Margaret Mackenzie Empowering Female Entrepreneurs: Seeing is Believing

Margaret Mackenzie was interviewed at Startup Grind Sacramento at the Urban Hive last September and enlighten the audience with well-needed entrepreneurial wisdom. Currently serving an executive role in Astia, Margaret also consults several early-stage startups with a specialty in finance, IT and artificial intelligence. She served as CFO at Paymo (now Boku) and JustInvesting along with being CEO to 3 financial market corporations. Her focus has been identity, digital/mobile transactions, and FinTech.

Born in Stockton and raised in Sacramento, Margaret founded her first startup named Paymo with the model that customers would be charged for their digital transactions on their phones rather than their credit/debit cards. Feeling that the idea was ahead of its time for the states, she raised most of the funding in the UK where it was already being practiced. In order to effectively acquire a user base, they targeted online and mobile gamers who were mostly too young to own a Visa but old enough to have a cell phone.

“If you can bring women up to the level of equality in business relations, we would add $25 trillion to the global economy.”

She co-founded Astia in 2008 as a nonprofit in San Francisco providing networks and capital to women who are managing or involved with high growth tech startups. After seeing the clear challenges for women to raise funds in the industry, she was compelled to help make it easier. Not only did it make sense morally, but from a financial standpoint, she feels that women can contribute a lot to the global economy but are largely underfunded. Astia offers free and low-cost services to female entrepreneurs and now have offices in Silicon Valley, Boston, London and more. She discussed how female entrepreneurs tend to underestimate their qualifications in favor of a man. This hinders the amount of examples that young women look up to and gain confidence in their abilities.  In regards to the value of programs that promote women and minorities, Margaret commented:

“Regardless of your gender or color, in order to believe it, you have to see it.”

Despite the obvious and not so apparent reasons why women struggle in the tech industry, Margaret understood that the difficulties of an entrepreneur remain gender neutral. The grueling task of working for little to no pay along with constantly trying to beat the odds are true regardless of your reproductive organs. She also emphasized the importance of a team and how significant it is for the well-being of a company.

Mark Haney Reminds Entrepreneurs to be a Rock Star!

Mark Haney

Mark Haney of Haney Business Ventures has founded or co-founded over 20 businesses with a focus on community-based values by offering opportunities for entrepreneurs and military veterans. He is a board member on the Sacramento Entrepreneurs’ Organization and Allegiant Giving Corporation which all are dedicated to strengthen the entrepreneurial spirit of its region. Mark initially launched a successful video distribution company that expanded into a security/surveillance provider grossing over an annual $200 million with hundreds of employees. He also hosts a weekly radio broadcast, Entrepreneurs Unlimited which covers an array of topics related to entrepreneurship, business, startups and more. In a recent interview with Startup Grind Sacramento, Mark discussed his entrepreneurial journey.

Born and raised in Roseville, CA, Mark started out by attaining tons of beta VCR players for the low and eventually opened up a chain of 14 video supply stores throughout the region. Once the video industry went down, they pivoted into security cameras and targeted video installers through telemarketing campaigns. They were hit hard during the 2008 housing collapse and made a successful exit 2 years later.

“My Friends, Family And Community; As they Succeed I Succeed.”

Shortly after, Mark shifted gears into more of a philanthropic approach by launching Allegiant Giving focused on the ‘heroes of today and the leaders of tomorrow.’ In his mind, the heroes were vets coming back from war and the leaders were aspiring entrepreneurs filled with drive and ambition. One of his first veteran projects was the creation of a wheelchair for a veteran amputee that allowed him to go off roading and resembled the looks of an army tank. His efforts with the vast community of entrepreneurs has allowed him to get involved with real estate, limo services and of course security surveillance systems.

“When I’m Looking for Business Partners, I’m Looking for Rockstars.”

