Successfully scaling a business is all about doing the fundamentals and having the stamina to see it through.
Let’s face it. Scaling your business is hard. It takes considerable effort. In the beginning, it means wearing different hats. It means dealing with sales and marketing. It means understanding taxes and corporate compliance. It involves having to interact with customers on a daily basis. And so much more. At the end of the day, it takes its toll on you.
If you’re struggling to grow your business, there is light at the end of the tunnel. Sure, it’s hard. But, what’s the alternative? A life-sucking 9-to-5 job? Surely not. Okay, maybe you’re longing for the security of a guaranteed paycheck. But, at what mental or emotional price will that come?
The truth? If you buckle down, clear your mind, and just look at things in perspective, you can easily identify ways you can grow your business and make more moneyquickly. While hundreds of business growth strategies likely exists, the following 15 will take your business to the next level quickly and efficiently.
Roland Frasier, a business growth strategist, has a unique approach to scaling businesses. As a principal of Digital Marketer and Native Commerce Media, and CEO of War Room Mastermind, he knows a thing or two about the online marketing world.
Frasier, who builds and scales seven, eight and nine-figure businesses tells me that there are loads of ways to grow a business quickly. But, only 15 core strategies that will truly make a real impact on your bottom line. Some are time intensive at the outset. That much should be expected. But, the benefits and profits will ultimately make them well worthwhile.
Like anything else in life or in business, you have to put in the time if you’re looking to reap the benefits. Don’t focus on the short-term outcome of your work. Look to the long term. Build sincere value and look to help your customers. Genuinely care. That should be the foundation. After that, it’s simply a matter of taking action and putting in the work to scale.
1. BUILD A SALES FUNNEL.
The first way to quickly grow your business is by building a sales funnel. If you don’t have a sales funnel, you’re making a monumental mistake. Sales funnels can help to automate your business. It helps you to scale and grow quickly and easily. Sure, there’s some front-end work involved. Obviously. But, once those processes are in place, it’s smooth sailing from there.
Frasier says that every sales funnel needs to be carefully conceptualized before it’s created. Consider the different funnels first and foremost. Whether it’s a free-plus-shipping offer or a high-ticket coaching funnel, it’s important to build your automated selling machine to quickly scale and grow your business.
2. UTILIZE A CUSTOMER MANAGEMENT SYSTEM.
Manually tracking transactions is hard. No one wants to do that. It gets too cumbersome as the business grows. If you want to scale quickly, use a customer management system. There are plenty to choose from. But, it really depends on your line of work. Of course, cloud-based software like SalesForce is always a viable option.
Quickbooks can help you with the accounting. InfusionSoft can also assist with sales and marketing. There are plenty of CMS systems, most of which integrate with other cloud-based services. Find what works for you and utilize it.
3. RESEARCH THE COMPETITION.
When going to market, and you’re really looking to get your offer to the masses, you need to research the competition. Frasier says he uses two platforms to conduct his research. The first is Similar Web. The other, AdBeat. Both provide competitive intelligence. It’s your chance for x-ray lenses into all landing pages, ad copy, and other stages of the funnel.
This allows you to uncover any advertiser’s online strategy. Find the ads that have been running for the longest and emulate those. That’s the quickest way you scale any business. If it’s proven and it’s working for your competitors, it’s likely it’ll work for you.
4. CREATE A CUSTOMER LOYALTY PROGRAM.
Loyalty programs are great ways to increase sales. It costs up to three times more money to acquire new customers than it does to sell something to an existing customer. Other resources pin this number anywhere from four to 10 times more. However, any way that you slice it, acquiring new customers is expensive.
Frasier says that building a customer loyalty program will help you retain customers. It might also help you attract new ones as well. If there’s a clear incentive to spend more money with you, it’ll pay off in the long run. Build an attractive loyalty program and make it accessible to your existing customers and watch sales skyrocket over time.
5. IDENTIFY NEW OPPORTUNITIES.
Analyze new opportunities in your business by understanding your demographic better. Understand everything from distribution channels to your direct competitors, and even an analysis of foreign markets and other potential industries. There are likely dozens of new opportunities you could pursue immediately with the proper amount of analysis.
6. BUILD AN EMAIL LIST.
One of the most best and most effective ways to grow a business quickly is to build an email list. Clearly, that means you need to have a lead magnet. Why else would people subscribe to your list? And, with a lead magnet, comes the necessity for a sales funnel. Look into companies like Aweber, ConstantContact, ConvertKit, Drip, GetResponseand others for building and managing your list.
7. FORM STRATEGIC PARTNERSHIPS.
Strategic partnerships with the right companies can truly make a world of difference. It could allow you to reach a wide swath of customers quickly. Identifying those partnerships might be easier said than done. But, look out for companies that are complementary to your own. Contact them and propose opportunities for working together.
8. LEVERAGE GLOBAL PLATFORMS.
In the ecommerce business selling products? Why not use Amazon’s FBA service? In the business of selling services? Why not use Upwork? In the business of renting vacation homes? Why not leverage AirBnB, InvitedHome, HomeAway or other global platforms? Find a platform that’s reached saturation and use it to grow your business quickly.
9. LICENSING DEALS
Doing licensing deals is a great way to grow your business without too much added effort. If you have a product that you can license to others and share a revenue of, that’s an ideal way to grow quickly. Taking a popular or successful product and bringing it to a company with a large footprint can help you achieve market saturation quicker.
10. CONSIDER A FRANCHISE MODEL.
If you have a successful business, and you’re really looking to grow quickly, consider franchising it. Although franchise costs are high and moving to a franchise model is complex and takes a lot of marketing know-how, it could make all the difference if you’re truly looking for quick growth.
11. DIVERSIFY YOUR OFFER LINEUP.
Look into diversifying your offers. What complementary products or services or information can you offer in your business? In order to grow, you need to think about expansion. Identify new opportunities within your niche. Uncover the pain points. What else can you sell to your clients. Where else can you add value in the exchange?
12. BUILD PASSIVE INCOME STREAMS.
Growing a business takes significant effort. If you’re dealing with razor-thin margins, consider building passive income streams. This way, you don’t have to worry so much about keeping the lights on, so to speak. Passive income will afford you the opportunity to make mistakes and not have to lose your shirt. It’ll keep you in business and provide a basis to grow and market and scale quickly by giving you ample resources.
13. ACQUIRE OTHER BUSINESSES.
Sometimes, acquiring other businesses is a very quick way to grow your own business. If you can find competitors or businesses in other industries that would complement your own, you could use them as platforms to scale fast. Take a look within your industry and even outside of it to find potential for potential opportunities.
14. INTERNATIONAL EXPANSION.
Can you expand internationally? Can you take your existing offers and scale them internationally? What would it take to do business in Canada or Mexico or Europe? If you have a converting offer, international expansion could be a quick way to grow. You’ll incur some costs. Sure. But, the potential for profits could be massive.
15. CREATE A WEBINAR.
Webinars are a great way to promote any product or service. It can also help you grow any business relatively fast. Webinars provide an automated selling tool for literally taking any product or service to market and reaching a wide audience quickly. The webinar medium is great for captivating audiences to clinch sale after sale, automatically.
https://www.investorlegends.com/blog/15-ways-to-grow-your-business-fast
Topic: Investor legends: World Most Exclusive Investor Club - page 2. (Read 741 times)
Seth Goldman and Barry Nalebuff built Honest Tea from scratch into a $100 million enterprise.
In my recent article on Forbes, you get a few lessons and a compelling story of their journey.
But wait, because there’s one more thing. In fact, 10 more.
