Venture capital of any kind is always a great thing, but that doesn’t stop people from wanting to close rounds with the “big names,” funds like Sequoia, BlackRock, and Andreessen Horowitz. Now, why is this? Well, for one, having a big name associated with your startup adds validity to your product and idea, but there is more to it than that; with those big names comes a network of high-profile connections and the people of those big funds.
FundersClub is realizing the potential of those connections by utilizing modern tech and the internet to connect founders and investors. They are calling the tool Network Search. Think of it as an exclusive social platform, similar to LinkedIn. With approximately 450 founders, the service is intended to allow those founders to mingle, ask for advice, and garner those illusive introductions to investors.
The motivation is obviously already there for investors, but FundersClub is taking it a step farther by introducing gamification to the process. Members of FundersClub can earn points and badges for participating in Network Search. There are multiple ways to earn points, including simply engaging with with founders, but also by answering questions and making introductions.
Currently, there is no way to redeem those points or earn anything with them, but that is one great thing about gamification, there doesn’t always need to be a prize at the end, simply the culmination of points can be rewarding. It could also be looked at in this way, the points themselves are the reward. By increasing your points and number of badges, you’re showing that you’re a positive factor in the network.
This isn’t the first idea from FundersClub that looks to increase engagement among members. They already offer a Refer A Startup program that allows members to earn 10% of investor carry if the startup is accepted.
FundersClub was founded in 2012 by Boris Silver and Alex Mittal and is headquartered in San Francisco. If you’d like to find out more about FundersClub, check them out here.
This post is part of our contributor series. It is written and published independently of TNW.
This post is part of our contributor series. The views expressed are the author's own and not necessarily shared by TNW.