Amogh Lux
Service Design
About LetsVenture
My Role
3
Project 3: LetsVenture Press Service
2 LetsVenture is India’s largest online fundraising platform with
As project lead I conducted user research, mapped the stakeholder
14,000+ startups and 2500+
analysis, prototyped the new
investors.
service workflow and developed the service artifacts.
Co-designing an internal press service for India’s largest startup fundraising platform
Process Highlights
Title: LetsVenture Press Service Type: Service Design + Public Relations Date: Aug 2016 – October 2016 Timeline: 2 months full time
Discovery
Definition
Develop
Deliver
- Definition - Stakeholder
- Idea Proposition
- Artifacts
- Outcome
analysis
2019
Amogh Lux
Discovery
Service Design
Problem Landscape As part of their fundraising services LetsVenture helps successfully funded startups publish a news announcement of the fundraise on relevant digital and print media channels. However, as a startup themselves, they did not have a workflow in place for this and getting a Press Release out was a hassle. They needed help putting together a process that was flexible and considerate of all the stakeholders involved. So over 2 months we researched, prototyped and tested a new internal workflow to take their PR game to the next level.
2019
Amogh Lux
Service Design
Discovery
The problem from different perspectives. Stakeholder analysis.
Investor
Founder
Deal Manager
Comm Lead
Journalist
“While I do not want to be a part of the PR process I
“My company just closed a successful round. I want
“A press release in the right channels helps
“I only get select information from the deals
“My media house publishes multiple press
do see a great business benefits for the funded
this news to reach potential customers and
increase inbound signups from other startups. But
manager and founder. A lot of time is spent going
releases on fundraising activity every week. But
startup from announcing
investors for my next
I’m usually busy with a
back on forth with
this doesn’t mean that we
their round closure.”
round. I also want to present strong validation
deal and don’t have the time to work on the press
revisions of the press release. I can write a
cover every fundraise. I am keen on rounds with
of my idea but I don’t have much traction as an
release.”
better one if I got the content first.”
large funding amounts, marquee investors and innovative startups.”
2019
early stage company.”
Amogh Lux
Service Design
Definition
A new system. Proposed workflow Before deal is closed Startup has formally secured commitments Deal is public
1.
2.
3.
4.
5.
Deal Closure; Legal Head connects Founder with Comm Lead Deal
First phone call with founder outlining the process and asking for
Comm lead uses pr template, information and founder add ons to
Draft is reviewed by founder with allowance for one round of
Press Release is sent to media partners for publishing.
Manager is CCd
key information required for the first draft 10 mins
create first draft 25 mins
feedback before approval 15 mins
2019
Amogh Lux
Service Design
Delivery
Service artifacts. New workflow
Media Partnership
An inclusive 5 step process that distributed
Informal partnerships were established with media
responsibilities and information collection across stakeholders to avoid bottlenecks..
houses that allowed LetsVenture to channel press releases to the right audience for both digital and print coverage.
Evergreen Template
Activity Log
Journalists helped identify the key content that would make a press release attractive to media houses.
Team can track the workflow through the various touch-points of the process using an online activity log
Fortunately 75% of the information was already available
maintained by the communication lead. It allows for
on the platform. Pairing both together an evergreen Template was created that could be used for all fundraise
transparency and responsibility management with stakeholders.
press releases.
2019
Amogh Lux
Service Design
Outcome:
“ One of the things I really liked about Fundraising on LetsVenture is that they streamline your process - Pulkit Agarwal, Co-Founder of Trell
60
25
20+
4
minutes average time to complete a PR
Minutes average phone time with founder
PRs published in first 9 months
Days - Time saved per press release with new workflow
2019