Feature Update: New Invest Flow
What is the Invest Flow?
This is the process that happens after you click "invest" on a fundraising company's profile. It's in essence the check out flow you'd go through if you bought something online.
What's it used for?
The main purpose is to complete the investment process. Some secondary uses include providing necessary information like terms of the investment and context setting like iterating the risks of startup investing.
What's wrong with the current one?
So we want to fix it because...
- It's keeping our users from investing
- It's creating extra work after the process in order to fix problems that could've been avoided in the first place. This creates operational blockers that further damages the experience.
- We want this to be easy and streamlined for users
- We want to be clearer what users are getting into when they invest, what they should expect, and what happens after.
- We want to encourage investors to actually read the company's contracts and Form C -- so we should make these more accessible.
- Users are accustomed to e-commerce checkout flows, and we want to utilize that mental model to make this process easy.
- We want to decrease drop off so more founders can get more funding from more investors. The mechanical barriers of this page shouldn't be the reason why founders don't get funding and investors don't get to help.
So... here's the new flow
What do we hope this will do?
- Reduce the instances of investors accidentally investing via personal account instead of entity.
- Reduce the instances of investors investing more than their legally allowed maximum.
- Reduce the instances of investors sending incorrect investment amounts due to Wefunder credits or other confusions.
- Promote the mental model that investors are investing for a portion of the company, for revenue shares, for future equity, and not perks.
- Educate investors that startup investing is risky.
- Encourage investors to actually read through important parts of this page, like the risks, terms, contracts, and form c.
As usual, let me know what you think. Email me at firstname.lastname@example.org.