Goldman and Nalebuff share 10 must-follow rules on how to start and build an equally impressive empire (you can find these rules in the back of their book; ‘Mission In A Bottle’):
1. “Build something you believe in — because that’s the first step to building a great brand.”
Just like Goldman and Nalebuff, I learned a powerful lesson in tenacious passion from 30 plus years of entrepreneurship. When you’re all alone, sitting in a dark room wondering why your business is failing, there is only one true thing to power you forward — you believe in your purpose.
2. “Don’t aim for 10% improvement. Make it radically better and different.”
Yes — in today’s society we collectively create amazing products, services and companies through entrepreneurship. World changing at times and Honest Tea was radically different when first introduced. But, if you look around, we also live in the land of ‘me-too’ businesses. Don’t fall for it. Dig deep and decide right now to build something radically different and radically better.
3. “Prepare to be copied. Don’t start unless you’ll survive imitation.”
If your idea is truly radical and takes off, you can count the minutes before the copy-cats arrive. How will you survive competition from the big 800-pound gorillas on the block? Or even from the upstart little guys? Your key is a system of ‘continuous innovation’. Although you could also take the road of Honest Tea — make friends with one of the gorillas and let them buy you out. (Coca-Cola Companyacquired Honest Tea in 2011.)
4. “Build up reserves of money and energy for bad luck and mistakes.”
Great advice — but sometimes extremely difficult to do. What startup or growth company has reserves of cash sitting around? But Goldman and Nalebuff make a good point — run as lean as you possibly can and do not waste money or energy. You will endure mistakes and bad luck along the way, so having a good war chest full of capital and energy can help handle it.
5. “Never, ever give up control — until you sell.”
Some high-impact entrepreneurs will readily give up control in exchange for the lure of high-growth through venture capital — but I am not one of them. Relinquish control and you risk losing the culture and vision of the company you set out to build. Even though Honest Tea raised investment capital from the beginning, the co-founders always remained in the driver’s seat. (And yes — Goldman can still drive his vision as CEO of Honest Tea, but his boss at Coca-Cola can say ‘no’ at anytime. Thus, true control is forever gone.)
6. “Don’t compromise on the big things — compromise on everything else.”
Vision. Purpose. Core values. Write these things in stone and never budge. But flexibility in the value propositions, products and services you build to execute your purpose is vastly important. Many entrepreneurs I see fail to ‘bend to the market’ by adapting to what their customer’s are telling them.
7. “Figure out how to achieve your goals on a tiny budget — then cut that number in half.”
Yes — you’ve heard it said before — it will cost twice as much, and take twice as long as you think. My recommendation is you apply the principles of lean to your business from day one. No fancy offices. No fancy full color brochures. Your goal is to stay alive until you can nail your secret formula for success. Blowing the budget will insure nothing but a quick death.
8. “It’s a marathon, not a sprint.”
Is it ever. Building a business is neither for the faint of heart or the speed demon. Climbing Mt. Everest is not done in 3 easy steps: 1.) decide you want to do it, 2.) fly to Nepal with zero preparation, 3.) sprint straight up the mountain in 12 easy minutes. Build systems for the long-haul and focus on small-connected steps. (It takes 26,364 steps of 7″ each to climb Mt. Everest, and that’s starting from half way up at Basecamp.)
9. “Take care of your family, personal and spiritual health — if you aren’t laughing or smiling on a regular basis, recalibrate.”
Imagine the path to a wildly successful business: founder working at a feverish pitch for 18 hours each day, for at least 5 years straight. True? No, it’s not. In my private conversation with Goldman, he flat-out told me two reasons he made it through the rough years: first — he believed in his purpose, second — his drive for personal balance. The notion we need to kill our family relationships, personal health or level of sanity to build our own business is sadly misaligned.
10. “Build the enterprise and the brand as if you’ll own them forever.”
Will you sell your business someday? Maybe. Should that be the sole reason you are building it? Probably not. When you start and build a business based on passion and purpose, with a burning desire to solve the pain of your customer through the deliverance of monetizable value, you build a far more valuable enterprise. Those in it for the short-term quick buck rarely succeed.
Plaster these 10 rules from Goldman and Nalebuff to your mirror, live by them everyday of your life as an entrepreneur and you might end up as successful as they. Honest.
https://www.investorlegends.com/blog/10-rules-to-build-a-wildly-successful-business
In my recent article on Forbes, you get a few lessons and a compelling story of their journey.
But wait, because there’s one more thing. In fact, 10 more.
Goldman and Nalebuff share 10 must-follow rules on how to start and build an equally impressive empire (you can find these rules in the back of their book; ‘Mission In A Bottle’):
1. “Build something you believe in — because that’s the first step to building a great brand.”
Just like Goldman and Nalebuff, I learned a powerful lesson in tenacious passion from 30 plus years of entrepreneurship. When you’re all alone, sitting in a dark room wondering why your business is failing, there is only one true thing to power you forward — you believe in your purpose.
2. “Don’t aim for 10% improvement. Make it radically better and different.”
Yes — in today’s society we collectively create amazing products, services and companies through entrepreneurship. World changing at times and Honest Tea was radically different when first introduced. But, if you look around, we also live in the land of ‘me-too’ businesses. Don’t fall for it. Dig deep and decide right now to build something radically different and radically better.
3. “Prepare to be copied. Don’t start unless you’ll survive imitation.”
If your idea is truly radical and takes off, you can count the minutes before the copy-cats arrive. How will you survive competition from the big 800-pound gorillas on the block? Or even from the upstart little guys? Your key is a system of ‘continuous innovation’. Although you could also take the road of Honest Tea — make friends with one of the gorillas and let them buy you out. (Coca-Cola Companyacquired Honest Tea in 2011.)
4. “Build up reserves of money and energy for bad luck and mistakes.”
Great advice — but sometimes extremely difficult to do. What startup or growth company has reserves of cash sitting around? But Goldman and Nalebuff make a good point — run as lean as you possibly can and do not waste money or energy. You will endure mistakes and bad luck along the way, so having a good war chest full of capital and energy can help handle it.
5. “Never, ever give up control — until you sell.”
Some high-impact entrepreneurs will readily give up control in exchange for the lure of high-growth through venture capital — but I am not one of them. Relinquish control and you risk losing the culture and vision of the company you set out to build. Even though Honest Tea raised investment capital from the beginning, the co-founders always remained in the driver’s seat. (And yes — Goldman can still drive his vision as CEO of Honest Tea, but his boss at Coca-Cola can say ‘no’ at anytime. Thus, true control is forever gone.)
6. “Don’t compromise on the big things — compromise on everything else.”
Vision. Purpose. Core values. Write these things in stone and never budge. But flexibility in the value propositions, products and services you build to execute your purpose is vastly important. Many entrepreneurs I see fail to ‘bend to the market’ by adapting to what their customer’s are telling them.
7. “Figure out how to achieve your goals on a tiny budget — then cut that number in half.”
Yes — you’ve heard it said before — it will cost twice as much, and take twice as long as you think. My recommendation is you apply the principles of lean to your business from day one. No fancy offices. No fancy full color brochures. Your goal is to stay alive until you can nail your secret formula for success. Blowing the budget will insure nothing but a quick death.
8. “It’s a marathon, not a sprint.”
Is it ever. Building a business is neither for the faint of heart or the speed demon. Climbing Mt. Everest is not done in 3 easy steps: 1.) decide you want to do it, 2.) fly to Nepal with zero preparation, 3.) sprint straight up the mountain in 12 easy minutes. Build systems for the long-haul and focus on small-connected steps. (It takes 26,364 steps of 7″ each to climb Mt. Everest, and that’s starting from half way up at Basecamp.)
