LetsVenture Press Release Service

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