Mark says he’s very selective who he partners with because he needs people that are going to make others move and take action. If you don’t have the attitude of a rockstar, such as the lead singer of a band, he’s uncertain whether a partnership would be mutually beneficial. More importantly, Mark emphasizes that everyone possesses natural skills that should be capitalized on rather than trying to balance out the responsibilities of an entire company. It’s a common trap for entrepreneurs to take on more roles than needed in the name of saving money. However, he says we can’t do everything alone and learning skills you’re not naturally apt at can waste a lot of time and actually cause you to lose money in the long run. He finds it much more effective to form a well-balanced team that each can offer their own unique gifts to contribute to company objectives.

“So Often we do Things we Hate…But Keep an Open Mind to Where your Weaknesses and Strengths Are.”

The full interview with Mark can be viewed here.

By Rich Foreman, CEO / Apptology and Director of Startup Grind Sacramento. Rich co-authored the book Tap into the Mobile Economy and his blog has been listed in the Top 20 Mobile Marketing Blogs of 2014.  Follow Rich on Twitter at@ApptologyCEO or attend a Startup Grind Sacramento Event.

 

Startup Lessons from Garage Ventures Bill Reichert

Silicon Valley icon Bill Reichert from Garage Technology Ventures recently spoke at Startup Grind Sacramento and offered some invaluable insight. With over 20 years as an entrepreneur and two public companies, Bill’s resume is quite impressive.

Originally from Chicago, Bill grew up spending quality time with his grandfather who exposed him to the adventurous world of entrepreneurship. He was in Silicon Valley when the PC was first released and arguably ran one of the first app development firms in United States history, which was apparently amazingly successful but eventually “crashed and burned.” In 1992, Bill and his buddy helped save a failing organization called “The Learning Company,” which later became the first business they took public for $60 million. Later down the line, the Learning Company was sold to Mattel for $3.6 billion. Ouch!  Bill eventually stopped kicking himself for selling too early and learned the ingredients to achieve success years later at the National Venture Capital Conference with Peter Lynch.

“I only invest in companies that even a complete idiot can run.”

This statement hit home for Bill, making him simplify his approach and become cautious with ventures that seem overly complex. When he looks for investments, he wants startups that have novel technology, a sustainable competitive advantage, and can make a significant impact in its designated sector.

Take for example Voke VR that “utilizes a synchronized multiple point-of-view stereoscopic panoramic camera system” technology. They’ve partnered with the Sacramento  Kings to enable mobile users in the stands or at home to receive an advanced VR spectacle without the bulky headset. The audience is able to pause, rewind and review the action from virtually any angle on the court.

When asked about ways for entrepreneurs to receive funding, his response was surprising:

“The best way to receive funding for your startup is to get endorsements from bigger companies for validation and reach out to venture capital sources.”

Bill firmly believes that by following these simple words of advice, you will be “head and shoulders” above your typical startup seeking that almighty dollar. Of course, you will most likely still need to meet the criteria that he mentioned when looking for a potential investment (i.e. novel technology, etc.).

Watch the full interview with Bill Reichert at Startup Grind Sacramento here.

By Rich Foreman, CEO / Apptology and Director of Startup Grind Sacramento. Rich co-authored the book Tap into the Mobile Economy and his blog has been listed in the Top 20 Mobile Marketing Blogs of 2014.  Follow Rich on Twitter at @ApptologyCEO or attend a Startup Grind Sacramento Event.

Highlights from 500 Startups Batch 18 Demo Day

500 Startups Batch 18

500 Startups held their Demo Day for Batch 18 at the Innovation Hanger near the Palace of Fine Arts in San Francisco.  Batch 18 is made of 46 companies with themes in FinTech, Digital Health, Industrial Applications, Experimental Lifestyles, and Bots.   Here are a few startups that I found interesting.

