Wow, only 7 days to go until our next Startup Weekend! To help you lighten the load of anticipation, today we are excited to share the story of Fabio Federici, co-founder of Coinalytics and winner of the Most Innovative Idea award in Startup Weekend 2013.
Coinalytics is a real-time analytics tool that aggregate heterogeneous data from different sources like news, social media, forums or market data and combine it to support you in taking the right investment decisions.
When we started on Friday of Startup Weekend, all we knew was that we wanted to do something related to Bitcoin. So we brainstormed around Bitcoin and quickly came up with the first idea: a mobile application to make it extremely easy for people to understand and use Bitcoin.
On Saturday morning, we discussed our idea with the coaches — the feedback was shattering. So we decided to rethink our idea and, with the help of our coaches, we decided to target users who are already engaged with Bitcoin and support them in their decisions. We would build a real-time analytics tool for Bitcoin, aggregate data from different sources in the web and try to find a way to predict the future Bitcoin value. From then on everything went really fast, after some research we found that we had a great opportunity here and in less than 24 hours built a running prototype and came up with a solid concept.
How would you describe your Startup Weekend experience?
Startup Weekend is an incredibly intense and exciting experience! We worked a lot, made new friends and for some of us, it might even change our entire future — all of that it 48 hours.
What are your biggest learnings from Startup Weekend?
Be open-minded — if we had ignored the advice from the coaches, we probably wouldn’t be where we are today. The most difficult thing here is to find a balance between when to listen and pivot, and when to just ignore it and stick to the plan.
Think big, start small — until today this is one of our main mantras in the team. It is crucial to have a vision and long term goals, this keeps you motivated and generates a lot of new ideas, which can easily be implemented and tested.
After the Startup Weekend, one of our team members had to return to his own startup, but nevertheless Petter and I decided to continue pursuing Coinalytics and quickly added our first advisor to the team, who supports us regarding big data and machine learning.
We earned a lot of great feedback and are very thankful for the support. We will continue to develop Coinalytics and are hoping to grant early access to our subscribers soon.
Stay tuned for updates on the next SW Berlin!
Your Startup Weekend Global & Berlin Team