9. “Take care of your family, personal and spiritual health — if you aren’t laughing or smiling on a regular basis, recalibrate.”
Imagine the path to a wildly successful business: founder working at a feverish pitch for 18 hours each day, for at least 5 years straight. True? No, it’s not. In my private conversation with Goldman, he flat-out told me two reasons he made it through the rough years: first — he believed in his purpose, second — his drive for personal balance. The notion we need to kill our family relationships, personal health or level of sanity to build our own business is sadly misaligned.
10. “Build the enterprise and the brand as if you’ll own them forever.”
Will you sell your business someday? Maybe. Should that be the sole reason you are building it? Probably not. When you start and build a business based on passion and purpose, with a burning desire to solve the pain of your customer through the deliverance of monetizable value, you build a far more valuable enterprise. Those in it for the short-term quick buck rarely succeed.
Plaster these 10 rules from Goldman and Nalebuff to your mirror, live by them everyday of your life as an entrepreneur and you might end up as successful as they. Honest.
https://www.investorlegends.com/blog/10-rules-to-build-a-wildly-successful-business
I think government support would be a perfect idea for the crypto market to become stronger. Unfortunately, I do not think this will happen in the near future. Today, governments in several countries are looking for solutions to ban cryptomonas, being considered a danger to banks. I am of the same opinion, the government-backed projects attract more investors.
It is a good idea but what I have against this is that the team is not bold enough to put their names and faces on the projects they are charging people money on. I for one will not touch this because I just smell something is wrong, don't get me wrong this is needed especially after the recent bear run and to make the most of the next bull run one need to be well positioned and this could help with that
Thank you for your attention to our project.
And also thank you very much for the feedback, we will take into consideration your wishes and will implement in the near future. At the moment, the project is on registration stage and in this connection, membership is currently free of charge.
It is a good idea but what I have against this is that the team is not bold enough to put their names and faces on the projects they are charging people money on. I for one will not touch this because I just smell something is wrong, don't get me wrong this is needed especially after the recent bear run and to make the most of the next bull run one need to be well positioned and this could help with that
There’s a lot of talk out there about mentors, especially regarding where to find them, how to ask them for guidance, and what to do to keep that relationship strong.
But if you’re like most people, you’re probably struggling with the very first step: How do you find an amazing mentor in a sea of professionals, and how do you get that person to want to help you?
If you’re stuck, these nine awesome resources can move you along.
https://www.investorlegends.com/blog/9-tips-for-finding-and-getting-the-perfect-mentor
But if you’re like most people, you’re probably struggling with the very first step: How do you find an amazing mentor in a sea of professionals, and how do you get that person to want to help you?
If you’re stuck, these nine awesome resources can move you along.
- First and foremost, stop thinking of mentorship as something you get and think about it as something you do. (99U)
Mentorship is all about what you put into it as the mentee, too. Make sure you can dedicate the time and energy necessary to be mentored properly. (Forbes)
There are eight levels of mentorship (the highest of which is finding an actual mentor). Are you utilizing the other seven? (Michael Hyatt)
Here’s something important about finding your career spirit guide: That person doesn’t even have to work in your field. (Fast Company)
You can’t land the best mentor ever until you explicitly map out your goals and set clear expectations as to how having an experienced person there can help you achieve them. (Entrepreneur)
If you have no idea what type of mentor you’re looking for, these 10 things can be incredibly important for narrowing your search. (LinkedIn)
Take some mentorship advice from one of the most successful entrepreneurs (and mentors) of all time: Richard Branson. (Virgin)
So, you finally found someone you think would be the perfect mentor. One important question: How the heck do you get him or her on board? (Lifehacker)
Don’t be afraid to ask that big, important person to be your mentor. You just have to know what steps to take to get there. (The Muse)
https://www.investorlegends.com/blog/9-tips-for-finding-and-getting-the-perfect-mentor
I think government support would be a perfect idea for the crypto market to become stronger. Unfortunately, I do not think this will happen in the near future. Today, governments in several countries are looking for solutions to ban cryptomonas, being considered a danger to banks. I am of the same opinion, the government-backed projects attract more investors.
The project needs funding. We are a small team of 9 people. http://www.gitune.com
The world's first platform for the production of cartoons, animated advertising, animation clips for musicians and computer games, a platform for the sale of content, licensing of intellectual property, joint work on the product. The world's first platform for ICO streaming in visual production. The team and investors profit from the sale and lease of the product. The product-is a cartoon, animated advertising, animation clips for musicians and computer games.
https://www.investorlegends.com/forum/topic/gitune-the-worlds-first-platform-for-the-production-of-cartoons-animated-advertising-animation-clips-for-musicians-and-computer-games
The world's first platform for the production of cartoons, animated advertising, animation clips for musicians and computer games, a platform for the sale of content, licensing of intellectual property, joint work on the product. The world's first platform for ICO streaming in visual production. The team and investors profit from the sale and lease of the product. The product-is a cartoon, animated advertising, animation clips for musicians and computer games.
https://www.investorlegends.com/forum/topic/gitune-the-worlds-first-platform-for-the-production-of-cartoons-animated-advertising-animation-clips-for-musicians-and-computer-games
There are several contenders for the “most important” factor to a business’s success, including the strength of the idea, the timing of the company and the cohesive force of your employees. But my money’s on experience — the industry and entrepreneurial experience of the person in charge and the cumulative experience of the team.
The trouble is, all entrepreneurs are inexperienced the first time they launch a business. And there’s only one way to overcome this inexperience quickly: by engaging in a mentorship or advisor program, thereby drawing on someone else’s experience.
If you’re sufficiently insightful and humble, you’ll recognize the importance of asking for help and being open to external feedback. Mentors are the way to achieve this.
But, how do you find mentors? There are dozens of ways, but these 10 have my highest recommendation:
1. NETWORKING EVENTS
Networking events are designed to put people in contact with one another, making these events perfect opportunities to expand your professional network. Try to talk to as many people as you can, and don’t be too forward with your goals; instead, wait for a potential partnership to make itself evident to you.
2. ENTREPRENEUR ‘HOT SPOTS’
If you live in a city with a thriving startup scene, there are probably several entrepreneurial “hot spots” in the area — I use that ambiguous term because they vary so wildly. For example, there might be a startup incubator with an open workspace where you can get some work done and still meet some new people in the industry, or else a weekly brainstorming meeting among creative minds at the downtown library. Keep your eyes peeled, and attend whatever you can.
3. LINKEDIN AND TWITTER
I’m tempted to put “social media” here, but Twitter and LinkedIn are the big players for connecting with professionals. Find potential candidates based on your industry and/or demographic area, and be sure to introduce yourself casually and unassumingly before asking for a more significant engagement.
4. SMALL BUSINESS DEVELOPMENT CENTERS
Small Business Development Centers (SBDCs) are independent organizations that provide resources, expertise and advice to emerging entrepreneurs in major cities across the country. Drawing on Small Business Administration federal funds, state and local government funds and resources from the private sector, you should be able to find free consultation at an SBDC near you.
5. SCORE
SCORE is an organization dedicated to helping individuals start, run and grow their own businesses. There are currently more than 11,000 volunteers in the program, with 320 chapters around the country; you can check here for a chapter near you. Through SCORE, you can request a free face-to-face meeting with a mentor to discuss your business idea — and you may be able to form a more lasting partnership.
6. INDUSTRY CENTERS
Are there any industry expos coming up in your surrounding area? Conferences or speaking events regarding your industry? If so, these are perfect places to find someone more experienced than you — and you can learn more about your industry during the search.
