Last week we had the wonderful opportunity to pitch Gravyty at the RECESS pitch competition at Babson. Here are three of our takeaways from the pitch:
We were amazed by the number of people who took the time to speak with us after the event and tell us their stories of how nonprofit organizations were asking them for the wrong amount of money at the wrong times and in the wrong ways. The general sentiment was that most people want to support the wonderful work that nonprofit organizations do for the community but they feel like nonprofits could operate and raise money more efficiently. We heard loud and clear that people were excited to see a startup leveraging data analytics and taking advantage of technology to help nonprofits ask the right people for the right support at the right time and it was validation that we're operating in an important and impactful space.
We didn't win the competition and although both Rich and I are really competitive we believe that the feedback we got from the judges after the pitch competition was way more valuable than a trip to LA (don't get us wrong, we still would have taken a trip to LA). The “boil the ocean” comment was in response to our general go-to-market strategy where we described that all nonprofit organizations could benefit from our technology and in an effort to show an expansive market opportunity, we instead communicated a lack of focus. The judge was right and this comment might have saved us six months of frustrating and scattered business development work. It was a really wonderful learning opportunity for us.
It’s been obvious to us that Rich and I are in a unique position to build this company and solve an important problem for nonprofit organizations. What has become more obvious with every step we’ve taken is that, between Rich’s background in technology and product development and my fundraising and team building experiences, we have the right compliment of knowledge and skills to develop these product and build this business. We both believe that great companies are built on the backs of great teammates utilizing complimenting skill and we’re really proud of the way that we’re continuing to develop our partnership!