Please introduce yourself (any co-founders) and your startup?
Founded in Sydney Australia. Goodments is the brainchild of Tom and Emily, a husband and wife team, each with 15 years experience in finance and marketing respectively. Along with Babar, their brilliant technologist, they are on a mission to create a more sustainable future by making it easy to invest in good business.
Goodments is an app that matches people to shares that fit their environmental, social and ethical values.
How did you go from idea, to MVP and launch?
Tom had the idea for Goodments whilst working in his previous role at ANZ, realising that there wasn’t anything in the market that could meet the growing demand for sustainable investment options.
Working through the idea on the weekends and evenings with his wife, Emily, they then applied and were lucky enough to be accepted into Australia’s top fintech programme: The H2 Accelerator. Giving Tom the opportunity to go full time and bring their CTO, Babar, on board.
In the programme they’ve been able to build out MVP and initiate seed funding conversations. With product launch planned for late July this year.
What challenges did you face during this period and how did you overcome them?
You face a lot of opinions and questions when you’re at idea stage.
People are quick to pick holes in your idea.
Proving your market exists before you’ve launched is really hard.
You have to have confidence in your idea and spend the time proving there is a customer base for it.
In our case, as we match investors to individual shares that align with their values (v.s. the a lot of competitors who offer funds) we spent time and money proving it. We had to stick to our guns and show that personalised share portfolios are of value to our millennial target.
Luckily, there is also a lot of research coming out now to validate our idea. Including research from Commsec last week showing that record numbers of millennials are turning to share investing, who now make up 28% of their users.
We also constantly face the challenge of skills needed v.s. available. We’re lucky to have finance, marketing and technology. But there is only so much three people can do, so you have to be able to beg and borrow to ramp up your team as and when you need it. The startup up community is incredibly supportive, so it’s about getting yourself out there and not being afraid to ask for help.
During this journey to build and launch your startup what is one thing you look back on with a sense of achievement?
We’ve had some great wins, including getting into the H2 Accelerator and more recently winning an EY PitchFest event. But the most satisfying of achievements is always getting signups to our waitlist and positive feedback on our prototype when we share it with people.
There is nothing like hearing your target audience tell you they, and their networks, are actively looking for what you’re launching. People asking if they can download it and start using it now is great too – although it will definitely be better when we can say, “YES!”.
Offer us one insight, tip, marketing strategy or growth hack that has worked really well for you and your startup?
There is a lot of hype in startup-land about growth, growth hacks, waitlists etc. It’s all important, but time is a finite resource. Sometimes you need to step back and look at how you’re spending your time.
If you’re madly chasing growth, before you’ve launched, at the expense of time you could be spending on actually developing your product and improving the user experience, you’ve got a problem. It can be useful to allocate a day for ‘growth’ to make sure you limit its impact on the rest of your week.
How is your startup going and what do you aim to achieve in the next 3, 6, 12 months?
We will be launching in late July in Australia. From there we plan to raise our seed round by the end of the year and start executing our plans to expand into the US and UK.