7. INDIRECT COMPETITORS
Obviously, your direct competitors will be reluctant to give you practical advice on how to succeed. Instead, seek out your indirect competitors, such as companies in the same industry targeting a different segment of the market, or companies across the country with no bearing on your local relationships. If these companies have been in business longer than you have, their leadership will have considerable wisdom to dispense.
8. VOLUNTEERING
Volunteering is a surprisingly good way to make new connections. You’ll meet all kinds of people, from college students to retirees, all of whom will be able to teach you something new. Plus, you’ll be giving back to the community in the meantime and possibly improving the reputation of your business in the process.
9. FRIENDS AND FAMILY
Have you asked around your circle of friends and family? Someone in your contacts list might know a cousin or former roommate who went on to become a successful entrepreneur. These types of connections are usually the easiest to build once discovered.
10. ANYWHERE ELSE
The truth is, if you’re open to new experiences and new contacts, you could potentially meet a mentor anywhere. Talk to strangers. Get to know your acquaintances better. You never know who will lend you the next major insight or give you the next landmark introduction in your life.
There’s no “secret” when it comes to finding mentors: Look in the places you’d be if you were a mentor; remain patient and open to new contacts; and eventually you’ll meet someone who can help you take your business off the ground.
https://www.investorlegends.com/blog/10-places-to-find-mentors-and-advisors-for-entrepreneurs
The trouble is, all entrepreneurs are inexperienced the first time they launch a business. And there’s only one way to overcome this inexperience quickly: by engaging in a mentorship or advisor program, thereby drawing on someone else’s experience.
If you’re sufficiently insightful and humble, you’ll recognize the importance of asking for help and being open to external feedback. Mentors are the way to achieve this.
But, how do you find mentors? There are dozens of ways, but these 10 have my highest recommendation:
1. NETWORKING EVENTS
Networking events are designed to put people in contact with one another, making these events perfect opportunities to expand your professional network. Try to talk to as many people as you can, and don’t be too forward with your goals; instead, wait for a potential partnership to make itself evident to you.
2. ENTREPRENEUR ‘HOT SPOTS’
If you live in a city with a thriving startup scene, there are probably several entrepreneurial “hot spots” in the area — I use that ambiguous term because they vary so wildly. For example, there might be a startup incubator with an open workspace where you can get some work done and still meet some new people in the industry, or else a weekly brainstorming meeting among creative minds at the downtown library. Keep your eyes peeled, and attend whatever you can.
3. LINKEDIN AND TWITTER
I’m tempted to put “social media” here, but Twitter and LinkedIn are the big players for connecting with professionals. Find potential candidates based on your industry and/or demographic area, and be sure to introduce yourself casually and unassumingly before asking for a more significant engagement.
4. SMALL BUSINESS DEVELOPMENT CENTERS
Small Business Development Centers (SBDCs) are independent organizations that provide resources, expertise and advice to emerging entrepreneurs in major cities across the country. Drawing on Small Business Administration federal funds, state and local government funds and resources from the private sector, you should be able to find free consultation at an SBDC near you.
5. SCORE
SCORE is an organization dedicated to helping individuals start, run and grow their own businesses. There are currently more than 11,000 volunteers in the program, with 320 chapters around the country; you can check here for a chapter near you. Through SCORE, you can request a free face-to-face meeting with a mentor to discuss your business idea — and you may be able to form a more lasting partnership.
6. INDUSTRY CENTERS
Are there any industry expos coming up in your surrounding area? Conferences or speaking events regarding your industry? If so, these are perfect places to find someone more experienced than you — and you can learn more about your industry during the search.
7. INDIRECT COMPETITORS
Obviously, your direct competitors will be reluctant to give you practical advice on how to succeed. Instead, seek out your indirect competitors, such as companies in the same industry targeting a different segment of the market, or companies across the country with no bearing on your local relationships. If these companies have been in business longer than you have, their leadership will have considerable wisdom to dispense.
8. VOLUNTEERING
Volunteering is a surprisingly good way to make new connections. You’ll meet all kinds of people, from college students to retirees, all of whom will be able to teach you something new. Plus, you’ll be giving back to the community in the meantime and possibly improving the reputation of your business in the process.
9. FRIENDS AND FAMILY
Have you asked around your circle of friends and family? Someone in your contacts list might know a cousin or former roommate who went on to become a successful entrepreneur. These types of connections are usually the easiest to build once discovered.
10. ANYWHERE ELSE
The truth is, if you’re open to new experiences and new contacts, you could potentially meet a mentor anywhere. Talk to strangers. Get to know your acquaintances better. You never know who will lend you the next major insight or give you the next landmark introduction in your life.
There’s no “secret” when it comes to finding mentors: Look in the places you’d be if you were a mentor; remain patient and open to new contacts; and eventually you’ll meet someone who can help you take your business off the ground.
https://www.investorlegends.com/blog/10-places-to-find-mentors-and-advisors-for-entrepreneurs
Proposal Title: BeLive.tv
Company name: BeLive
Website: https://belive.tv/
Industry: Online Streaming
Stage (idea, ready business, pre-startup, etc): Round A
Type of investment, proposed share for investors: Raising Series A Round of $5.000.000
Needed amount: $5.000.000
https://www.investorlegends.com/forum/topic/belive-tv
Company name: BeLive
Website: https://belive.tv/
Industry: Online Streaming
Stage (idea, ready business, pre-startup, etc): Round A
Type of investment, proposed share for investors: Raising Series A Round of $5.000.000
Needed amount: $5.000.000
https://www.investorlegends.com/forum/topic/belive-tv
Company name: iLINK
Location: Singapore
Industry: Blockchain, Cryptocurrency, E-Commerce, E-Commerce Platforms, FinTech, Mobile Apps, Mobile Payments, Private Social Networking, Social Network
Stage: Pre-Public Sale of Community Based Creation(CBC) Token
2 Billion Total Supply, 1 billion in Ethereum blockchain and 1 billion in NEO blockchain.
Target Hardcap 50,000,000 USD
Distributed in the TGE: 59%
Website: https://cbc.ilink.network
https://www.investorlegends.com/forum/topic/ilink-cbc-geosocial-hyperlocal-social-commerce-ecosystem
Location: Singapore
Industry: Blockchain, Cryptocurrency, E-Commerce, E-Commerce Platforms, FinTech, Mobile Apps, Mobile Payments, Private Social Networking, Social Network
Stage: Pre-Public Sale of Community Based Creation(CBC) Token
2 Billion Total Supply, 1 billion in Ethereum blockchain and 1 billion in NEO blockchain.
Target Hardcap 50,000,000 USD
Distributed in the TGE: 59%
Website: https://cbc.ilink.network
https://www.investorlegends.com/forum/topic/ilink-cbc-geosocial-hyperlocal-social-commerce-ecosystem
Parkres (https://parkres.org/) is the decentralized parking reservation platform that leverage a token based system over ethereal blockchain and IoT based sensor network for smart parking solution and providing spot bookings to the drivers.
The Parkres Network provides benefit to the parking providers, software/hardware manufacturers, app developers and drivers. Parkres streamlines payouts between parties when booking a parking spot on Parkres app.
- Successfully fulfilled soft cap of 1,000,000 USD during pre-sale (August 2018) scoring in the 90% percentile ratings on ICO Bench, TrackICO, FoundICO, VerifiedICO's and many more.
https://www.investorlegends.com/forum/topic/parkres-park-coin
The Parkres Network provides benefit to the parking providers, software/hardware manufacturers, app developers and drivers. Parkres streamlines payouts between parties when booking a parking spot on Parkres app.
