Anderson, IN – December 17th, 2014 – ProjectionHub, a web app that helps entrepreneurs create financial projections for potential lenders and investors, secured a $5,000 investment from the Grand Rapids, MI based seed fund – Start Garden. The investment is to be used to conduct a 90 day experiment which then leads to a chance for a $20,000 investment.
Adam Hoeksema, Co-Founder of ProjectionHub, says, “this investment validates the pain point that ProjectionHub aims to solve, creating realistic financial projections is tough for startups, but by utilizing the web we can help simplify the complex process of projections like TurboTax did for tax prep.”
ProjectionHub will have until February 26th to conduct an experiment that can help the company learn and improve the tool. Then in February the ProjectionHub team will present the results of the experiment in a 3 minute pitch at the Start Garden facility in Grand Rapids. A panel will then decide whether or not to award ProjectionHub an additional $20,000 in investment.
“We are excited about the opportunity to conduct this experiment. We plan to survey our past users who projected that they would secure a business loan, and we will ask whether they were successful or not. Based on those responses we believe we will be able to help future users predict the odds of securing a business loan based on the data in their projections.” Adam Hoeksema goes on to say, “We may also be able to help ProjectionHub users determine what aspects of their business and their projections need to improve in order to increase their chances of securing a loan.”
The $5,000 investment will help ProjectionHub execute the survey and analyze the results over the next couple months. Hoeksema said, “The investment by Start Garden is not only an investment in ProjectionHub, but it is an investment that holds the potential to help millions of startups create more realistic financial projections, and ultimately build stronger businesses.”
ProjectionHub is a web application that helps entrepreneurs create financial projections for potential lenders and investors. Started in 2012 by brothers Adam and Brandon Hoeksema, the company has helped 10,000 users create more realistic financial projections through the app.