Imagine if you had a magic tool that could automatically measure your progress, help you see your weaknesses and was able to rapidly improve them? Such visibility would also help investors predict the future star very accurately. We at Dreamstake have created such a tool – DreamRate.
The importance of knowing and seeing how your startup is doing is power and we believe it holds a key to success. Hence why having a rating system is an invaluable tool when it comes to matching startups with investors.
John Whatmore is an accelerator expert, who has been scrupulously studying the London startup scene. You can find all the useful information about different accelerators and options for tech startups in London in his blog.
Here are some interesting things he had to say about us expanding our offering, some new diagnostics, our growth and progress measuring tools:
Dreamstake is a free interactive startup platform for entrepreneurs which has a rating feature that acts as a marker of their progress. Membership is growing fast and has increased from 6,000 in April 2012 to 10,000 now. It has added regular educational events at Google Campus in Tech City; and enables its members (and others) to see how well they are making progress by comparison with other members. Some recent statistical analysis reveals aspects of their businesses.
Dreamstake acts a bit like an online Accelerator by taking startup founders through a process to get them ready for investment and then introducing them to potential investors.
An algorithm enables each member to keep track of the progress of his or her startup, by measuring team size and mix, progress with the product, fund-raising, number of pivots and other key measures of success. The speed with which this measure progresses also acts as an indicator of the dedication of its entrepreneurs. All of this is available for potential investors to see.
Dreamstake has introduced regular educational workshops for startups – at Google Campus, where it is now the largest provider of events. They take place every Monday evening and there are funding-related events on a monthly basis; and all of these are provided free. For those that sign up for a full Accelerator programme – weekly academy, monthly bootcamps, performance review and mentoring – Dreamstake charges a success fee upon successful introduction to investment.
The data which has been input by the entrepreneurs has revealed some interesting analysis. Social media is a dominant theme and that for some 70% of its members their vision is their primary motivation – followed by the concept of a product – for 25%, and money for a mere 5%. Forty percent work from home, 25% from an office and a third say that they are in co-working spaces. Over half had English as not their first language, the vast majority of them European. Among their technical skills, HTML comes top, followed by web development, PHP and CSS. Of the kind of businesses they are developing less than 20% are described in terms that are other than IT related; over 60% are clearly internet or mobile related.
Progress is hard to interpret in a fast-growing community like this, but the statistics show that nearly a quarter have had one pivot, and about a third of the total have had two or three pivots (a quarter have as yet had no pivot at all). Eight percent are at the idea stage, 58% are at the prototype or beta stage, 17% have a full product, 13% are in revenue, and 4% are profitable.
Dreamstake offers universities and their ilk an attractive and low-cost way of supporting their aspiring entrepreneurs.
The Dreamstake on-line accelerator is the first of it’s kind and has been evolving for the past couple of years. Next January we will enter a new phase as we build new funding options into the business model. We believe that we have a unique solution for European tech startups that will bring higher levels of support and greater access to funding than previous solutions.
Dreamstake provides end-to-end support for entrepreneurs wishing to get a startup funded in the shortest possible time. The startup rating system allows entrepreneurs and investors to monitor progress.Dreamstake Academy provides guidance on how to create a successful startup. Dreamstake will link startups with suitable mentors and professional advisors.
Startups that have successfully achieved an acceptable rating will be given the opportunity to feature at monthly demo days and investor pitching events.