Q. What do you have to say regarding cofound.it competition?

A. The VCs say —

“If you don’t have any competition you don’t have any market yet.”

What it means is that having competition in this space means that there is a genuine problem waiting to be solved. Competition is only validating the space. What we are trying to do is beyond just a few programmers making a cool website that mimics what we are doing. That is the easy part. It will be very hard to replicate what we are trying to do as its much more than that. You have to help projects on many facets to make sure they succeed.

Earlier, the VCs had two roles —

They had a large amount of money to invest in projects. They provided expertise and connections to people who matter to the projects.

With blockchain this has been broken down into two separate entities. Large pool of money now comes from investors like you. While the expertise and connections are provided by people like us who help them raise money by connecting the CFI community, expertise CFI has etc.

Also, the investors become the early adopters and evangelist for the project helping them by giving early feedbacks, spreading awareness about them etc.

For example, the latest structure of the Priority Pass was built based on all the various feedbacks we got from the community. The community gave a feedback of taking care of both small and large investors. We heard that loud and clear and incorporated that into the new structure of our Priority Pass (Check this link for more info).

In this new world, A VC will slowly understand and try to adapt to this new model of crowd funding. Slowly over time, some will come up with their own CFI like company and give us competition. But we will be ahead of them by the time they come into this field. And we are taking this seriously, hence working harder/faster to have the right network effect and rule this space!