We love projects that make the world a better place, so this new partnership is a great opportunity for Rocket Jones. FACTOR[e] is a venture capital firm based in Fort Collins, CO, with offices in East Africa and India as well. Their mission is to
“…improve lives in the developing world through increased access to sustainable energy and related services. [They] believe that technology can be a profound driver of positive impact, and [they] work closely with early stage entrepreneurs to transform their ideas into market-based solutions.” (Source)
FACTOR[e] is committed to helping technology entrepreneurs succeed, and they are approaching it in an innovative way.
FACTOR[e] works very closely with the entrepreneurs, coaching them through the challenges of testing, development, and funding. A big challenge for collaboration was long distance communication and reporting from around the globe. So we’re building a central platform that will provide an easy way for teams to collaborate, report, consolidate data, and analyze results.
The software does many things; one of the key functions is collecting quarterly progress data from each company. Every quarter the companies will report on a variety of metrics including impact, finance, and investments. The standardized platform allows FACTOR[e] to keep all data consistent and easy to analyze.
The standardization of the reports is important, but it’s also important to FACTOR[e] that the software be flexible. Part of their mission is to collaborate and support each company in personalized ways. The software can do that too — with ways to assess the personal learning and growth of individuals. FACTOR[e] can also assign specific KPIs to each company, targeting unique areas for growth. The software helps FACTOR[e] monitor the companies’ teamwork and interpersonal communication with anonymous surveys to evaluate team member experience and conflict resolution.
We are currently in Stage 2 (of our unique 4 Stage Process) for this new custom web application, so check back in a few months for a launch update and some images of the finished software!