the brand’s core values and mission
- Develop Empathy for the Customer Journey: Communicate the value proposition with an aligned visual identity and content hierarchy
📚 Resources from the Founder’s Library
Network Connections & Follow Up
- Contact #1 (Strategy + Ops) : I’d love to connect you with a close friend of mine, Rajiv Sankarlall, who is a leader in the crypto space and founder of Rektfi Studios and Multimint.art (https://venturecapitalistmag.com/founder-of-multimint-art-rajiv-sankarlall-has-created-a-secure-place-to-mint-your-nfts/). He is well connected in the crypto and influencer space and would be a valuable asset to assist you further in designing a community-led growth and marketing strategy that is tailored to the crypto retail investor. Let me know if you’d like me to facilitate a meeting.
- Contact #2 (SEO): Also, someone in my network potentially worth engaging with is Boris Sapozhnikov. He has over 10+ years of experience with SEO and is a creative and engaging human. You can find him here https://www.linkedin.com/in/seo-strategist/.
- Contact #3 (Branding): Finally, another close friend of mine is Ming Ciao, a branding expert. He is the creative director of an agency based in LA and does work 1:1 with companies too. He can be an additional resource to you as you develop the ChainRaise brand.
- On my Reading List: The Truth Machine: The Blockchain and the Future of Everything. This book might have some ideas for you to lean into while honing in on your core values and mission.
- Sample company with clear mission statement: “Making crypto more human for all” 👉🏽
- Additionally, if you’d like to chat about anything in this feedback form, would like additional support from other service providers in my network, or just want to talk about ideas related to business, life, philosophy, and so forth, I’d be thrilled to hop on a follow up call.
Please feel free to schedule time with me on my calendar using this link: https://calendly.com/satory/1-hour-meeting
I look forward to keeping in touch and watching ChainRaise blossom and grow!