Startup with Coolest Medical Tech

Siren Care’s tagline is “Next-Generation Smart Textiles.”  What they’ve developed is the ability to weave sensors into the fabric.  Their first application is a temperature monitoring sock that is used to prevent foot ulcers for diabetics.

siren

Startup with Coolest Lifestyle Concept

One of the Experimental Lifestyles startups is DigitalOutpost which allows for people to remotely work at their day job in exciting locals like Bali and Thailand.   They handle planning, accommodations, co-working spaces, and social events for their customers.  A month in Bali only cost $ 2 K.  Theoretically, if you live in the Bay Area, you can put your apartment on Airbnb and make money while you work in an exotic location.

digitialoutpost

Startup Most Likely to be Acquired by Google

Andromium has developed hardware that will convert an Android phone into a laptop.  Just download the app, connect the phone to their laptop shell and you got a working laptop.  It’s pretty darn cool.  I tried  out their demo and it had the full laptop experience including the ability to use a mouse.  With  smartphones that often have a faster processor than laptops, Andromium  may have just developed a product that can rival laptop makers like Dell and Apple.  Alas, their system only works with Android phones.   I also would like to mention that Andromium has raised almost $3 M in their Kickstarter campaign.

andromium

Startup with Coolest iPhone attachment

Pyrnt had developed a case that turns your iPhone into a Polaroid Camera.    There’s no ink; all the magic happens on their special paper.  They also have interesting augmented reality feature and with the app, you can send free postcards.  They are gaining some traction and their case and photo paper are now available at Target.

prynt

 

Startup with best use of a Bots

SimplifiMed uses a combination of big data and artificial intelligence to develop a chatbot that will allow a medical staff to manage 10X more chronic patients.   With the health industry’s need to do more with less, SimplifiedMed provides an ideal solution for managing chronic patients.

siplifiedmed

Startup with tech that I would use

Lighthouse has developed a tool to help managers manage their team.  Their platform allows a manager to track their team member’s progress of meeting goals and feedback.  As Salesforce is to sales, they want Lighthouse to be synonymous with management.   As a manager, I found that I would actually use Lighthouse to manage my team.  I’m actually quite surprised that this hasn’t been developed before.

lighthouse

What’s Next? Join the Next Batch of 500 Startups

How well the Batch 18 companies do remains to be seen, but 500 Startups does have an excellent track record. Producing 3 Unicorn startups (with a 4th possibly on the way), 37 Centaurs (valued $100-999 M), and over 300 Ponies ($10-99 M), you might be wondering how to get into 500 Startups. Well, first you’ve got to apply!

If I piqued your interest in 500 Startups, they are currently looking for applicants for Batch 20. Good candidates should have:

  • Balanced Team
  • Product Launched
  • Traction with Good Metrics

If your startup is interested in applying for Batch 20, find the application here.

After applying, ask your local Startup Grind director if they can give you a warm referral!

By Rich Foreman, CEO / Apptology and Director of Startup Grind Sacramento. Rich co-authored the book Tap into the Mobile Economy and his blog has been listed in the Top 20 Mobile Marketing Blogs of 2014.  Follow Rich on Twitter at @ApptologyCEO or attend a Startup Grind Sacramento Event.

Apptology Awarded $50 K RAILS Grant from the City of Sacramento

rails

On November 1, 2016, the Sacramento City Council awarded RAILS (Rapid Acceleration Innovation & Leadership in Sacramento) Grants totaling $1 M to 15 groups that drive acceleration, innovation & leadership for startups in the Sacramento area.  Apptology was awarded $50 K for the StartupSac project.  In partnership with Sacramento Startup Community Leader, Laura Good and Digital Splash Media, the goals of the StartupSac project include:

