In the week of March 21 to March 25, Online Demo Week took place, where our presentation video was launched in front of investors.
How does Newchip work?
Newchip leaves time after the event for investors to fill out a form. It then connects investors with individual projects. Projects can participate in the event up to twice, which is also true for us, as we want to be part of the next online event in May. There are currently around 3,000 investors working with Newchip and around 250 more every month, Newchip uses this network for the startups in their program and invites them to Online Demo Week.
Originally, we thought Newchip works by going through a 6-month program and concluding with an Online Demo Week, which yields contacts for investors to talk to.
On a recent video call with the team from Newchip, it became clear that we weren't the only ones who thought this was how Newchip worked. The reality is that the project goes through an "education" program and at the end of it there is an Online Demo Week, but then the core part starts, where the so-called IR Team (Investor Relationship Team) is the most involved. This team helps projects until the project gets investment from investors. From the Online Demo Week, the first interested investors come out and the IR team continues to work with us on materials, connect us with investors, be part of meetings and find other potential investors that are relevant to our project in terms of its size, goals and sector (ours is education, specifically Ed-tech).
We're working with the IR team at Newchip to crunch the numbers, prepare texts and keywords to guide us in filtering other potential investors from the Newchip network. At the same time, we have a meeting with the first bidder this week and more are in the works. An investor who has other ed-tech startups in their portfolio can help us not only financially, but more importantly, pass on experience, help us expand and grow exponentially.