Do you think you’re getting the best out of your Startups?
You could have the finest mentors in your industry, the most promising startups in your space and incredible, up-to-date technology, but only when all of these components are working in unity, will you maximise your chances of success.
As we are all aware, forging connections between small businesses and mentors is crucial to their survival rate beyond the first five years. However, as it stands, only 20 per cent of those mentored experience growth during this time (FSB). If making connections has got us this far, imagine what forging the rightconnections could do.
Much like dating, mentoring is a matching game. Expectations, interests, schedules and personality all need to be synchronised, for a connection to prove fruitful. And just like dating, these “ideal” connections are hard to come by. Sometimes you need technology to lend a hand in the process – this is where eRipple comes in.
Our technology can help you find the people who meet your specs, but it is much more than that. Through personality, risk and motivation testing, combined with CV data access, calendar synching and messaging functions, eRipple aims to be a one-stop network for the mentor-mentee process.
For the last two and a half months we’ve been granted the brilliant opportunity to test our concept within Startupbootcamp FinTech. With a well established mentoring structure from across the wider SBC network – over 1500 across Europe – the accelerator is already at the forefront of the global FinTech scene. Ever keen to innovate, however, Nektarios Liolios, MD, was interested in reassessing the way their connections were made, to see if they could add more than the traditional value to their Startups.
The Easy Win – Startupbootcamp FinTech in isolation boasts 332 mentors. An impressive number, but a daunting prospect for any startup looking to find the right match. Among these mentors, we helped to identify the 1324 unique skills they bring to the table, making the skills searchable to allow for startups to pinpoint exactly what they require and to approach mentors accordingly.
The Major Result – Thanks to Startupbootcamp, we have a detailed understanding of what mentors and mentees consider necessary to constructive relationships, but even better, we have investigated our personality, risk, motivation and business philosophy testing and have protoyped the core matching algorithm for eRipple’s software.
We are really looking forward to developing eRipple’s applications even further, to see if we can help double that 20 per cent growth figure in the near future.
– “Every man is the architect of his own fortune.”
Have a look at what the teams were up to in week 9 at Startupbootcamp FinTech in London! More weekly videos to come – stay tuned!