Exciting businesses are growing in emerging markets. During my time at global early stage seed fund, 500 Startups, I’ve led deals in agriculture marketplaces in Indonesia (iGrow), global workflow management software from Brazil (Pipefy), and even education or sewing marketplaces in “emerging markets” like the MidWest of the United States. 500 Startups has a culture of looking ahead to emerging markets, so I was encouraged to follow my investment thesis that there is massive opportunity in thinking ahead. There were many haters, especially when I became interested in West Africa: “These markets are too early.” or, “There’s no downstream capital for these companies.” Initially, I was worried about whether I would be stranding these companies or whether it was too early …
The green room at 500 Startups Demo Day is more like a pre-game locker room. Startup founders with intense expressions pace back and forth while others sit alone, their heads slightly bowed as they focus like a laser on the next two minutes. Clothing is adjusted, hair is combed. This is the culmination of 3+ months of startup pitch prep. A boisterous group of founders crowds around a monitor blaring a live feed of the proceedings in the auditorium next door. There’s a tournament vibe in the air, but each participant will tell you that they aren’t competing with each other. They’re competing against themselves. Among the general public, people are more afraid of public speaking than they are of death. Startup founders, however, are a …
Avanoo is a 500 Startups Batch 12 company that went from being a zero dollar business to hitting a million dollar run rate by the time they got to Demo Day this past June.
Today’s growth case with Avanoo’s Prosper Nwankpa looks at:
- how Avanoo went from a 3% email open rate
- their biggest time waster for building out sales teams
- their early strategic mistake that almost cost them their business
- and how they went from zero dollars in revenue to a million dollar run rate in 10 months