Securing investment if you’re a startup, scaleup or entrepreneur is hard work. Not only do you have to continue developing, selling and marketing your product to put food on the table, but you also have to find the right investor to help take your product to the next level. We spoke with four seasoned entrepreneurs during our first Investment Café who have all successfully trodden this path and have come out the other side to bring you 7 investment tips for startups.
For Christine Pijpers, Managing Partner at Outplacement Online, knowing your financials is crucial when pitching your product to potential investors who will undoubtedly ask in depth and searching questions.
- Know your financials inside out.
…You have to know them [your financials] by heart, without a blink of an eye, because that way your investors will be confident you know your business
For Ruben Wieman, Founder of Oneteam, being prepared to speak to at least 80 investors is something any serious startup should do. But maybe after 80 negative responses it might be time to change your plan! So Ruben’s tip is…
2. Never give up!
He also offers up tip #3, which is…
3. Stay positive and practice stoicism. This will help you manage the emotional rollercoaster you are about to get on.
Willemijn Wortelboer, owner of RAW Paints, takes a more intuitive and personal approach for tips 4 & 5. She suggests:
4. Follow your gut feeling
5. Be honest and vulnerable with your investor.
If you’re not confident with something that is being asked of you, say it. There’s nothing wrong with being vulnerable – it makes you grow
Niki Sie, Founder and CEO of Juuve, gives a very useful tip. Chances are, you are developing something unique and has never been done before. So mistakes are likely to happen, which is why tip #6 will help you:
6. You will always need more
Everyone underestimates what their funding need is.
And finally, a word from Charlotte van Slobbe, Director of De Investeerders Club. Not only should you be flexible (that’s an extra tip for free) but also:
7. It’s ok to walk away
If something doesn’t feel right, walk away from that investor. Getting the right match is important and it takes real entrepreneurship to know when walking away is the right decision.
Good products and good services will always find investors.
So, that’s it. 7 investment tips for startups. Good luck and if you want to get more insights watch the full panel discussion below.