  1. Expanding and enhancing the website to encompass the full range of  information, services, and resources in the Capital Region, thereby making it easier for innovators and entrepreneurs to connect and engage with each other and help foster and grow the Sacramento startup ecosystem. The goal for StartupSac.com is for it to be the go-to resource of all the services available to entrepreneurs across the region, such as:
    • A curated directory of area startups
    • A job board
    • Continued expansion of Sacramento Startup Ecosystem Circuit Board that visually shows the pieces of the Sacramento startup ecosystem
  2. Extend the access to StartupSac.com, by developing a free native StartupSac iPhone / iPad and Android Apps.
  3. Further catalyze the startup community by connecting organizations and people by curating a directory of area startups, writing and publishing interviews with founders, funders, entrepreneurs, and other innovators, creating profiles of startups and others in the ecosystem, and providing event coverage, etc.
  4. Through public relations and digital marketing activities, promote our startup ecosystem to the community which includes hosting a meetup group to feature events and promotion through digital advertising as well as pitching local startup stories to local media, writing blog posts, and features on social media.
  5. Provide promotion, event management and organizational guidance to grassroots volunteer startup building organizations like Startup Weekend, Health 2.0, Startup Grind, and others, to keep these events (and the community they build) happening in our city.
  6. Highlight female and minority entrepreneurs on a regular basis on the StartupSac website and app and at Startup Grind.

The StartupSac team looks forward to extending the reach and impact of this website, working with other RAILS grant recipients and all members of the Sacramento community to catalyze and grow the Sacramento innovation economy.

By Rich Foreman, CEO / Apptology and Director of Startup Grind Sacramento. Rich co-authored the book Tap into the Mobile Economy and his blog has been listed in the Top 20 Mobile Marketing Blogs of 2014.  Follow Rich on Twitter at@ApptologyCEO or attend a Startup Grind Sacramento Event.

 

Adobe Kickbox: Innovation in a Box

adobekick

Origin

Typically when an organization gets larger, it actually gets harder to innovate.  However, Mark Randall, VP of Creativity at Adobe, had a terrific track record.  In his interview with Startup Grind Sacramento, Randall stated that his boss at Adobe was amazed how quickly he was able to accomplish tasks and meet milestones. Randall was then tasked to develop a method that could show others how to do the same thing. The idea of automating complex processes was an attractive yet equally challenging endeavor that even Randall doubted would be possible to produce. After pondering on it for a few months, he wasn’t sure how something of that magnitude could be done until he looked at the project from a different perspective. “When I started to think about internal innovators at Adobe that were my customers and I wanted to make a product that could help them be an innovator, that sort of shifted everything mentally…to where I said I can do that, I can build that product.”

What’s in the Box?

Adobe Kickbox consists of a 6 step process that shows entrepreneurs the most effective ways to bring their product to the market. And it’s not just limited to the startup world. Government entities and nonprofit organizations all have downloaded this open-source system since offering it for free in February of this year. Randall explained it by saying, “It’s basically this system with essentially 6 levels and starts with level 1 about motivation and there’s a set of actions that you complete at the end of each level and their self-gaining so you check the boxes [required] and move on to the next…” Once all 6 stages are complete, users move on to the post “blue box” which helps you take your product to the next level. The entire system is void of a hierarchy and there’s no central source mediating or regulating how the system operates.

Streamlining Innovation

In a nutshell, Kickbox aims to eliminate the number of hoops innovators must jump through to get their idea approved. Adobe Research Scientist, Hailin Jin, said that, “Before, you had to get buy-in from your own boss, the product team, and other departments. Now, people work on projects without anyone’s approval.” Jin stated that before Kickbox, “risk taking was allowed. Now, it’s rewarded. That has really changed the way people think.” Randall illustrated how Kickbox simplifies tasks that more often than not, established organizations spend way too much time on. He recalls how General Electric asked him how many innovative coaches (out of the 300 available) should work with the Kickbox because they needed to deliver in a 6 month timeframe. He replied by saying that Kickbox doesn’t require many people to operate and it should only take about 3 weeks to complete. He concluded that like many companies out there, General Electric was overthinking an instrument designed to make business easier…much easier.