- Successfully fulfilled soft cap of 1,000,000 USD during pre-sale (August 2018) scoring in the 90% percentile ratings on ICO Bench, TrackICO, FoundICO, VerifiedICO's and many more.
https://www.investorlegends.com/forum/topic/parkres-park-coin
As the economy continues to rebound from the recession, foundations, the government, and corporate funders are still dealing with uncertainty regarding how much they can invest philanthropically. However, wealthy individuals have the resources and freedom to give more. According to Giving USA 2014, individual giving represents 73% of the growth in total giving from 2011 to 2013.
These “major donors” are different for every nonprofit—at a small service organization, it could be anyone who gives more than $500. At a large national group, it might be folks who can give more than $10,000. However you define it, any good development strategy will include major donor cultivation.
Whether you are new to the nonprofit game or just haven’t worked with a major donor before, here are a few tips for what to do in your first dealings with a new prospect.
1. GET A GOOD INTRODUCTION
If you work in nonprofits, someone in your life has surely suggested that you meet with Bill Gates or Oprah to ask for a donation. That would be great—if you had a way to get an introduction to them.
In reality, your best prospects already have a connection to your organization in some way. They might be personal or professional contacts of your board members, former volunteers, or in some way connected to a business that has supported you in the past. Such a connection to your organization will make it easier to get in front of these donors—and ensure they’re in a more receptive mood when you do.
2. KNOW YOUR PROSPECT
Once you get the introduction, make sure you get on Google and do your research. If your prospect doesn’t have a big footprint on the internet, go back to the person who introduced you and ask him or her about the donor.
You’ll definitely want to learn more about the donor’s previous philanthropic giving and net worth, but anything that could help you in a conversation is worth filing away. That could be information about the donor’s kids, if he or she has any hobbies, or what’s happening in his or her company or industry.
Then, think of the ways that you can use these possible conversation topics into a way to hook the donor on your mission.
For instance, I once had a donor who was really into racing cars (a thing I know absolutely nothing about). I asked him how he got into it, and it turns out that his favorite uncle was a mechanic. He spent his summers with his uncle tinkering with cars. At the time, I was working for an organization that offered job skills training and summer programs to at-risk kids—so I was able to connect his experience with learning a vocational skill and having an enriching environment out of school to the experience of our clients, who otherwise seemed very different. He was able to see our mission in a new light and became a long-term donor.
3. KNOW WHAT YOU WANT
Before any meeting, realize this: No first meeting with a donor will result in a significant donation. Major donor cultivation is a long-term strategy.
Knowing that, what do you want to happen in this first meeting? If it’s a brand new prospect, you might simply want to end the conversation confident that you’ll be granted a second meeting. If it’s a former volunteer, you may want to get him or her on an event committee or arrange an agreement that he or she will introduce you to another prospect.
But before you go into your meeting, you should also know what your long-term goal is. Figure out if you think this is going to result in a $10,000 donation or $100,000 donation. This will help you determine how you want to approach the donor and establishes some reasonable expectations with your boss or board of directors.
4. BRING A BUDDY
Unless the donor specifically says that he or she only wants to meet with one person, always come with to the first meeting at least two people (but no more than three).
For example, if a board member introduced you to this prospect, ask the board member to join you. That will help everyone feel a bit more comfortable and allow you to start with a casual conversation. Or, if the donor is interested in a particular initiative, bring the manager of that project along to explain it in more detail.
As you get to know donors, you want to figure out what they are interested in and what kind of personality they have. If you go into meetings solo, you risk turning the donor off if the two of you aren’t suited to connect on a personal level. If you bring a colleague along, there’s a better chance that the donor will have a personal connection with one of you. It’s also good to have multiple perspectives in the meeting to create the best strategy for the donor.
5. FOLLOW UP
The only hard-and-fast rule I have for major donors is that they get a thank you email from you within 24 hours of your meeting with them.
Start by thanking them for their time, of course. Then, if they had lingering questions for you after the meeting, provide the answer or a timeline for you to get those answers in the note.
https://www.investorlegends.com/blog/5-tips-for-your-first-meeting-with-a-major-donor
These “major donors” are different for every nonprofit—at a small service organization, it could be anyone who gives more than $500. At a large national group, it might be folks who can give more than $10,000. However you define it, any good development strategy will include major donor cultivation.
Whether you are new to the nonprofit game or just haven’t worked with a major donor before, here are a few tips for what to do in your first dealings with a new prospect.
1. GET A GOOD INTRODUCTION
If you work in nonprofits, someone in your life has surely suggested that you meet with Bill Gates or Oprah to ask for a donation. That would be great—if you had a way to get an introduction to them.
In reality, your best prospects already have a connection to your organization in some way. They might be personal or professional contacts of your board members, former volunteers, or in some way connected to a business that has supported you in the past. Such a connection to your organization will make it easier to get in front of these donors—and ensure they’re in a more receptive mood when you do.
2. KNOW YOUR PROSPECT
Once you get the introduction, make sure you get on Google and do your research. If your prospect doesn’t have a big footprint on the internet, go back to the person who introduced you and ask him or her about the donor.
You’ll definitely want to learn more about the donor’s previous philanthropic giving and net worth, but anything that could help you in a conversation is worth filing away. That could be information about the donor’s kids, if he or she has any hobbies, or what’s happening in his or her company or industry.
Then, think of the ways that you can use these possible conversation topics into a way to hook the donor on your mission.
For instance, I once had a donor who was really into racing cars (a thing I know absolutely nothing about). I asked him how he got into it, and it turns out that his favorite uncle was a mechanic. He spent his summers with his uncle tinkering with cars. At the time, I was working for an organization that offered job skills training and summer programs to at-risk kids—so I was able to connect his experience with learning a vocational skill and having an enriching environment out of school to the experience of our clients, who otherwise seemed very different. He was able to see our mission in a new light and became a long-term donor.
3. KNOW WHAT YOU WANT
Before any meeting, realize this: No first meeting with a donor will result in a significant donation. Major donor cultivation is a long-term strategy.
Knowing that, what do you want to happen in this first meeting? If it’s a brand new prospect, you might simply want to end the conversation confident that you’ll be granted a second meeting. If it’s a former volunteer, you may want to get him or her on an event committee or arrange an agreement that he or she will introduce you to another prospect.
But before you go into your meeting, you should also know what your long-term goal is. Figure out if you think this is going to result in a $10,000 donation or $100,000 donation. This will help you determine how you want to approach the donor and establishes some reasonable expectations with your boss or board of directors.
4. BRING A BUDDY
Unless the donor specifically says that he or she only wants to meet with one person, always come with to the first meeting at least two people (but no more than three).
For example, if a board member introduced you to this prospect, ask the board member to join you. That will help everyone feel a bit more comfortable and allow you to start with a casual conversation. Or, if the donor is interested in a particular initiative, bring the manager of that project along to explain it in more detail.
As you get to know donors, you want to figure out what they are interested in and what kind of personality they have. If you go into meetings solo, you risk turning the donor off if the two of you aren’t suited to connect on a personal level. If you bring a colleague along, there’s a better chance that the donor will have a personal connection with one of you. It’s also good to have multiple perspectives in the meeting to create the best strategy for the donor.
5. FOLLOW UP
The only hard-and-fast rule I have for major donors is that they get a thank you email from you within 24 hours of your meeting with them.
Start by thanking them for their time, of course. Then, if they had lingering questions for you after the meeting, provide the answer or a timeline for you to get those answers in the note.
https://www.investorlegends.com/blog/5-tips-for-your-first-meeting-with-a-major-donor
Charm and self-belief comes easily to some, but all entrepreneurs can teach themselves to win over clients and attract new customers.
