Investors invest into things that they know and understand, only talk to investors who know your industry. Conversations with anyone else are unlikely to be productive. You also want to do some research into your investor. Go to their website, view their investment profile and really get to know them.
Refine your pitch and your target
Investors don’t care about how your product works. Don’t bore them with the details unless they ask. They want to know that it does work. They also want to know if:
- You have an in-depth knowledge of your market
- You have realistic financials that are simple and straight forward.
- That you can articulate how your product solves problems
- You know why customers want to buy your solution
Don’t say you don’t have competition. You do. This just makes it look like either your market is boring or you haven’t done your research.
What else do investors want to see? They want the three Cs…
- Compelling idea– clearly articulated in your business plan
- Competent management– a team that’s made up of people who understand the market and the product
- Cash flow– it is essential to have early traction
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