The “open startup” trend is a recent movement within the startup community. The idea involves the practice by companies to share their metrics publicly in an effort to create more transparency between entrepreneurs, funders, and customers. By sharing statistics such as revenue, funding sources, user growth and traffic, the startup can declare their company or product to be ‘open’.
Large companies have at times grown without transparency, through means they were not willing or ready to disclose. This is probably one of the reasons, trust in companies, especially large corporations has been on the decline.
People want to support the growth of businesses and products that they can feel good about. Similarly, and even more so, this trend applies to Charities. For this reason, many believe that transparency is something to be valued, and even supported with one’s wallet. Customers appreciate being part of the success story of small, well-intentioned businesses and non-profit organisations. This is especially true if they can follow exactly how their money is being spent, and what exactly their contribution means.
Promoting free access to a company’s metrics gives the public reassurance, and motivates the company to continue to grow and keep their customers and founders happy. Perhaps, 2019 will be the year for open startups to flourish.
By: Elan Schwartz
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