Ventures
Venture Funding Initiative Secures over £1,000,000 raised
- 1 Project Manager
- 1 Junior Designer
- 3 Developers
- Execs and Stakeholders
Context
In today’s dynamic entrepreneurial ecosystem, venture startups drive innovation and economic growth. Despite their potential to disrupt industries and create significant value, many startups face substantial challenges in securing funding, accessing mentorship, and navigating complex regulatory landscapes.
In this environment, initiatives that streamline the startup journey and foster ecosystem collaboration are crucial for unlocking their full potential. Wahed Ventures aims to bridge these gaps by creating a platform that simplifies the fundraising process and connects startups with essential resources and mentorship.
Opportunity
Incorporating a user-centric design approach presents a compelling opportunity to revolutionise the fundraising landscape for startups, facilitating smoother, more efficient, and impactful capital acquisition processes. Creating a digital fundraising platform tailored to the distinct needs of both startups and investors holds immense potential to optimise fundraising efforts, improve transparency, and foster meaningful connections between innovators and backers.
Such a platform could streamline the fundraising journey, offering intuitive interfaces for startups to showcase their vision and progress, while providing investors with curated opportunities that align with their interests and goals.
Research
Market
- By 2025, the global Islamic Halal economy is set to reach a market value of $7.7 trillion.
- Cur8, A Muslim Venture Capitalist (VC) has raised a whopping £15 million.
- People are finding it difficult to find Shariah Complaint/Halal startups to invest in.
Target User
Advantages of Halal Ventures
- Community Development - Investments are often directed towards projects that benefit the community, such as healthcare, education, and clean energy, contributing to overall social welfare and development.
- Ethical - The ethical and transparent nature of Halal VC's builds trust with entrepreneurs and investors, attracting those who value integrity and ethical business practices.
Disadvantages of Ventures
- Losing Awareness of Investment Risks - With the ease of digital platforms, investing in ventures has become almost effortless, making it harder for individuals to fully understand and assess the potential risks involved.
Muslim need a user-friendly way to invest in Ethical/Halal Early Stage startups in order to diversify their portfolio and grow their wealth.
White Paper
Research
Graph 1: Growth of the Halal Economy (2010-2030)
The graph shows the Halal economy's growth from $1.2 trillion in 2010 to a projected $4.0 trillion by 2030, driven by diversification and global demand for ethical products. The integration of Wahed Ventures in app will support this growth by connecting investors with opportunities in the expanding Halal sectors. It will facilitate access to funding, helping entrepreneurs innovate and scale their businesses while enhancing transparency and trust through integrated technological solutions like blockchain.
Graph 2: Venture Capital Funding for Muslim Entrepreneurs (2015-2023)
This graph highlights the rise in venture capital funding for Muslim entrepreneurs, from $0.5 billion in 2015 to $4.0 billion in 2023. The in-app solution will connect Muslim entrepreneurs with venture capital, making funding more accessible and fostering a supportive ecosystem for Muslim startups. It will also help Muslim investors find and invest in Shariah-compliant ventures, ensuring their investments adhere to ethical and religious standards.
Our research unearthed several key findings:
- There is limited awareness and understanding of startup accelerators among potential founders and investors.
- Transparency and accountability issues in accelerator program administration.
- Fragmentation of resources and initiatives within the accelerator ecosystem.
- Difficulty in identifying and accessing suitable accelerator programs for startup growth.
Persona's
While the primary aim of Wahed Ventures is to support startup growth and innovation, our user research revealed nuanced differences in motivations among our target audience. Developing personas allowed us to gain invaluable insights into these varied motivations, serving as crucial reference points throughout the design process.
Alongside investors who adopt a meticulous approach, analysing data and reports to inform their investment decisions, we also identified another persona - the visionary entrepreneur. This persona is driven by a passion for disruptive ideas and seeks out opportunities that align with their innovative vision.
Understanding these diverse motivations not only guides feature prioritisation but also ensures that the platform caters to the varied needs and preferences of its users, ultimately fostering greater engagement and impact within the startup community.
User Journey
With these personas as our guiding compass, we embarked on a journey hand in hand with our users, from the moment they first glimpsed the possibilities of Wahed Ventures to the triumphant reflections on their contributions to startup innovation. Every decision point became a pivotal juncture in our own journey, where our aim was to provide clarity and direction.
As we seamlessly integrated mobile capabilities, our vision was to empower users to provide founders with the financial support to develop the ideas they love, and to enable individuals to invest in these Halal ventures that align with their values.
Design
Browsing Deals
Accessing the Browse Deals Section
Users can access the "Browse Deals" section from the main navigation menu. This section is divided into two main categories:
- Latest Deals: Showcasing current investment opportunities.
- Past Deals: Allowing users to review previously available deals.
Viewing Deals
Upon entering the "Browse Deals" section, users are presented with a list of deals. Each deal is displayed with a thumbnail image, title, and a brief summary to provide a quick overview. This layout allows users to easily scan through available options.
Selecting a Deal
Clicking on a deal directs the user to the Deal Information Screen, which includes:
- Video Introduction: A concise video overview of the deal.
- Key Highlights: Important aspects like potential returns and market opportunity.
- Deal Overview: Detailed description including market analysis and business model.
- Documents: Access to business plans, financial projections, and legal agreements.
- Team Information: Profiles of key team members.
Investing in a Deal
Starting the Investment
After selecting a deal, users click "Start Investing," which directs them to a new screen where they can enter the amount they wish to invest. This screen is simple and intuitive, ensuring users can easily input their desired investment amount.
Review and Edit
Clicking "Continue" takes users to the Review Screen. Here, they can review their investment details, including the amount and payment information. Users have the option to edit any payment details if needed, ensuring accuracy and confidence in their transaction.
Confirmation
Once users are satisfied with their details, they click "Confirm." They are then greeted with a Confirmation Screen, which acknowledges their investment. Additionally, they receive a prompt to go to the Dashboard, where they can view and manage their investments.
Next Steps
First, we'll expand the range of investment opportunities in the app, allowing users to access and filter through more deals. This will provide greater flexibility for diversifying investments and supporting a wider array of ventures.
Next, we'll implement a feature for users to sign up for founders' events directly within the app. These events will offer invaluable networking opportunities, fostering collaboration, learning, and growth among founders and investors.
Additionally, we'll introduce a dedicated news section to keep investors informed and engaged. This section will provide updates on market trends, industry insights, and platform developments, empowering users to make informed investment decisions.
Final Thoughts
Reflecting on the development of Wahed Ventures, it's evident that our mission to support innovation and entrepreneurship has taken significant strides. From in-depth research and persona development to wireframing and feature implementation, each phase has been guided by a commitment to user-centric design and impactful solutions.
As we move forward, our focus remains on empowering startups and investors to achieve their goals and drive positive change. The next steps will build upon this foundation, ensuring the platform continues to evolve and meet the needs of its diverse users effectively.
Waqf
