Update on the 24th of April 2017: We’ve finally achieved our goal and raised £100,000 for our first round of funding.
Last year John and I took the decision to fundraise to accelerate the growth and development of Chessable. A whole year and two crowdfunding campaigns later, I am very happy to announce that we have finally done it! We’ve raised nearly £100,000 from private investors. These funds will immediately be put to good use, supporting our mission of making Chessable the go-to source for chess improvement and education.
Paradoxically, investing time in fundraising would always delay many of the things we want to achieve. Our roadmap and backlog have always been overflowing with things we need to do. I often had doubts, should I be working instead of trying to raise funds? However, I think the following story told by Stephen Covey in his famous book, The 7 Habits of Highly Effective People, describes why fundraising was always the right choice:
Suppose you were to come upon someone in the woods working feverishly to saw down a tree.
“What are you doing?” you ask.
“Can’t you see?” comes the impatient reply. “I’m sawing down this tree.”
“You look exhausted!” you exclaim. “How long have you been at it?”
“Over five hours,” he returns, “and I’m beat! This is hard work.”
“Well why don’t you take a break for a few minutes and sharpen that saw?” you inquire. “I’m sure it would go a lot faster.”
“I don’t have time to sharpen the saw,” the man says emphatically. “I’m too busy sawing!”
We didn’t want to be too busy sawing. We wanted to make sure we deliver an awesome service as quickly as possible without compromising on quality. While we have been consistently improving the site, which is now unmistakably better than during our humble beginnings in February last year, there are still a lot of things we want to do! With a two-man team this has been a slow process and while we’ve had a helping hand from some awesome volunteers it just hasn’t been enough to work on everything we’d like to deliver. This is why we chose to fundraise and sharpen the saw.
Now that the process is complete (hurray!), we will immediately start growing our team and bring you more great features and content. We’ve already recruited one of our volunteers to be our first full-time hire (welcome Simon!) and have concrete next steps to bring you more great things that we know you will love. Stay tuned.
David is Chessable’s CEO and Chief Scientist. He finished his dissertation on expertise and expert performance as part of a MSc in Psychology of Education (BPS) at the University of Bristol, and also holds a PGCert in Applied Psychology from the University of Liverpool. David’s chess rating is around 1,850 FIDE.