This is a bit of a glowing review, but as far as my goals of accountability and connections, it's been hugely helpful for me. And honestly, not having to give up equity or take investment is a pretty great deal.
There is definitely a lot of great things about the local meetups and yes you are right, unless there is great content it is hard to get people to invest 3-4 hours a week for a local meeting. That is why we are focusing on the online experience and continually working to make it better / more engaging.
Would love to learn more about what you like about the local events.
Best, -Joe
Great to hear that, as always let me know how to make your experience better!
-Joe
You might want to dig up whatever email list I'm on and let us know that you're still around and have changed your model.
I'm glad to know you aren't just focusing on Bay Area startups, by the way--there are so many startups outside that area that could benefit from what you're doing. Cheers to that!
Best, -Joe
joe@nreduce.com
If you are one of these guys, consider joining nReduce. It's been two months now and Feetlot.com just got its first users (who are loving it; and if you buy shoes online, check it out). I honestly think that if I hadn't joined nReduce, there would have been no alpha by now.
There is one month left till the demo day but already now I can say that I've reached my initial goal of launching an alpha and getting first visitors.
Thank you, nReduce. Keep it up!
The new approach to "demo day" that nReduce is going for will hopefully be something that helps entrepreneurs get exposure in a more meaningful way. If it's done right, I could see it as a serious AngelList alternative; they seem to be interested in building tools that let developers show off their skills on a micro/functional way. This is much more appealing than a system that relies more heavily on getting attention through mutual friends and connections.
Having said that, I'm still kind of wary about the 10 startup demo day approach that is based on "investor rating" of the companies, mostly because it's not really clear what that means. Other people questioned the potential for investors to be more inclined to care about specific types/markets of startups, and I think that's a valid concern. However, I think that since they're planning on making it a monthly thing, it could potentially make it a lot easier for niche startups who have a solid product to get some real attention.
Thanks so much for the feedback. Everything in nReduce is a prototype, so we are going to be monitoring the success of the process we are designing for demo day. If it doesn't work well, we will go back to the drawing board.
Please keep the feedback coming.
-Joe
Rather than meeting another founder briefly over a beer and having an inkling of whether they are killing it, you can very quickly see based on the weekly checkins who is making real progress and who you want to engage with further. Plus, founders who engage deeply with other founders on their platform get more community points (think karma) that unlocks other benefits like mentor access.
Now they are exposing these very valuable weekly progress reports to potential investors. Much as Suster writes in his "Investing in Lines, Not Dots" post (http://www.bothsidesofthetable.com/2010/11/15/invest-in-line...), investors want to see how you progress. Seems like a big value add to the seed investing ecosystem.
I helped kick off the initial idea a few months ago, and it's morphed into something way different and in my opinion way better than what I initially was aiming for.
You can do a lot of interesting things when you meet weekly instead of monthly.
Great work so far from the nReduce team, and the startup team interactions are super-helpful.
I would recommend nReduce for any startup.
If there's one gripe, it is in the use of binary peer ratings to determine who gets to move on - it really encourages gaming the system, rather than focusing on doing your best work.
Joe and Josh have done a great job so far, keep it up and things will get even bigger and awesomer!
+2cents
I hope they changed policies.