Randall feels that leading innovators at big companies are often denied the resources to innovate freely. Believing that innovating and creating is a natural human desire; organizations may stand in the way of employees carrying out the activities written in their job description. Why? Because company directors and presidents are afraid of taking risks which is not only irrational but can be counterproductive in the long run. Randall said in Fortune Magazine, “Ideally, you want to highlight that element of risk. Make sure everyone knows about it. Let employees know that you’re betting on them to come up with great ideas.” The most creative people out there can’t stand feeling limited and the bureaucratic structure of the workplace is usually the biggest obstacle when doing so.

Impact So Far

Still who would’ve imagined that a small red cardboard device, that looks similar to a restaurant “to go box,” could accomplish so much in a short amount of time? Inside the Kickbox, Adobe innovators find writing utensils, notebooks, snacks and a $1,000 prepaid debit card that they can spend however they choose. By placing innovators back in the driver’s seat, this allows them to do what they do best: create! However, only 23 of the 1,000 kickbox users have reached the mysterious blue box stage and so far, no Adobe products have been birthed from the concept. Nonetheless, the business model motivated organizations such as Cisco to adopt similar concepts such as “Adventure Kits” while launching a companywide “Innovate Everywhere Challenge.” In Q1 of 2016 alone, Adobe reported a 25% increase in revenue along with a 48% increase in profits. Although these improvements can’t be completely accredited to the Kickbox, it’s clear that Randall’s, “whole culture of experimenting” is catching on and empowering innovators nationwide.

It’s Free

One of the best things about Kickbox is that it’s free.  You can download all the materials here (minus the prepaid gift car).  It’s a great tool to help you develop that innovative idea that’s been spinning in your head and hopefully helps it become reality.

By Rich Foreman, CEO / Apptology and Director of Startup Grind Sacramento. Rich co-authored the book Tap into the Mobile Economy and his blog has been listed in the Top 20 Mobile Marketing Blogs of 2014.  Follow Rich on Twitter at@ApptologyCEO or attend a Startup Grind Sacramento Event.

TechCrunch Disrupt Challenge: Describe Your Startup (in a 140 characters or less)

TechCrunch Disrupt Challenge:  Describe Your Startup (in a 140 characters or less)

I was able to attend TechCrunch Disrupt 2016 held in San Francisco and focused my time meeting startups that had a display on the floor.  After I would meet with a startup, I would take a picture of them, include their company name or Twitter account and described what they did.  This interestingly enough was a challenge for almost all the startups I talked to.

In some cases, it was a no brainer.  A startup would have a short tag line that was descriptive and easy to comprehend.  An example is Infani Inc, Smart Baby Monitor Solution.  Being a parent, I instantly got it.

infini techcrunch disrupt

However, for many of the startups that I met, it wasn’t so simple.  A good example is Troop.  Their tagline was “Organize your Business with Cards.”  When I read their tagline, I assumed it was some sort of system that organized business cards.  It turns out that it was something more like Basecamp.  So, in as we were brainstorming how to describe it, the phrase “it’s like JIRA for everything. “  Hmmm…being a developer, I knew what JIRA was but I don’t think a lot of people did.  We finally settled on “Card base collaboration system.”  My response was that I don’t think people would get it but in the interest of time, we went with it.  For this article, I went back to their web site and they changed their Tag Line to “The best way to manage your project, your team, your life.”  To their credit, they must have taken feedback from TechCrunch and re-worked their tag line.

troop

It wasn’t only startups that had a challenge describing what they did in a tweet.  The folks at the IBM Watson display had a hard time describing Watson; finally settling on “Artificial Intelligence Platform” (I helped them with that).  Cisco also had a hard time describing Cisco Spark.  Their initial description was “It’s like Slack” but quickly dismissed it.  They finally got their marketing person on their team who came up with “Business Collaboration Made Simple.” I don’t know what that means but went with it.

ciscotweet

Hopefully, you’ve got a 30 second elevator pitch for your chance encounter with Marc Andreessen.  But I’ll end this article with a challenge to you.  Can you describe what your startup does in 140 characters or less?  Try it. I think this will be a good exercise that will force you to be succinct in describing your startup.

