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Sal Matteis

Managing Director @Startupbootcamp Accelerator

Bio

Mentor 500Startups + Techstars 100+ companies Managing Director Startupbootcamp - Ex display platform @Yahoo - Advisor Boddy.io, GoodAudience.com, Reedsy.com, Co-founder Milkster.com | I help with marketplaces, product, Ads, International Expansion

Recent Answers

Start-ups

When creating a marketplace, does it make more sense to focus on stimulating demand first or supply?


Sal Matteis

Managing Director @Startupbootcamp Accelerator

Validate that there is a problem you are solving for both sides of the marketplace. Learn which one of the two sides is more 'hungry' for your solution. Then focus on the one side that is less hungry. It sounds counter intuitive but it's really quite simple. It'll always be easy to get the side that is 'starving' to use your product /service but not true for the opposite. Example: UBER. It's pretty obvious that any taxi driver who'll be promised higher fulfillment rates (customers) consistently over time will want to use UBER. Their survival (pay check) depends on it! What's not obvious is that folks would pay a premium to get a cab under 5 minutes. Uber had to build the initial fleet of cars in one city but then the focus turned to validating that there was demand for the can-ordering service before scaling supply further.

Investments

When are you ready to go after funding?


Sal Matteis

Managing Director @Startupbootcamp Accelerator

It's a very broad question without knowing what you are doing (market / problem / solution) and who is doing it (what expertise / skillset you have in the team). To say that you should have 5-10K in revenue would be wrong for a consumer app (like snapchat or frontback) but it would completely relevant if you were running a marketplace like etsy. What you do and how you do it matters. Showing up at a conference and pitch by-standers is most of the time not a good choice (especially if that's what everyone will be doing that). Investors take seriously founders who get to them via their network. If you approach Dave McClure at at a conference he might be polite to listen to what you have to say for 2 minutes but he has made it clear a number of times not to try to pitch him at events. Instead approach a founder who works with McClure, get his attention and convince him that what you do is awesome. Then ask him to intro you to McClure / in the meantime you would have also learned from such founder what are the minimum requirements to get any interest from McClure. Happy to provide more details.

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Areas of Expertise

Growth HackingLean startupangel investingMarketplacesVenture CapitalMonetizationOnline AdvertisingSaaSAd ExchangesDSP