What do entrepreneurs Oprah Winfrey, Richard Branson and Elon Musk have in common? Apart from their huge net worth, they are all highly charismatic. But what exactly is charisma?
The charismatic can infect others with their own enthusiasm. They convince us, not only of their own self-belief, but make us feel more confident in ourselves too. As an entrepreneur, charisma is a winning formula for your personal brand. If you exude self-belief, angel investors, prospective clients and the press will see your potential and be more inclined to invest in your story.
Perhaps because it is hard to describe, there is a popular misconception that charisma is an innate quality. In fact, a lead researcher in charisma, Richard Wiseman, estimated that it is 50% innate and 50% learned. This would mean that just about anyone can bolster their charisma to help achieve their professional – and personal – goals.
Charisma is a set of behaviours that each of us can integrate into our personality. We may already embody some of its qualities, such as presence, warmth or gravitas. Tweaks to body language, the way you speak or how you listen, if practiced regularly, can soon become habitual and greatly improve your perceived charisma.
But the first step is building self-awareness. Here are a few classic rapport-breaking behaviours to watch out for:
Simply by enhancing your awareness of your behavioural quirks, you can start to become more purposeful and credible in how you project yourself.
MAKING NEW CONNECTIONS
As entrepreneurs often have to network, pitch ideas and proposals as part of their work, they are invariably meeting new people all the time. Often this involves attempting to forge effective relationships in a minimal amount of time.
The way in which you imagine situations beforehand can have a bearing upon your charisma levels on the day. If you have convinced yourself that a meeting will be uncomfortable this will be unconsciously reflected in your body language, meaning that others are less likely to be drawn to you
Instead, approach networking events or meetings with the primary aim of learning more about others and putting them at ease, this should have a profound, positive effect on the overall outcome of such encounters. At first glance, this approach might seem counter-intuitive. However, by actively listening to the other person, not only do you undermine the immediate pressure on yourself to perform but you also create a deeper bond.
Charismatic people often purposely touch a person on the shoulder or arm while they are making specific points. This helps them to control the conversation and make the other person feel at ease. This of course must be done with caution. Some people will not want to be touched, so use your discretion and adjust your approach accordingly.
As cliched as it might sound, handshakes, initial eye contact and an open body stance represent immediate ways of showing authority, warmth and overall trustworthiness. You can galvanise these initial impressions in a number of ways above and beyond the content of a pitch or discussion. This includes demonstrating:
All of these suggestions can be put into practice very quickly. However, it is important to progress slowly and relative to your individual circumstances, allowing you to rehearse and refine your charisma in small increments. This will mean that the process not only becomes far less daunting but also naturally becomes a fully integrated part of your everyday behaviour.
What do entrepreneurs Oprah Winfrey, Richard Branson and Elon Musk have in common? Apart from their huge net worth, they are all highly charismatic. But what exactly is charisma?
The charismatic can infect others with their own enthusiasm. They convince us, not only of their own self-belief, but make us feel more confident in ourselves too. As an entrepreneur, charisma is a winning formula for your personal brand. If you exude self-belief, angel investors, prospective clients and the press will see your potential and be more inclined to invest in your story.
Perhaps because it is hard to describe, there is a popular misconception that charisma is an innate quality. In fact, a lead researcher in charisma, Richard Wiseman, estimated that it is 50% innate and 50% learned. This would mean that just about anyone can bolster their charisma to help achieve their professional – and personal – goals.
Charisma is a set of behaviours that each of us can integrate into our personality. We may already embody some of its qualities, such as presence, warmth or gravitas. Tweaks to body language, the way you speak or how you listen, if practiced regularly, can soon become habitual and greatly improve your perceived charisma.
But the first step is building self-awareness. Here are a few classic rapport-breaking behaviours to watch out for:
- Breaking eye contact to soon – may denote untrustworthiness, nervousness or disinterest.
Nodding too much – repeated nodding dilutes the impact of the message and generally implies nervousness or inauthenticity. If you agree with what is being said, nod once and then remain still.
Crossing your arms – can appear defensive.
Fidgeting – may imply nervousness or impatience.
Failing to smile – this can make people feel uncomfortable and question your enthusiasm. Go for a genuine smile (especially when first meeting someone).
Stepping back when you’re asking for a decision – implies fear or uncertainty.
Checking your phone or watch – suggests impatience or disinterest.
Simply by enhancing your awareness of your behavioural quirks, you can start to become more purposeful and credible in how you project yourself.
MAKING NEW CONNECTIONS
As entrepreneurs often have to network, pitch ideas and proposals as part of their work, they are invariably meeting new people all the time. Often this involves attempting to forge effective relationships in a minimal amount of time.
The way in which you imagine situations beforehand can have a bearing upon your charisma levels on the day. If you have convinced yourself that a meeting will be uncomfortable this will be unconsciously reflected in your body language, meaning that others are less likely to be drawn to you
Instead, approach networking events or meetings with the primary aim of learning more about others and putting them at ease, this should have a profound, positive effect on the overall outcome of such encounters. At first glance, this approach might seem counter-intuitive. However, by actively listening to the other person, not only do you undermine the immediate pressure on yourself to perform but you also create a deeper bond.
Charismatic people often purposely touch a person on the shoulder or arm while they are making specific points. This helps them to control the conversation and make the other person feel at ease. This of course must be done with caution. Some people will not want to be touched, so use your discretion and adjust your approach accordingly.
As cliched as it might sound, handshakes, initial eye contact and an open body stance represent immediate ways of showing authority, warmth and overall trustworthiness. You can galvanise these initial impressions in a number of ways above and beyond the content of a pitch or discussion. This includes demonstrating:
- Authenticity – take a genuine interest in people, ask questions, listen to their needs and concerns. Remember their names and details about conversations.
Clarity – practice good enunciation, use pauses, metaphors, stories and anecdotes to create a visual component (in other words, make yourself easy to follow and understand).
Conviction – speak passionately and believe in what you say.
Humour – enjoy yourself during conversations, smile and where appropriate, be lighthearted.
All of these suggestions can be put into practice very quickly. However, it is important to progress slowly and relative to your individual circumstances, allowing you to rehearse and refine your charisma in small increments. This will mean that the process not only becomes far less daunting but also naturally becomes a fully integrated part of your everyday behaviour.
HEdpAY bridging the gap between traditional banking and the crypto markets.
