Witget startup began the acceleration in FRII for their own money

27 June 2014

The Witget toolset used for increasing the conversion rate has passed the competition to enter the FRII (Foundation for Internet Development Initiatives) accelerator, but its developers decided to refuse the Foundation investments and have agreed on paying for the acceleration program with their own money. This information was provided to the Firrma website by the Witget representatives.

The startup developers come to FRII seeking acceleration and get the investments from the Foundation in exchange for a share in the project. For 7% share, FRII transfers 800,000 rubles to the developer’s account and provides 600,000 rubles to pay for the acceleration services. Yet, the Witget developers refused the investment offer and decided they would pay 600,000 rubles for training themselves. This payment will go in two tranches. As the startup leader Vyacheslav Davidenko explained, the Witget developers came to the accelerator not for the seed investments, but for business development; they also intended to gain the deep knowledge in such important matters as:

— Business model development;
— Most effective ways of monetization;
— Understanding and constructing of metrics;
— Sales pipeline;
— Channels of user involvement; 
and 
— Finding the scaling points.

Reportedly, after a week of beta testing, the Witget service already has one paying customer who paid for three months access to the advanced functionality. During the 12-week acceleration period, the Witget team is planning to land at least 50 paying customers and 500 freemium customers.

Dmitry Kalaev, chief manager of acceleration and education programs, comments on Witget coming to the accelerator: ‘We have quite a history of relations with the Witget team. Together we worked in our remote acceleration program, and then the Witget startup was included in the third set of startups with the on-site acceleration. Speaking of the fact that in this case the acceleration was paid for by the Witget team itself, on the one hand, I regret that we have not joined this project as investors, while on the other hand this situation is a good example showing that the FRII acceleration program is really in-demand.’

Witget

Witget is a cloud smart platform used to analyze the Internet users’ actions and preferences. It allows you to create tools used for increasing the conversion rate to the websites on the basis of data provided by cookies, tags, UTM tracking codes, URLs and references and thus to personalize the offers the user gets when entering a website. At present, this product is under beta testing.

FRII Accelerator

FRII Accelerator is a three-month intensive program of business development. According to FRII data, 27% of the program graduates are getting the next investment round.

Read the original article at firrma.ru