Before Justin Miller’s mobile company had 2.5+ million users, he was working out of a basement, searching for an industry where his tech company could thrive.
Miller has since been kicked out of that basement office, threatened by large-scale companies, and faced several funding crunches. But Miller’s startup, WedPics now powers personalized photo-sharing for 10,000 weddings per weekend, with monthly uploads in the millions. Watch Justin Miller’s candid interview from Verge North Carolina and learn the real story behind how he grew WedPics (and exactly WHY monthly investor updates are so important):
WedPics CEO and Co-founder Justin Miller didn’t have prior expertise or experience in launching or growing a tech startup. But the team’s resourcefulness made creative use of the resources available in the growing tech hub of the Triangle area of North Carolina (Raleigh-Durham-Chapel-Hill).
“This was everybody’s first startup,” says Miller. “But we were just driven and had the determination to figure out how to make things happen.”
Miller believes in his team and the startup community in North Carolina. He is a graduate of North Carolina State (NC State) University and veteran of IBM, where he spent 7 years honing his skills before launching WedPics (then named deja mi, inc) in 2011.
WedPics has $9.9 million in 5 rounds of funding, according to CrunchBase. Investors include the likes of well-known thought leader and investor Brad Feld and “Shark Tank” star Barbara Corcoran.
“None of us knew anything about the wedding space,” said Miller. But the team has prevailed through effective user acquisition, tech development, and communication. The co-founder attributes the WedPics investment success to one key CEO habit:
Write Monthly Investor Updates
“I needed to figure out a way to stay at the top of everybody’s radar,” said Miller. “[Doing monthly investor updates] is one of the best things I’ve ever done.” Here’s what Miller did with his WedPics investor and partner updates:
- Send at the beginning of every month
- Give overview of how we did the previous month
- Provide cumulative overview of how we’ve been performing to date
“That is one of the best things we’ve ever done,” says Miller. Several investors and investor groups have explained why monthly investor reports are important and have even provided investor update templates for founders to use. But Miller shares which qualities made the WedPics updates so valuable:
5 Keys to Effective Investor Updates
Stay relevant (share only the information relevant to company’s current direction).- Show traction.
- Make it a quick read (Pro Tip: use charts where it’s helpful).
- Be transparent.
- Don’t expect responses (people are busy, so be consistent even if updates don’t immediately spark a dialogue).
Even if your tech company doesn’t have investors, you can use monthly investor updates to form and direct your thinking, keep your team on the same page, and facilitate partner opportunities. WedPics not only shared with investors and potential investors, but used the monthly investors reports to keep potential partners, acquirers, and acquisition targets updated on their team’s progress.
Side note: social sharing app Buffer does a great job of sharing their monthly investor updates. Read through their past updates here. I also really like the notes on investor updates from Groove CEO Alex Turnbull: read his advice here.
Watch the Full WedPics Interview to Learn More About Investor Updates AND:
- WedPics User Growth Strategy
- Why Sharing Personally is Important for Founders
- Why WedPics is Still Taking Risks
- How North Carolina is Supporting Startup Growth
Watch the WedPics interview …or…. leave a comment below! Are you currently sending regular investor updates? What benefits (or even negative side effects) have you experienced as a result?
CATEGORY: Uncategorized