How Boast AI Revolutionized Access to Government Funding for Innovators.
Company profile
Company business details
Motivation to build the product
The founders were motivated by the challenges faced by startups in navigating the complex funding landscape. They recognized that many innovators struggled with the cumbersome application processes for government funding and sought to create a solution that would streamline this experience.Problem that their product solves
Boast AI solves the problem of securing government funding for startups and businesses engaged in R&D. The end users are innovators and companies looking for financial support to fuel their growth and innovation. Solving this problem is crucial as it enables these businesses to access non-dilutive funding, which can significantly impact their ability to innovate and compete in the market.Their unfair advantage
Boast AI's unfair advantage lies in its ability to automate the funding application process, integrating with companies' technical and financial systems to streamline access to R&D tax credits and government incentives, thus reducing the hassle and complexity typically associated with these applications.Strategies
Pre-Launch (Product Development & MVP)
Building a Community of Practice
Before launching their product, Boast AI focused on creating a community of practice around innovation. They brought together entrepreneurs and innovators to share knowledge and resources, effectively positioning themselves as thought leaders in the space. This approach allowed them to build trust and credibility within their target audience, ensuring that when they eventually launched their product, they had a ready-made customer base that was already engaged and invested in their mission.
Customer Feedback Loop
During the early stages of product development, Lloyd focused on building a community of practice rather than a community of product. This allowed him to gather valuable feedback from potential users about their pain points and needs. By engaging with this community, he was able to refine his product offering before its official launch, ensuring that it met the actual demands of his target audience.
Leveraging Local Media for Credibility
To gain visibility and credibility for their startup, the founder approached a local newspaper to write a column called 'Startup of the Week.' They initially wrote a blog for the newspaper, which gained traction and led to a print column. This not only provided social proof but also established the founders as credible voices in the startup community, driving traffic and interest to their events and initiatives.
Community Building
Lloyd Lobo, co-founder of Boast.ai, initially struggled with cold-emailing potential customers, facing repeated rejections. This led him to pivot towards community building, which became a vital strategy for growth. He began attending startup events and engaging with fellow entrepreneurs, fostering friendships and collaborations. By hosting regular meetups and hackathons, he created a supportive environment where startup founders could share experiences and advice. This approach not only helped him understand his customers better but also led to referrals and partnerships that significantly contributed to Boast.ai's growth.
Launch Stage
Event-Driven Engagement
During the launch stage, Boast AI organized numerous events, including webinars and in-person meetups, to engage their community. They hosted around 100 events in a year, which included two webinars a week and various meetups. This strategy not only helped in building a loyal customer base but also facilitated networking among attendees, leading to organic growth as participants referred others to join the community. The events served as a platform for sharing insights and experiences, which further solidified the community's value.
Learn more about Boast AI
#114 Lloyed Lobo, Co-founder of Boast.AI - Building Communities, Connection and Purpose in Business
Lloyed Lobo - Co-Founder & President of Boast.ai | How to Build a Community
Episode #40: Lloyed Lobo, Co-Founder of Boast.AI & Traction, Author of From Grassroots to Greatness
