How To Be Remembered as Someone Worth Investing In
If you’re relatively new to the investment world, “no” is a word you might be hearing a lot right now.
What you might not realize just yet, is that“no” can actually have multiple meanings.
Of course, there may be times when “no” means “no, not now and not ever.”
But there are also times when “no” means “not right now” or “you’re just a little too early.”
With a background in pitching myself, I know how frustrating it is to leave a room without the securing the funding you hoped for.
But take heart...
If an investor tells you you’re a little early, what they’re actually saying is they believe your company has potential, and want to see you again once your business has gained traction.
So what do you need to do to impress investors and put yourself in the best possible position to be invited back next time?
In this week’s video, I’m talking about how to be remembered as someone worth investing in.
Click here to watch it now!
Prefer to listen? Click here:
WHY “NO” DOESN’T NECESSARILY MEAN NEVER.
I'm Kelly Keenan Trumpbour, angel investor and venture capitalist, and today I'm going to talk about how you can be remembered as someone worth investing in.
Sometimes when you go into a pitch, everything feels like it went just right, and yet you still hear no. Here's what's important to remember. Sometimes no doesn't mean no forever. Sometimes it means no right now. It could be that you're just not ready, and I know that's something that entrepreneurs hear a lot from investors, but take heart. Sometimes investors really want to keep track of the entrepreneurs who spark something in their imagination about what they could be capable of doing in the future. If you have your act together, if your pitch was sound, if you show a real savvy as an entrepreneur, we won't forget you. There's ways that you can be remembered, even if you hear no.
If you really want to impress investors and make sure that you're remembered, whether or not you hear yes or no, here's some things you can do to make sure that happens. First, adhere to time limits. I know it sounds simple, but it's hard to get your full pitch done in the five minute or 15 minute time frame that you usually get in front of angels or vc's. Still, if you can stay under that time limit, it's impressive. Most entrepreneurs want to go on and on and on, and tell you everything that's great about their product, and we hear you. We love the passion that you have, but we also really admire you when you can respect our time and our presence in the room by sticking to the time limits.
You might get dissenters in the room. Sometimes people will ask questions, and it'll sound like a critique, which is never easy to hear. But don't try to argue back or persuade somebody who's coming after you in a way that you think is a little critical. Often, they weren't ever going to be your investor in the first place. Another time, they may be people who want to be seen as someone who knows a specific area of expertise, so it's not really about you. It's about them as an investor wanting to prove their knowledge base. Just move on and let it roll off your back.
Every once in a while, when you're pitching, you'll hear a question or a comment that's way outside the norm of what you thought was going to come at you. If you can show that you can listen and turn this around, and answer it with a smart response, or even one that just says, "Let me get back to you," we appreciate that you're conscientious enough to take what we're saying seriously, and want to respond in a professional manner.
Want to know a really great secret for staying in the minds of investors? Know the admin who got you in the door, and be nice to her or him. These people work very hard, and they're schedules are all about corralling investors and entrepreneurs so that all of us can get together, hear your pitch, and make the investments. It's a time-intensive job, but these people know everything that's going on in the space that they're in. You want to know where pitch competitions are happening, what investors invest in what space. Do you want to know who is a likely candidate to advise you? These people know, so be nice to them. Don't blow them off.
One way to really stay memorable in the mind of an investor is to follow up, and to follow up like a human being, not just someone who is going after cash. Sure, it's disappointing if you didn't get the yes, but if you can talk to these people, and mention something about what you enjoyed in just meeting them, they'll keep you in mind. They'll remember you. Even if you want to take it an extra step, if there was something that you'd just like a little clarification on, but you're not trying to persuade them to make the investment, show them that you respect the question, and show them that you want to learn from it. They may want the chance to even mentor you.
Until next week
Miss last week’s post? Check it out here: How to Handle Unexpected Questions During Your Pitch