This week Techboard launched its new Startup Ranking system, a fortnightly snapshot of Perth’s hot new startups.
Starting off as a fortnightly Top 20, it seeks to provide a timely snapshot of Perth’s startup scene and acknowledge startups and tech companies which have been trending during the past couple of weeks. Companies who top our leaderboard will subsequently be invited to special events including a ‘meet the experts’ lunch with members of our Panel of Experts.
Our first top 20 leaderboard includes four ASX listed companies and three Amcom Upstart graduates.
ResApp Health is our top trending startup of the fortnight, picking up a nomination from our Panel of Experts, press coverage in Business News and with a substantial improvement in its search engine rankings and daily page views per visitor.
Only three other startups picked up a double nomination: OneVR (previously Virtualiis), My Local Savings and TeamAhoy. Visit our top 20 leaderboard at http://www.techboard.com.au/startup-ranking to find out where they ranked.
Incidentally, 30% of the top 20 have company-owned profiles on Techboard. Make sure you claim yours!
How it all works
Generally, our ‘Scoring Bot’ is looking for companies which have been active on social media, generated online traffic, won awards and featured in the press. It crunches a variety of different types of data, from a diverse range of sources, and by applying carefully selected weightings and a little bit of magic, spits out a score for every company featured on Techboard. We expect healthy turnover at top of our leaderboard, as we are focussing on events of the previous fortnight rather than cumulative or historical achievements.
As an indication of the types of inputs being looked at:
- Press coverage
- Search engine ranking and time spent on website
- Social media followers, activity and engagement (Twitter, Facebook, Techboard)
- Votes received from members of our Panel of Experts (each expert can nominate 1 to 3 companies per period).
Obviously no system is ever perfect, and as such we will carefully monitor the scores being generated and make tweaks and improvements where necessary.
We’re also conscious of the fact that these types of public rankings can occasionally cause controversy and concerns over their reliability. We’d therefore like to offer the below reassurances with respect to the integrity of our scoring system:
- Our Panel of Experts is truly independent and carefully selected to ensure breadth of exposure. While individual members may have relationships with particular startups, given the number of panel members and other inputs which go into the scoring system, it is unlikely any one member could exert influence over the overall ranking. Furthermore, there is a degree of oversight in place over the votes received by panel members. And let’s not forget that our panel members are all well-respected professionals of the startup community.
- While one of the many inputs in the scoring system is a subjective measure provided by our Panel of Experts, the system itself is truly automated and is not a panel decision or judgement call.
- There is no commercial dimension to the scoring, points are not for sale, companies are not awarded extra points in exchange for membership or subscription or anything like that. The system rewards activity and engagement on social media and this includes Techboard as well as the other main platforms.
- The weighting of the inputs is carefully balanced to avoid the larger, listed companies dominating the top of the list. For instance, we reward relative increases in measures rather than the absolute measures themselves.
- Manual controls and oversight are in place to detect any attempts to game the system.
Notwithstanding the above, we feel it is important to focus on the positive impact of acknowledging and highlighting local startups. Let’s celebrate the startups that are out there scoring goals, rather than getting too caught up in the finer detail of how the scoring system works.