Whether at the early stage or at a later stage of your startup, funding is key to growing the business and or expanding expand to other markets.
Definitely, your homework must be in order before going for that meeting with an investor – and not like Richard Hendricks of Pied Piper in the TV series, Silicon Valley.
Whether it’s a hobby-turned-business or business conceived from the on set – aside nicely prepared slides, there are other areas that a potential investor would watch out for.
How enthusiastic are you about your business idea? Make it visible in every part of your presentation, from the birth of the business to customer/user acquisition and even expansion plans.
Your passion is the key to convincing your potential investor to put his money into your business.
Sure, the purpose of funding will be indicated in your deck but much more important that being part of your slide is being definite about the timing and purpose of raising. A question you might want to ask yourself is if you should be bootstrapping or raising?
Your competitive advantage(s)
You definitely will know the product offerings of your competitors. Just imagine having your competitor also in the same room, seeking investment from the same set of people.
While it might not be a competition, you definitely will want to convince the investors that you are business idea is a better option.
Irrespective of the stage your startup is, the place of the people, the team, is key and most especially in a growing startup.
Your potential investor would definitely look into how formidable your team is – a team with a bunch of experienced people would definitely have a higher chance of raising than a first-timer.
So, the question is – who and who are on your team?
On January 27, 2021, Techpoint Africa will be hosting the brightest minds in decentralised finance/crypto at the Digital Currency Summit tagged “Building the money of the future” Click here for more details, registration and sponsorship.
Report: Millionaire West African startups” raised over $1.806 billion between 2010 and 2019, 97.9% of which went to Nigerian startups. Get a free overview and 50% purchase discount here.
Listen to Built in Africa, a podcast by Techpoint Africa