Company website: https://www.hedpay.com
https://www.investorlegends.com/forum/topic/hedpay-the-future-banking-solution
Company website: https://www.hedpay.com
https://www.investorlegends.com/forum/topic/hedpay-the-future-banking-solution
Company name: Fracture Labs
Website: https://www.decimated.net
Industry: computer games, online games, blockchain
Stage: MVP/prototype
Type of investment, proposed share for investors: 7.5% equity for each €500,000, up to €2,000,000 for 30%
Revenue streams: cryptocurrency exchange token sales & in-game microtransactions (€2 monthly revenue per user)
target of 12% growth in number of players per month
Profit and Loss Forecasts (EBITDA):
Year Year 1 Year 2 Year 3 Year 4 Year 5
Revenue € 75K € 4,5M € 10M € 17,6M € 47M
Expenses € 68,5K € 2,5M € 4M € 6,8M € 17M
Profit € 6,5K € 2M € 6M € 10,8M € 30M
For more information, including links to recent interviews and articles, please visit https://www.decimated.net
https://www.investorlegends.com/forum/topic/fracture-labs-decimated-a-multiplayer-online-game-with-a-play-to-earn-business-model
Website: https://www.decimated.net
Industry: computer games, online games, blockchain
Stage: MVP/prototype
Type of investment, proposed share for investors: 7.5% equity for each €500,000, up to €2,000,000 for 30%
Revenue streams: cryptocurrency exchange token sales & in-game microtransactions (€2 monthly revenue per user)
target of 12% growth in number of players per month
Profit and Loss Forecasts (EBITDA):
Year Year 1 Year 2 Year 3 Year 4 Year 5
Revenue € 75K € 4,5M € 10M € 17,6M € 47M
Expenses € 68,5K € 2,5M € 4M € 6,8M € 17M
Profit € 6,5K € 2M € 6M € 10,8M € 30M
For more information, including links to recent interviews and articles, please visit https://www.decimated.net
https://www.investorlegends.com/forum/topic/fracture-labs-decimated-a-multiplayer-online-game-with-a-play-to-earn-business-model
There are signs that American investors are more prepared than ever to back overseas businesses, which could be to the advantage of UK firms
The road to investment can be an arduous one for entrepreneurs. Many recall tales of countless rejections, wild goose chases and tortuous grillings at the hands of venture capitalists (VCs). Some businesses seek more sympathetic ears by heading to the United States to meet investors there. There’s some sense to this; pockets tend to be deeper and some feel US investors are more entrepreneurial and ambitious than “stuffy English VCs”. There are also increasing signs that American investors are more prepared than ever to back overseas businesses. However, before UK entrepreneurs head across the Atlantic they should ensure they are prepared for the challenges that US money markets pose.
POST CRASH
For US fund managers the pain of 2008 is still fresh in their minds. Many saw portfolios wiped out and will be keen not to make the same mistakes again. Alexander von Welczek, a managing partner at Clean Power Capital, which finds businesses for US venture capitalists (VCs), says investor behaviour has altered post-financial crash. He says investors that backed businesses in their earlier stages never got the chance to in later rounds and may now be wary of long-term projects. “Most of the investors got blown out and never got the chance to re-invest again in businesses. So now nobody wants to invest in a bridge to nowhere. They don’t want to invest $2m in a business to make a demo product, they want to invest in a business all the way,” he says.
The pain of the financial crash has meant that US investors are rethinking their strategies and this could be to the advantage of UK businesses. Dr Mike Pitts, lead specialist at government agency Innovate UK, which works with British technology businesses and funds trade missions abroad, such as the Cool and Clean Mission to the US. He says there’s a lot of interest in UK entrepreneurs as US angels and VCs widen their nets. “I’ve been struck by how much US investors have expressed an interested in UK and European businesses. They are now trying to improve the resilience of their portfolios and see the potential to do this by moving outside of their region.”
GETTING READY
Business owners should be aware that US investors are typically looking for very similar things to UK backers: a strong management team, scalable proposition, large addressable market, a solution to a problem, and a personal rapport with an entrepreneur they can believe in. Businesses need to have spent time honing their pitches, learning their numbers and, of course, must have decided how much money they need. However, this final figure can be a problem as often British entrepreneurs don’t always display the required ambition for US backing. “British companies tend to be a little more humble in their approach and in the funds they are seeking. This is understandable because outside of America the capital markets for growth funding are small,” says von Welczek. “To be successful, for the most part, they need to be asking for more money; a lot of these funds only make so many investments.”
Alex Tew came to global attention when he launched the Million Dollar Homepage, bringing in investors from across the world. Following its success he headed to San Francisco and is now the founder and CEO of meditation site Calm.com. So far, the business has raised $1m dollars from angel investors. “US Investors want you to have a bigger vision. They all hope they are investing in a billion dollar company. Having ambition is important, there are a lot more billion dollar companies in the US. In the UK it’s a bit different, as there are less examples,” he says.
INTRODUCTIONS
Cold calling investors is probably not advised. They are too busy and tend to rely on their networks to filter out the better ideas. But the US business eco-system is very inter-connected and for many businesses, their professional advisors, assuming they have offices in the US are a good route in.
Marc Gottschalk is a partner at Sidley Austin LLP based in Silicon Valley and also sits on the board of the Cleantech Open accelerator programme. He says the legal aspect of his work is just part of the services which law firms offer entrepreneurs. “In Silicon Valley lawyers are part of the eco-system and provide connections between businesses, investors and partners. They don’t just do paperwork, they have to bring something else to the equation, and helping businesses make connections is really part and parcel of what they do.”
For businesses seeking angel investment life got easier recently with the growth of AngelList. Founded in 2010, and now in partnership with CrunchBase, the site brings accredited investors together with start-ups. Alex Tew used the site with great success when raising money $1m through two rounds for Calm.com. “AngelList was a big help. I set up a profile and investors asked for introductions. It’s an amazing platform, I’d recommend it to anyone looking for investment in the US. We got about 30 introductions from it.”
CASE STUDY: HUDDLE
Andy McLoughlin co-founded collaborative software business Huddle with Alastair Mitchell in 2006. The business first took institutional investment from UK-based Eden Ventures in 2007, but later turned to US venture capitalists for a further three investments totalling $85.2m. McLoughlin moved to San Francisco in order to seal the deal.
“We felt that we had the potential to be an international business so we went to the US and did a deal with Matrix Partners. They said it was certainly preferential for them that one of the founders was on the ground in the US. “There’s nothing wrong with UK VC scene but we found that US investors move faster, provide better terms, are more ambitious and want to get things moving.
“You have to dance the dance with investors and hopefully end up in a place which is good for everyone. VCs are keen to suggest that you are getting access to their network and experience. That’s certainly true but there can be a bit of a play in that. For any entrepreneur raising finance its good to spend time getting to know the landscape and the names. There are good and bad firms, and good and bad in those firms.
“You don’t have to accept the first term sheet, we always pushed back. We would also play one against the other, you don’t have to accept the first deal. Alastair and I always went as a pair and you feel stronger than going in by yourself.”
https://www.investorlegends.com/blog/how-to-secure-funding-from-us-investors
The road to investment can be an arduous one for entrepreneurs. Many recall tales of countless rejections, wild goose chases and tortuous grillings at the hands of venture capitalists (VCs). Some businesses seek more sympathetic ears by heading to the United States to meet investors there. There’s some sense to this; pockets tend to be deeper and some feel US investors are more entrepreneurial and ambitious than “stuffy English VCs”. There are also increasing signs that American investors are more prepared than ever to back overseas businesses. However, before UK entrepreneurs head across the Atlantic they should ensure they are prepared for the challenges that US money markets pose.
POST CRASH
For US fund managers the pain of 2008 is still fresh in their minds. Many saw portfolios wiped out and will be keen not to make the same mistakes again. Alexander von Welczek, a managing partner at Clean Power Capital, which finds businesses for US venture capitalists (VCs), says investor behaviour has altered post-financial crash. He says investors that backed businesses in their earlier stages never got the chance to in later rounds and may now be wary of long-term projects. “Most of the investors got blown out and never got the chance to re-invest again in businesses. So now nobody wants to invest in a bridge to nowhere. They don’t want to invest $2m in a business to make a demo product, they want to invest in a business all the way,” he says.
The pain of the financial crash has meant that US investors are rethinking their strategies and this could be to the advantage of UK businesses. Dr Mike Pitts, lead specialist at government agency Innovate UK, which works with British technology businesses and funds trade missions abroad, such as the Cool and Clean Mission to the US. He says there’s a lot of interest in UK entrepreneurs as US angels and VCs widen their nets. “I’ve been struck by how much US investors have expressed an interested in UK and European businesses. They are now trying to improve the resilience of their portfolios and see the potential to do this by moving outside of their region.”
