Rocket Mortgage: Enhancing Engagement with Pitchtape
Rocket Mortgage partnered with Pitchtape for its Detroit Demo Day event to solve for "application fatigue," turning to Pitchtape for a more engaging and dynamic video-based experience to screen and filter hundreds of applications in a multi-round process.
Overview
Rocket Mortgage, a leader in the mortgage lending industry, is committed to fostering entrepreneurship, particularly in its home city of Detroit. Their annual Detroit Demo Day, a pitch competition that invests over $1 million in local, early-stage companies, aims to invigorate the Detroit entrepreneurial ecosystem. Facing the challenge of "application fatigue" and the need for a more dynamic review process, Rocket Mortgage turned to Pitchtape for a sustainable, engaging solution.
Key Challenges
The surge in application programs during the COVID-19 pandemic highlighted the inadequacies of traditional application methods. Applicants were overwhelmed with filling out lengthy forms and submitting text documents, while reviewers faced the daunting task of sifting through these submissions. This process was not only time-consuming but also lacked the dynamism needed to truly capture the essence of each applicant and their venture.
Pitchtape’s Solution
Rocket Mortgage’s partnership with Pitchtape transformed their approach. Using Pitchtape’s video submission platform, applicants could now present their ideas through engaging video pitches. Features like guided pitch creation and customizable teleprompters streamlined the process for applicants. For reviewers, Pitchtape offered a more efficient review system, replacing cumbersome written applications with a centralized, video-based platform, facilitating easier and more insightful evaluations.
Impactful Results
The integration of Pitchtape elevated the Detroit Demo Day experience. Hundreds of applicants utilized the platform, leading to a more efficient selection process managed by community partners and the Rocket Community Fund Entrepreneurship team. The top 15 semi-finalists were chosen after thousands of reviews on Pitchtape, demonstrating the platform’s effectiveness in simplifying the evaluation process. The engaging nature of video submissions also enhanced the overall applicant experience, making the process more enjoyable and personal.
Takeaway
Rocket Mortgage’s adoption of Pitchtape for Detroit Demo Day and beyond signifies a commitment to new, tech-forward solutions in nurturing innovation. Our ongoing partnership established a new approach to innovation for the Rocket Mortgage team, showcasing how technology can streamline processes, enhance engagement, and ultimately lead to more informed decision-making.
Looking to transform your application and review processes? Discover how Pitchtape can elevate your organization’s approach to engagement and evaluation. Request a demo today.