Sasha Talks Tech
startup stories, trends and digital lifestyle hacks
So, you need to secure investment for your new product. It sounds simple on paper, but there are just so many boxes that need to be ticked to ensure you get the nod. There are all kinds of ways you can appear ready for investment, but you need to be sure you are actually ready and that the product is at the point where you look at it and see no issues whatsoever. It can be harder to get to that point than you think. To get investors on board, there are all kinds of things you should do to ensure success. Technology can play a part in helping you succeed, but you need to remember, you are the true driving force behind your project. Only with your complete commitment and ambition can it be the success that you want. Here are some tips and tricks for investment success, you may have already thought about some of them, but check out the others and see if there is anything you have missed.
First Product Impressions
You need to ensure that your product dazzles when it is first picked up. How can you do this? By using printing technology to create the perfect packaging. You should consider using a packing company to get a professional finish on your packaging. If the investor can hold the product in their hand and see exactly how the overall package lures people in they may be more inclined to invest. The first impression the product gives is paramount. You need to do everything you can to ensure the product looks its best and that it gives the right attraction. Remember, although the product’s first impression counts, so does their first impression of you. They are investing in you as much as they are the product. So wear appropriate business attire and give the best account of yourself as you can. Remain calm and collected and even if they say no be polite and thankful. You never know when you could bump back into the same investor again in the future.
When you are speaking to the investors, they will likely bombard you with questions. You facts and figures need to be spot on to ensure you get it all right. You could take a notepad with you, but the constant flicking between pages may confuse you. Let tech help. Use a tablet. Right all the information into your note app and have it at if they ask you anything. Some of the questions you may have the answers for straight away, which is great as it shows you know lots about your customers. But for others you may need to consult your notes. They won’t think bad of you for this. It shows you have come prepared. Having the information at hand on a tablet is better than not having the information at all.
SHOW THEM THERE IS A MARKET
You need to show them there is a market for your product. Conduct a customer listening group, where they can tell you what they think is good about the product and whether they would buy it or not. Compile the information into tables and show the investors. Technology can help you again here. You may be able to reach certain customers through skype. Send the product in the post and then interview them over the internet. It saves you having to make the trip. By showing the investors that there is a market you are increasing your chances of investment. You can also start selling your product through your website or store. It won’t do as well as being mass produced, but at least you can show the investors that people are actually buying it and that as a product it is attractive and works. They aren’t going to put their money into a product they think is not going to sell. So try your best to take this worry away from them.
Seek expert approval before you try for investment. By doing this you can show the investors how even the experts think this is a great product. These experts can usually be found by searching for them over the internet, again, tech comes to the rescue. Look for blogs and websites and online magazines where experts frequent. You need to do your best to find them. They could be expert reviewers themselves, or industry professionals. Give your product out to them and ask them for a review. Reviews are supremely powerful in this day and age and can garner you more sales which look better to the investors. It can be a daunting experience because it may not always be good. But if it is good, the review may be published in their representative magazine or website. This is great, because it is something else to show the investors. Approval from professionals and experts gives your product validation almost, and shows them that it is indeed viable.
DO YOUR RESEARCH
Use the internet to research the investors. What are their pet peeves? What do they not like to see in people pitching to them? Raid forums, see what kind of information you can pick up. If you go in knowing about the investor you can tailor your pitch to them. By doing this, you are eliminating a certain fear factor. You go in knowing them somewhat, and could even get a grasp on some of the questions they often like to ask. Nothing can prepare you fully and completely, but you can for sure make yourself feel better and get an injection of confidence if you know what kinds of things the investor will do and ask. In a wider spectrum, you can research investors and pick ones who are most likely to invest in your product. If someone has a history with your kind of product you know they will bring more to the table. This means you won’t waste you time with someone who won’t give you the time of day.
TECH TALK BLOG
Startup stories, tech trends, and apps curated by Tech Blogger and Digital Lifestyle Host Sasha Staar Horne.
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