Customer-Vestor: Why Your Waitlist is More Valuable Than a Pitch Deck 💡

A diverse group gathers around a "Startup Innovation" supporting new ideas with funding

I was at the 𝗦𝗵𝗲𝗦𝗰𝗮𝗹𝗲𝘀 𝗔𝗳𝗿𝗶𝗰𝗮 demo day yesterday, listening to several pitches as I often do, when one of the most brilliant ideas I’ve heard all year emerged. The founder—a sharp, cerebral woman building an edtech platform that addresses speech impediments among young learners!

The American Speech-Language-Hearing Association (ASHA) reports that nearly 1 in 12 U.S. children (ages 3–17) have experienced a disorder related to voice, speech, or language in the past year. Speech Sound Disorders (SSD), the most common type of speech disorder, are estimated to affect up to 15% of preschoolers worldwide. The market is projected to reach $78 billion by 2030. A massive opportunity hiding in plain sight.

So when she mentioned she already had over 200 early adopters and a long waiting list of eager users, my mind went straight to the Benjys! 😀 

Her solution is fresh—the kind that makes you sit up, nod slowly, and think: “This one gets it.” 

But as she spoke, something tugged at me. I was already pondering how that enthusiastic crowd of early supporters could be swayed to the investing side. She mentioned one of her customers had already paid for six months’ worth of subscription upfront. 

Later, when we started talking, I told her, “You know, your customers could be your first investors.” We tend to see customers and investors as two separate groups, but often, your most passionate users are the ones most ready to bet on you. They believe in the vision because they feel the problem you’re solving. 

This concept is called Customer-Funded Businesses (CFBs). Many global giants— Dell Technologies, Microsoft, ZARA —began by having customers pay upfront, essentially funding their working capital and early growth without giving up equity. 

Here are three ways to turn that belief into early capital 👇🏽 

1️⃣ Prepaid Subscriptions (The “Advance Loyalty” Model) 

If you already have customers eagerly awaiting your product, give them the option to pay in advance—for 6 months, a year, or even two. In return, offer perks like early access, price lock-ins, or lifetime discounts. It’s not just revenue; it’s validation. Every prepaid customer is saying, “I trust you’ll deliver.” 

2️⃣ Community Shares or Micro-Equity 

For founders structured as companies (not just product projects), consider allowing early users to buy small ownership stakes—similar to how Kickstarter backers sometimes do through regulated crowdfunding platforms. In Nigeria, this could be managed via platforms like GetEquity (Techstars ‘23) or PropCrowdy Limited's shared outcomes model. It gives users a reason to root for your success beyond just product satisfaction—now they have skin in the game. 

3️⃣ Customer Convertible Credits 

Here’s a clever hybrid. Offer customers the option to convert their payments into credits or future equity. For example, an early adopter who pays ₦100,000 for an annual plan could later convert that into shares or lifetime access if the company raises a funding round. It’s a flexible, founder-friendly way to reward early believers without complex valuation negotiations. 

The truth is, the line between “customer” and “early investor” is getting thinner. In the world we’re building, communities don’t just consume products—they co-own the stories behind them. 

So if you’re building something remarkable, look around. Your first investors may already be on your waitlist.