Thanks to the European Creative Industries Alliance (ECIA) you find a very useful set of rules to convince an investor of your project - they even call them "Golden" here:
http://www.howtogrow.eu/things-to-consider-when-approaching-investors-7-golden-rules/
A lot of people google their blind date before meeting each other for the first time, just to find out whom they’re dealing with. This may sound sneaky or even inappropriate to some, but in some situations it’s not such a bad idea to delve into the person you are about to meet.
What if we translate this to the financial world? When it comes to finding investors for your product, you need to know how they think. What criteria do they use to select the projects they want to invest in? What makes a project interesting for them? Following up on the webinar on How to Grow with financial expert Andrea Di Anselmo, META Groupmade a list of seven golden rules that startups and/or entrepreneurs should keep in mind when approaching a potential investor.
1. Pick the right investor
The first thing in the investment process is to pick the right investor. Presenting your idea for a great new kind of jeans to someone who doesn’t care about fashion at all won’t help you. Make sure there is a certain ‘match’ beforehand.
2. Get prepared for Q&A
Your investor wants to know everything there is to know about your project (and you!), so think of possible questions he might have (also see the document). Also, expect and be prepared to get interrupted many times.
3. Do not act as the smartest guy (even if you are!)
Obviously, you know everything about your business and/or project, but don’t act as if you are the only expert in the room. It is very important that you can handle criticism. Listen carefully to what the potential investor has to say and keep in mind that he or she is not trying to offend you, but just giving you suggestions to improve your product.
4. Leave an impression!
It is important that your potential investor remembers your project a few days after your meeting. Preferably in a good way. Things that can contribute to a good impression: body language (e.g. sit up straight), make sure the investor gets to know you and your business, tell him or her a good (relevant!) story…and be creative!
5. Deliver the right information
- - Who you are
- - How much money you need
- - Why investors should believe in you
- - How you have planned to spend the money
- - Exit strategies and pay back
6. Underlying takeaway message:
Keep it high level, keep it clean. Do not drown in details (but product demos are great!).
7. Take small bites but show big appetite
All investors ask themselves whether the business they are seeing is a feature, a product or a company. As an entrepreneur, you need to be able to sell a vision while focusing on near term milestones. Start small and focused but have a plan to get big.
Read more in the document which also includes a Q&A about the topic ‘getting access to finance’.
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