May 18, 2019

What metrics do you track when communicating with VCs?

Budibase @BudiBase

Hi

Budibase is attracting some attention from VCs - 6 enquiries in the last week.

We've not even launched yet, so we're not sure what to report on.

We've got the following metrics worked out:

  • TAM
  • Prelaunch signups

We've also interviewed a lot of signups and tried our best to validate the product (Cheers @robfitz for the Mom Test). The feedback has been very positive and we're potentially going to rearrange our delivery milestones.

Are there other metrics we should measure to help us communicate better?

Or, maybe we should just focus on launching the product first?

Thanks for you help.

Joe
Budibase

  1. 1

    How where you able to attract those VCs?

    1. 1

      They simply reached out. 2 off them seen us Indie Hackers. 2 were from Ireland and were informed by friends. And 2 found us on social Media - Twitter/Facebook .

      1. 1

        I went through a long diligence round with Irish VC once. Very thorough, though the offer came with too many caveats at the time. Good luck!

  2. 1

    Fundraising is hard.

    There is a lot of bad advice out there on how to do it too.

    My advice? Either go all in or not at all in terms of going after funding.

    Either way, put yourself in a position where you don't need funding. ie, where you are strong and the investors are weak.

    If you want good advice, the best place to go is the YC resources.

    Start here and here.

    Good luck!

    1. 1

      That was super helpful and we share the same sentiments. We're either going to go all in on fundraising, or bootstrap. We're currently trying to understand the situation and weigh up our options.

      It's a big decision and your resources will help a lot.

  3. 1

    Knowing your Google Analytics/Search Console data is important.

    But, at that stage, it's probably down to market size and the structure of Budibase, including personalities of the people in your team.