Remember that time when you came across an amazing idea and you thought ‘I wish I could be a part of this’ or ‘I wish this idea goes through’. Well, introducing RocketClub – a platform where you can discover a ton of new ideas and early startups, participate in their success and be rewarded for your interest in terms of company shares.
Today on OK, Intrnt, we speak to Erik Chan, founder of RocketClub to learn more about what they do and how.
What is RocketClub?
The problem that we’re trying to solve is very similar to what you are addressing with OK, Intrnt – by helping connect companies to early supporters and users. That’s how the idea came about, because we knew this problem existed from our own experiences. There are two parts to this – the first part is to use your own network and people around you to be invested in your success and second, connecting the company with people who believe in that idea.
How does RocketClub work?
It’s very similar to crowdfunding – it’s a company offering a small share of the company in exchange for people using the product, giving feedback and sharing with their friends to promote the company. This gives the company the data and feedback on how the product could be improved and scaled. It gives the company a set of early users who are invested in the success of the company.
When did you begin and at what stage are you right now?
For the most part, it’s just the two of us running RocketClub – my cofounder Paul and I. We have people chipping in from time to time. We started the project in October last year and we just launched our first batch of companies recently. It’s been very exciting so far.
Most companies currently seem to offer about 1% stake for around 2000 of the first users, right?
Yes, I think it’s just getting started and the amount of equity and the number of users will go up as this progresses. The company decides how many users they wish to give out their share to and who’s eligible as well as what they want the users to do. It’s different for each company but it’s usually a mix of adopting the product, giving feedback and promoting the product. These are the three key elements for the success of a new company.
Who can participate – from which parts of the world?
Most companies around the world can run a campaign on RocketClub. They have to be incorporated and need to have a product. The transaction is really between us and the company. On the other hand, all users are affiliated to us.
Do you have guidelines to monitor the process?
Every member that wishes to invest in a company needs to fill up an application. We provide the companies the tools to curate these applications and only and track whether they actually perform the tasks or not.
Do you also plan on providing any services to these companies?
No, we do not have any plans to provide any extra services to the companies – beyond providing them a platform to run their campaign and an audience for the campaign.
What message do you have to a user and to a company interested in RocketClub?
For the user – what matters most, is that you actually believe in the company. You do what you can to help them succeed. From the company’s side – the focus is on the community. For any company who’s building a product, it is important to understand that you’re building a product to scale – something the community wants and loves.
As part of OK, Intrnt’s efforts to connect people, we asked Erik if he would like to speak to some of our readers directly and he happily agreed! Write to us and we will get back to you and tell you how you can reach him!
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