Angel Investor Quick Tip
With the first angel investor meetings I ever had, I made a number of mistakes…
But one really basic mistake in particular helped stall my angel investor fund raising process.
Let me tell you about it….
I had invented a fire escape ladder based on a concept I’d sketched as a teenager…I know, misspent youth right?!?
Anyway, while at business school I entered a business plan competition and digging through the 1001 business ideas and concepts I had – for some unknown, unfathomable reason….my fire escape ladder idea was the one I grabbed a hold of and decided to submit as the core concept for the competition.
Now roll the reel forward some three or four weeks – those weeks intensely crammed with the blackest coffee, lots of trips out to Home Depot and Lowes and late nights of online research.
Voila! A business plan to be proud of! (Well, I thought so anyway…)
Now let’s jump forward in time another six months….
I’d found myself a partner, we’d created a prototype, the business plan had been bulked out with more data, we’d brought mothers together for a ‘focus group’ and started to understand how they thought about family safety, their concerns, their needs….
…we’d spent time at fire departments talking to fire experts…somehow or other we’d managed to really understand the market, the customer (retailer), the consumer (the user) and we had even fleshed out the ‘how’ of starting and running the business.
In fact, we were hyper passionate and engaged on our new business…
Now came the angel investors…
I’ve covered some of the elements of finding angel investors in other posts. In fact, I offer a free audio ‘taster’ on the subject at the bottom of this blog. (You should see a popup if you refresh the page). Given that fact and the additional fact that I promised a ‘quick tip’….
Here’s the hindsight ‘Angel Investor Quick Tip’ I promised you…
We went into those meetings completely passionate and overflowing with data, ideas, our business model and how we were going to change the world…
Can you picture it?
Two fresh faced, enthusiastic entrepreneurs nailing the conversation and completely overwhelming any resistance or challenges from the investors.
…and that was exactly the point….
…we overwhelmed them. It was a one way process of communication – Us telling Them…
We didn’t listen….
We didn’t get them to join in with our passion….
We didn’t collaborate and explore the business concept together…
We tried to WOW them with our knowledge….
We didn’t try to understand what were their interests or drivers…
Simple stuff right?
I’m sure you’ve never made the same mistake when it came to a subject you were passionate about right?
…must just be me then…
By the way…can you do me a favor?
I would like to listen to what you need….
Can you tell me?
Let me know what you thought of this quick tip through the comments or contact page and get occasional email updates by adding your name and email in the box (right side column) and if you do, I’ll send you a FREE report telling you the key questions investors WILL ask you. I know – can’t say better than FREE right?!?!? 🙂
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