Funding lean startups at a minimum one million dollar valuation
- You no longer need to wait 6 months from your last interview to get the money. I am a big fan of running aggressive experiments but I also do not like to run experiments where people are DIRECTLY RELYING on something - for this reason I padded the time so people were not doing the challenge just to pay a developer and relying on us to write the check. I also wanted to learn more about my customers and challengers and see the fringe cases. I am happy to announce that we are now funded enough for at least 10 more teams and the money starts immediately!
- The only other change is that you have to run experiments with the money. You have to have hypotheses and you have to keep up with your metrics.
1. Acquisition = 2483 clicks as of 8/3 (up from 2212 clicks as of 6/21, up from 1909 clicks as of 5/7, up from 1303 on 3/23) to the MilValChal form point of entry: bitly.com/milvalchal+ (this is a vanity metric of course)
2. Activation = 91 people have accepted the challenge directly from the entry point above, submitting at least one interview. This number is up from 51 from our last report. All have been added to this mailing list.
3. Activation / Retention = 918 interviews have been entered in the database, up from 402 interviews at the last update.
4. Retention = 4 OUR ONE METRIC THAT MATTERS FOR THE REST OF THE YEAR IS # OF EXPERIMENTS FUNDED, # OF TEAMS FUNDED. We invest not in ideas or even in teams, we invest in experimentation. We have funded 10 experiments so far.
5. Referral (?) = You can help with this! We are not really measuring it right now. Encourage any entrepreneur to start the interview process and enter the results here: bit.ly/milvalchal (make your own bitly if you want us to track it, get 100 shares and we will give you something valuable).