Cognix's as a high productivity Platform as a Service (hpaPaaS) was used by a Start-up in Bangalore to build a virtual connecting platform that would facilitate the collaboration of Entrepreneurs, Investors, Service Providers and Start-up Enthusiasts to convert their ideas to business goals, in a short span of time.
Bangalore was ranked 15th in the Global Startup Ecosystem Ranking by San Francisco based research firm Compass, with a total of $2.256 billion of venture investment.
Cognix as a high productivity Platform as a Service (hpaPaaS) for building applications at a fast pace was helpful to build a platform that enables venture capitalists and start-ups to come together to achieve their business goals, up and ready in very little time.
A startup wanted to build a virtual connecting platform that would facilitate meeting between idea makers and idea funders to convert ideas to successful businesses. The system had to be built and rolled out in very little time to capture the growing market need. To achieve this a platform that provides the following was required.
Rapid prototyping and testing
Effortless integration with external systems
Agile and accelerated development and deployment
Security and cloud readiness
The Deal Discovery Platform brings Investors and Entrepreneurs together on to a common platform, so that both of them can achieve their respective goals.
The platform, while being extremely secure, allows the entrepreneur to provide all necessary documents to the prospective investors in a controlled manner. For example, a start-up may decide to ask to sign a specific NDA (Non-Disclosure Agreement) before they present something. The built-in secure document repositories combined with process flows make this possible by providing the scalability and security of the documents.
The solution’s Patent Pending technology creates a Start-up Risk Profile that provides an extra edge to the platform along with stringent security and scalable business rules, which is a great value-add to the investors.
The solution allows both the parties to register and define the requirements based on the sector, risk factors, and funding amount. The system contains a large number of processes such as process of submission, acceptance guidelines, pitch and presentation including meeting request management and acceptance of legal procedures.
The venture capitalists hold some interest in a particular industry or specified projects. The area of interest may vary. They invest in start-ups matching their investment preferences. For example, the preferences can be:
Early start-ups with ideas ready and plan-B on paper (Concept stage – Preliminary stage of the business).
Start-up with business strategy and operations running smoothly, however, awaiting for fund (Seed stage – Seed money is the first cheque a start-up receives externally).
Established start-up (Growth stage – Running a good business and a big amount required to run the business).
The risk appetite they sustain (Funding amount).
Interested only in certain sectors.
The equity (percentage or share in the business) they prefer to own.
Not interested to the risk with the early start-ups.
Ready to invest for an early start-up with small-scale investment.
The Entrepreneurs require fund for building their business. They also can have some preferences for choosing the venture capitalist.
The preferences can be:
Ability to provide fund and aid in growing the business.
Ability to mentor and steer the entrepreneurs through the initial challenges of the business.
Able to help entrepreneurs with their network to expand the business.
Type of funding source.
The reliability of the funds.
The ability to fund for the required time period.
Support assured during the business fluctuations.
The two parties mentioned above are spread out and they do not have communication with each other. The solution brings them together under the same roof and allows them to achieve a win-win situation.
The entire Deal Discovery Platform was developed on Cognix's.
From ideation to go-live, with many processes, it took less than 4 months which includes the hosting of the platform.
Cognix's provided a multi-tenant Enterprise portal and out-of-the-box Document Management System to support the solution.
The application developed is mainly meta-data oriented and hence, any change takes less than couple of days to make and roll-out!
Cognix as an "Application Platform as a Service (aPaaS)", helped the customer to reduce the scale related risks by passing on the costs of only used application segments.