In an earlier blog we introduced readers to the AlliedCrowds Capital Finder, our tool for locating alternative finance in the developing world.
The AlliedCrowds Relevancy Score builds on the Capital Finder, making it even more powerful.
Plenty of entrepreneurs have already used the Capital Finder to locate funding across different funding sources (venture capital firms, angel investors, crowdfunding platforms, impact investors, and public/semi-public funders). Our goal is to make this experience as smooth and productive as possible.
That is why we have collected an excellent round of feedback, and have continued to innovate and find new ways to better serve entrepreneurs in the developing world.
Cue the Relevancy Score
The Relevancy Score ensures that the listings at the top of your search are only those most relevant to you, based on the kind of financing you need. In order to do this, we gathered thousands of data points to inform an algorithm that ranks the funding sources.
Think about Google’s Page Rank Algorithm. When you use Google to look up something, Google returns not only every website that is relevant to your search, but orders them based one which it believes will be most relevant to you.
This is the essence of the Relevancy Score.
How does it help entrepreneurs find capital?
We have created the Capital Finder with the purpose of increasing awareness of alternative funding models and methods for raising capital for entrepreneurs in the developing world.
With the Relevancy Score, we take this one step further by tailoring these results in a way that maximizes the effectiveness of the data that we have acquired. Therefore, entrepreneurs have found it much easier to find capital and in turn save precious time to focus on improving their product.
How does it work?
We combine company data, location information, social media data, and domain hosting information to form the basis for our ranking algorithm.
These simple metrics greatly improve the relevance of search results and increase the user click rate. Higher click rate means higher entrepreneur satisfaction.
Not only are entrepreneurs more satisfied, but the capital providers are as well, as they receive much more targeted and relevant outreach.
Improvements going forward
We will continue to hone and improve our relevancy scoring methods. Our main objective is to increase the flow of capital to the developing world and foster relations between entrepreneurs and investors.
We believe that improving our technology is the best way to accomplish this goal and have therefore prioritized obtaining feedback and improving the user experience and user satisfaction of the Capital Finder.