 

By Rich Foreman, CEO / Apptology and Director of Startup Grind Sacramento. Rich co-authored the book Tap into the Mobile Economy and his blog has been listed in the Top 20 Mobile Marketing Blogs of 2014.  Follow Rich on Twitter at@ApptologyCEO or attend a Startup Grind Sacramento Event.

 

Aging 2.0 Sacramento Startup Competition

Sacramento-CA-USA

The mission of  Aging 2.0 is to accelerate innovation that improves the lives of older adults.  They have a venture fund and an accelerator for Startups that focus on senior care and aging issues.  In addition, they are conducting the Aging 2.0 Global Startup Search which is a series of 40 local aging focused startup competition that culminates in a Final Showcase to be held in Sacramento on October 13.

On June 30, Aging 2.0 held a startup pitch competition in Sacramento.  Over 50 startups applied to compete in the competition and 8 companies were selected.  These are the winners selected by the 4 person judging panel (for which I was a member):

1st Place:  Stack

Stack Labs has developed a responsive lighting system that is able to provide circadian lighting, sense occupancy, and light sensing.

2nd Place:  Hello Nurse

Hello Nurse has developed an Eldercare system that helps detect falls and bed moisture of elder residents.

3rd Place:  PT Tracker

PT Tracker is a Sacramento based startup that is developing a solution to improve compliance with Physical Training through a mobile app and wearables.

Stack also won the audience choice award which was determined by the popular vote of the local audience.

Stack will go compete with other area winners at the Final Showcase on October 13.  The event was a great success in promoting the Sacramento startup scene and the Aging Innovation Space

By Rich Foreman, CEO / Apptology and Director of Startup Grind Sacramento. Rich co-authored the book Tap into the Mobile Economy and his blog has been listed in the Top 20 Mobile Marketing Blogs of 2014.  Follow Rich on Twitter at@ApptologyCEO or attend a Startup Grind Sacramento Event.

5 Challenges of a Startup Appreneur in 2016

Source: http://www.kic-innoenergy.com/

The new millennium has opened up the market for mobile application development transforming entrepreneurs into appreneurs. In the last decade, we’ve seen the rise of Billion Dollar App Companies such as Uber and Airbnb. Setting sail on your very own appreneurship comes with challenges exclusive to the tech community. If you’re thinking about launching a startup or developing your very own mobile app, here are some common challenges to be aware of.

 App Development Challenge 1: The Need for Speed

A typical theme is the demand for having things not now, but yesterday. The demand for faster and more efficient solutions will only increase as time moves forward. As such, there’s an advantage to being being quick and beating your competitors to the punch.  If you streamline your product and cut down on features by focusing on developing a Minimum Viable Product, you’ll find a swifter time to market.

App Development Challenge 2: The Need for Cross platform and Backend Development

An app based startup up must realistically develop apps for both Android and iOS devices (which make up 98% of the smartphone market). In addition to developing an app, typically it needs to have a cloud-based backend to support it. It’s rare for one developer to be proficient at all so you typically need a team of developers.

Mobile-Games-1-1024x627

Image Source: unpauseasia

App Development Challenge 3: Focus on Design and Usability

The simple truth is that your app needs to be visually attractive.  If it ain’t people won’t download it. After they’ve downloaded it, it has to be intuitive and user friendly. If it ain’t, it won’t be used again.  Before your team starts coding, nail the user interface.

App Development Challenge 4: Nail it then Scale it.

One of the things that an apprenuers needs to do is a plan to grow their business. I’ve seen many startups fail because they didn’t have a growth plan. My suggestion is to focus on growing your concept in a certain geography. Once you figured out a successful formula, you can attack other geographies. This is how Uber, Facebook, and Airbnb grew their businesses.

mobile-cash

Image Source: CapitalFM

App Development Challenge 5: Cash is King

Cash is the oxygen for any business. Not enough and it dies. Typically, I see appreneurs bootstrapping (and working day jobs) while working on their MVP. Once the product goes live, it’s a race between burn rate and generating revenue and it’s game over when the cash runs out. This is where you need a CFO that will help you navigate expenses, revenue and fund raising.

