{"id":19926,"date":"2016-03-06T20:29:55","date_gmt":"2016-03-07T01:29:55","guid":{"rendered":"https:\/\/www.wework.com\/creator\/?p=19926"},"modified":"2020-03-30T19:26:48","modified_gmt":"2020-03-30T23:26:48","slug":"3-investors-give-their-best-advice-for-startups","status":"publish","type":"post","link":"https:\/\/www.wework.com\/ideas\/professional-development\/3-investors-give-their-best-advice-for-startups","title":{"rendered":"Three investors share their best advice for startups"},"content":{"rendered":"

When you\u2019re a startup approaching investors for the first time, what\u2019s the best way to score big? Depends on how you define the term \u201cscore big.\u201d New York City venture capitalist Mark Hass says money isn\u2019t everything.<\/p>\n

\u201cIt\u2019s about scoring big with the right<\/em> partners,\u201d says Hass, founding partner at Peconic First, a private equity firm that invests in early stage marketing and media companies. \u201cThe game of venture investments is not about raising money. It\u2019s about building good strategic relationships with investors who will help your business grow.\u201d<\/p>\n

Here are some other tips from Haas and two other investors about what founders should think about when they sit across the table from the people who hold the purse strings.<\/p>\n

Know all about the\u00a0funders<\/strong><\/p>\n

Before you walk into a meeting with your awesome idea and dream team, remember that every investor has personal interests. More than just racking up equity, most investors like the idea of having a vested interest in your company and helping you move up to the next level.<\/p>\n

\u201cWhen I look at potential investments, I\u2019m looking at my own background and my own interests,\u201d says Hass, a WeWork Fulton Center<\/a> member. \u201cEvery investor has a focus. I\u2019m interested in augmented reality, social platforms, data analytics and media, so I look for companies I believe I can directly help grow through my relationships and insight.\u201d<\/p>\n

Hass says nothing gets the attention of investors more than a well-defined business plan in a field they\u2019re highly passionate about.<\/p>\n

Have a great support network<\/strong><\/p>\n

As a startup, a simple way to convince investors that your business idea is worth the risk is to show that others have already invested in you. Talk about the support you\u2019ve garnered from mentors, colleagues, and customers. Funders look for that vote of confidence.<\/p>\n

Sometimes, your biggest assets are people you\u2019ve met through incubators and accelerators. If you\u2019ve made important connections through startup programs, mention who these people are and how they\u2019ve supported you.<\/p>\n

\u201cA lot of investors I\u2019ve heard get comfort from startups coming out of incubators and accelerators,\u201d says Andrew Wooley of ARC Capital<\/a>. \u201cBecause they\u2019ve done due diligence, it would give me a lot more confidence to want to invest.\u201d<\/p>\n

The WeWork Meatpacking<\/a> member says that a problem for many early-stage companies is that they don\u2019t have much of a track record.<\/p>\n

\u201cBut if they perhaps come out of incubators or accelerators,\u201d he says, \u201cchances are they\u2019ll have good mentors around them and people with experience in their space.\u201d<\/p>\n

Be prepared\u00a0to ditch your script<\/strong><\/p>\n

As much as you\u2019ve got a compelling story to tell, make sure you learn how to take questions on the fly. Practice in front of family, friends, and friends of friends. The more you anticipate questions investors might ask, the quicker you\u2019ll be on your feet.<\/p>\n

John Lanahan, senior associate at LaunchCapital<\/a>, says more than a rehearsed sales pitch, it\u2019s important for founders to have authentic conversations with the investors.<\/p>\n

\u201cI like entrepreneurs who are able to tell their story versus rely on a pitch deck,\u201d says Lanahan, a WeWork Times Square<\/a> member. \u201cSometimes when an entrepreneur comes in and I interrupt their slides, it throws them off track. But I like it when they\u2019re able to then have a high-level conversation, get on a whiteboard and draw something up on the spot.\u201d<\/p>\n

Photo:\u00a0Katelyn Perry<\/a><\/p>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

When you\u2019re a startup approaching investors for the first time, what\u2019s the best way to score big? Depends on how you define the term \u201cscore big.\u201d New York City venture capitalist Mark Hass says money isn\u2019t everything. \u201cIt\u2019s about scoring big with the right partners,\u201d says Hass, founding partner at Peconic First, a private equity […]<\/p>\n","protected":false},"author":917,"featured_media":20762,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[43902],"tags":[],"class_list":["post-19926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-professional-development"],"acf":[],"yoast_head":"\nThree investors share their best advice for startups<\/title>\n<meta name=\"description\" content=\"Investors looking for promising startups to fund give us tips on what every founder should know.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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