GETTING READY
Business owners should be aware that US investors are typically looking for very similar things to UK backers: a strong management team, scalable proposition, large addressable market, a solution to a problem, and a personal rapport with an entrepreneur they can believe in. Businesses need to have spent time honing their pitches, learning their numbers and, of course, must have decided how much money they need. However, this final figure can be a problem as often British entrepreneurs don’t always display the required ambition for US backing. “British companies tend to be a little more humble in their approach and in the funds they are seeking. This is understandable because outside of America the capital markets for growth funding are small,” says von Welczek. “To be successful, for the most part, they need to be asking for more money; a lot of these funds only make so many investments.”
Alex Tew came to global attention when he launched the Million Dollar Homepage, bringing in investors from across the world. Following its success he headed to San Francisco and is now the founder and CEO of meditation site Calm.com. So far, the business has raised $1m dollars from angel investors. “US Investors want you to have a bigger vision. They all hope they are investing in a billion dollar company. Having ambition is important, there are a lot more billion dollar companies in the US. In the UK it’s a bit different, as there are less examples,” he says.
INTRODUCTIONS
Cold calling investors is probably not advised. They are too busy and tend to rely on their networks to filter out the better ideas. But the US business eco-system is very inter-connected and for many businesses, their professional advisors, assuming they have offices in the US are a good route in.
Marc Gottschalk is a partner at Sidley Austin LLP based in Silicon Valley and also sits on the board of the Cleantech Open accelerator programme. He says the legal aspect of his work is just part of the services which law firms offer entrepreneurs. “In Silicon Valley lawyers are part of the eco-system and provide connections between businesses, investors and partners. They don’t just do paperwork, they have to bring something else to the equation, and helping businesses make connections is really part and parcel of what they do.”
For businesses seeking angel investment life got easier recently with the growth of AngelList. Founded in 2010, and now in partnership with CrunchBase, the site brings accredited investors together with start-ups. Alex Tew used the site with great success when raising money $1m through two rounds for Calm.com. “AngelList was a big help. I set up a profile and investors asked for introductions. It’s an amazing platform, I’d recommend it to anyone looking for investment in the US. We got about 30 introductions from it.”
CASE STUDY: HUDDLE
Andy McLoughlin co-founded collaborative software business Huddle with Alastair Mitchell in 2006. The business first took institutional investment from UK-based Eden Ventures in 2007, but later turned to US venture capitalists for a further three investments totalling $85.2m. McLoughlin moved to San Francisco in order to seal the deal.
“We felt that we had the potential to be an international business so we went to the US and did a deal with Matrix Partners. They said it was certainly preferential for them that one of the founders was on the ground in the US. “There’s nothing wrong with UK VC scene but we found that US investors move faster, provide better terms, are more ambitious and want to get things moving.
“You have to dance the dance with investors and hopefully end up in a place which is good for everyone. VCs are keen to suggest that you are getting access to their network and experience. That’s certainly true but there can be a bit of a play in that. For any entrepreneur raising finance its good to spend time getting to know the landscape and the names. There are good and bad firms, and good and bad in those firms.
“You don’t have to accept the first term sheet, we always pushed back. We would also play one against the other, you don’t have to accept the first deal. Alastair and I always went as a pair and you feel stronger than going in by yourself.”
https://www.investorlegends.com/blog/how-to-secure-funding-from-us-investors
Colibra is a new type of insurance company that aims to democratize & decentralize the insurance industry. We are building a crowdsourced platform on the blockchain for handling insurance claims in a way that eliminates conflict of interest between insurer & client. Starting with travel insurance, Colibra wants to restore trust in the industry by making it fair, transparent and user-friendly.
You can check our website - http://www.colibra.io for more information.
https://www.investorlegends.com/forum/topic/%E2%97%8F-colibra-insurance-made-easy-fair-%E2%97%8F
You can check our website - http://www.colibra.io for more information.
https://www.investorlegends.com/forum/topic/%E2%97%8F-colibra-insurance-made-easy-fair-%E2%97%8F
Fundseeker's presentation: Opu Labs - Bringing Trust to the $120 billion Skincare Industry - Equity/Token Offering
Company Name: Opu Labs, Inc. (US Delaware C Corporation)
Offering Website: https://www.manhattanstreetcapital.com/opu-labs-equity-offering
Industry: Healthcare Information Technology
Stage: R&D Complete, Platform 75% finished, Launching Revenue Generating Services Q4 2018
Type of investment, proposed share for investors: Common Stock Offering including an ERC-20 Token Bonus, 20% Ownership
Amount of Capital Raise: US$2.5M
https://www.investorlegends.com/forum/topic/opu-labs-bringing-trust-to-the-120-billion-skincare-industry-equity-token-offering
Company Name: Opu Labs, Inc. (US Delaware C Corporation)
Offering Website: https://www.manhattanstreetcapital.com/opu-labs-equity-offering
Industry: Healthcare Information Technology
Stage: R&D Complete, Platform 75% finished, Launching Revenue Generating Services Q4 2018
Type of investment, proposed share for investors: Common Stock Offering including an ERC-20 Token Bonus, 20% Ownership
Amount of Capital Raise: US$2.5M
https://www.investorlegends.com/forum/topic/opu-labs-bringing-trust-to-the-120-billion-skincare-industry-equity-token-offering
Creditcoin (http://www.cointoken.io) is the decentralized affiliate and content marketing protocol allowing any 3rd party marketplace, retailer & publisher to leverage a token based system for affiliated smart product listings and content marketing campaigns on the network.
It's immediately leveraged as a utility on Flatlay (http://www.theflatlay.com), a social marketplace Dapp and publishing platform allowing any content creator to build a digital storefront in seconds. Flatlay's middleware amplifies campaigns on 3rd party premium publishers such as CondeNast, Hearst & Refinery29 working with +100k content creators and millions of products offered from Amazon, Shopify, Linkshare, WooCommerce, VigLink.
https://www.investorlegends.com/forum/topic/creditcoin
It's immediately leveraged as a utility on Flatlay (http://www.theflatlay.com), a social marketplace Dapp and publishing platform allowing any content creator to build a digital storefront in seconds. Flatlay's middleware amplifies campaigns on 3rd party premium publishers such as CondeNast, Hearst & Refinery29 working with +100k content creators and millions of products offered from Amazon, Shopify, Linkshare, WooCommerce, VigLink.
https://www.investorlegends.com/forum/topic/creditcoin
Website: https://www.smart-city.net/
Industry: Energy, IT, Environment
Stage (idea, ready business, pre-startup, etc): ready business
Type of investment, proposed share for investors: 1. A franchise, 2. Working - prototype 3.JV
Needed amount: 1. 500.000 EUR(initial stock) 2. 50.000 EUR (100 Smart houses) 3. 5.000.000 EUR (10.000 Smart Homes)
Description (if you have video or text presentations, you can also attach them to this description). Video of our ICO project https://youtu.be/yAWXmbA_Mrc
https://www.investorlegends.com/forum/topic/smart-city
Industry: Energy, IT, Environment
Stage (idea, ready business, pre-startup, etc): ready business
Type of investment, proposed share for investors: 1. A franchise, 2. Working - prototype 3.JV
Needed amount: 1. 500.000 EUR(initial stock) 2. 50.000 EUR (100 Smart houses) 3. 5.000.000 EUR (10.000 Smart Homes)
Description (if you have video or text presentations, you can also attach them to this description). Video of our ICO project https://youtu.be/yAWXmbA_Mrc
https://www.investorlegends.com/forum/topic/smart-city
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