 

Being an appreneur isn’t for everyone but with a lot of fortitude, courage and a good dose of luck, your startup has the potential of being the next Uber. By recognizing these challenges, build a team with the proper skills and strengths. Also if you have an app already in the works and are looking for stakeholders, check out 4 tips how to not scare away investors. Believe me, we see it happen all the time.

 

By Rich Foreman, CEO / Apptology and Director of Startup Grind Sacramento. Rich co-authored the book Tap into the Mobile Economy and his blog has been listed in the Top 20 Mobile Marketing Blogs of 2014.  Follow Rich on Twitter at@ApptologyCEO or attend a Startup Grind Sacramento Event.

4 Tips to Attract Mobile App Investors

If you’re thinking of starting a new business, you’re not alone. With so many new applications being developed in recent years, it seems that the young entrepreneurs are taking over. In fact, according to the Kauffman Foundation, new businesses (0-5 years old) make up almost 20% of all of the net job creation in the United States. The hardest part of a new business, though, is finding the funds to get it up and running. Here are some things to keep in mind when pitching to potential investors without scaring the living the daylights out of them.
scared

Mobile App Tip #1: Be original

Before an investor gets involved, he or she wants to be wowed. In short, they’re unimpressed until they’re impressed. This is clearly demonstrated by Angel Investors’ deal acceptance rate of 21%. They’re not going to shell out thousands of dollars just to produce a copycat product of something that has already been invented.
Your product needs to be fresh, it needs to be relevant, and it needs to be a sure thing. Investors are more likely to give their money to people who produce an original product than those who try to recreate the wheel.

Mobile-Apps-New-Study-Reports-Many-Presidential-Campaign-Apps-May-Leak-Personal-Data-680x350

Image Source: Technology Pep

Mobile App Tip #2: Put it all on the table

Investors value honesty above all else, since the lack of information can come back to bite them more often than not. As of 2011, the percentage of “bad exits,” or bankruptcies were as high as 24% – so you could see how they would be a little sensitive

Make sure that from day one you are as honest about the strengths and weaknesses of your product as possible, because if you aren’t, investors will sense it and back off. The people you are pitching to didn’t get to where they are by being stupid. They most likely have a keen sense for when something isn’t right, so be respectful of that.

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Image Source: PCMA

Mobile App Tip #3: Be flexible.

Nothing turns an investor off faster than an attitude of “my way or the highway” from an entrepreneur. An investor wants to feel involved from the very beginning, and wants to feel their entrepreneur is coachable. More deals happen in the early stages of the company’s life than any other stages for a reason: The investor wants to have had enough time to see potential, but wants to get in early enough to ensure their role in its growth. You may have birthed the idea for this company, but if you want the investor on board, you’re going to have to be flexible and let them develop it.

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Image Source: Savor the Success

Mobile App Tip #4: Have the Four M’s in place.

Mark Suster, a successful entrepreneur turned venture capitalist, outlined in his article The Four Main Things That Investors Look For In A Startup that an entrepreneur should demonstrate the four golden M’s: fast, upward Momentum, a stellar Management team, a large Market, and, of course, a great deal of Money or earning potential. This should all be demonstrated very early on in the first presentation.

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Image Source: MarketUmbrella

As with anything else, put yourself in the investor’s shoes and you’ll understand why and how they do the things they do. Do your research, not just on venture capitalists, but on the specific people you’re trying to meet – and you will go far. When you’re able to seal the deal, the next phase is to maintain it. You should read the 5 challenges of a startup appreneur so you can best prepare for the journey ahead.

 

Written by guest writer: Jeanine Amella