SureVX does secure collateral management on the blockchain, allowing clients to secure themselves against credit defaults. As a pre-seed startup, SureVX needed to get fast client feedback to validate our value proposition and secure funds for future development. Our principal objective was to create an MVP which would allow us to:
- Obtain client buy-in
- Generate product interest
- Validate UX hypotheses
Secure Collateral Management
Collateral management is a financial back-office activity that allows organizations to protect themselves against default risk by holding something of value for the duration of a deal. If the counterparty defaults on that deal, the defaulted part keeps the collateral. If the agreement settles as intended, they give the collateral back. Secure collateral management is no small thing: currently, there is around $1.6 TRILLION held in collateral positions around the world.
We’re creating a blockchain solution that uses smart contracts to improve the efficiency of collateral management radically. Our biggest challenge was to secure further investment to build out the platform as intended. To get access to capital, we needed a way to show investors that our product was viable. We chose to do this by creating an MVP, primarily a front-end that showed our product to potential customers.
Building the MVP
We’d tried a few different tools for prototyping, finding them generally either too simple or too clumsy for rapid development of our MVP. One of our contacts had suggested that Axure was too complicated, but we needed complexity. SureVX is a complex B2B fintech solution, so creating simple stylized forms would not have achieved the credibility and traction with our clients that we needed.
We worked in a team of two, with the Founder Ben Stanley creating an essential, unstyled UX based on the features that standard collateral management systems. We then added the innovative features that blockchain smart contracts permit. Then a designer, based remotely, restyled the look to improve the visual and ergonomic flow. All of this was done directly on the Axure platform. We were then able to take this product out into the world and get real-life client feedback.
Happily, this was positive! We took the prototype one step further and added a link to it from our website. This staging of the MVP meant we could market SureVX online and reach many more potential clients via Twitter and LinkedIn. As the product is not ready, we invited those who came to view the prototype to sign up to a mailing list if they clicked to Log In, Sign Up or on the Pricing section in the menu.
Axure helped us enormously. It allowed us
- rapid iteration using a library of visual elements
- remote contributions from multiple sources
- easy presentation to clients via Axure Cloud
- seamless handoff to the developer once validation was done
By creating and deploying the MVP on Axure, we were able to reach 5x more clients than one-to-one interviews. We had performed around 20 meetings with potential clients in the month before the product went live. We captured almost 100 email addresses the following month by leveraging the online MVP. The traction we generated allowed us to move to the next phase in SureVX’s development.
How about you check the platform out for yourself? Just go here.