Foundermates : Because sometimes it helps to stand on the shoulders of giants.
You are doing everything right. You have the best techies on board, have a product you’re sure the world needs, and have the best sellers trying to sell it. Yet somehow things aren’t going your way. Sounds familiar?
In times like these, a few tips from veterans in this area can prove crucial- the difference between a phenomenal commercial success and a shut shop. But finding the right mentor, in such a diverse startup ecosystem can be like finding a needle in a haystack. Trying to help you in such crunch situations is Foundermates- an online marketplace that allows entrepreneurs to connect with mentors and market experts.
FounderMates intends to disrupt the current method of seeking advisory by offering entrepreneurs free access to advice and bring together both mentors and experts on the same platform.
Like most startups, foundermates was born out of the problems that founders faced personally. Last year Nidhi Kapoor and Raunak Guha started a venture that make activity kits for children, that intended on imbibing a certain level of moral intelligence among the kids. Now both founders had MBAs from the Imperial college London, and were software consultants. As a result they had quite an impressive skill set, but almost no knowledge of either child psychology or game design. The inability to find an expert who could give accurate timely advice led to the inception of the foundermates. “We wanted to develop a marketplace like platform, which works on scale. Have as many advisors and entrepreneurs as possible on the platform that cover all possible skill sets and sectors. This will help keep the cost free for entrepreneurs, as opposed to professional consulting networks who charge exorbitant fees.” says Raunak talking about their brainchild.
For entrepreneurs this is an absolute delight. Free and quick access to a diverse portfolio of carefully selected advisors from different professional backgrounds, industries and skills. The advisors on the other hand get visibility to the entire entrepreneurial community on the platform, brand building through reviews from entrepreneurs and and the opportunity to work alongside some promising startups.
Currently, they are planning to expand and create a network of quality entrepreneurs and experts. Number of advices sought are their key performance parameter. “We haven’t thought of a revenue model. We need to develop traction and improve visibility” says Raunak. They plan on making FounderMates a go-to-place for business advice for entrepreneurs. They will look to generate revenue after they have achieved certain milestones. They are currently completely bootstrapped , although they will be looking for a funding round sometime this September.
They are organising their first workshop titled "Accelerate your Startup" in New Delhi on June 29. This workshop is intended to help entrepreneurs understand about the eco-system, role of accelerators and how to apply and get selected into one. You might want to check it out, if you are around the capital at that time.
