{"id":32487,"date":"2019-03-05T13:10:27","date_gmt":"2019-03-05T18:10:27","guid":{"rendered":"https:\/\/www.wework.com\/creator\/creator\/?p=32487"},"modified":"2020-02-26T14:27:22","modified_gmt":"2020-02-26T19:27:22","slug":"the-simple-secret-to-securing-funding-for-your-startup","status":"publish","type":"post","link":"https:\/\/www.wework.com\/ideas\/professional-development\/management-leadership\/the-simple-secret-to-securing-funding-for-your-startup","title":{"rendered":"The simple secret to securing funding for your startup"},"content":{"rendered":"\n

The first- and second-prize winners of the Business Venture category at WeWork Creator\u2014the company\u2019s competition for mission-driven entrepreneurs and nonprofits\u2014in Seoul had good business plans, but that wasn\u2019t what separated them from the other three finalists competing for the regional semifinal <\/span>on February 28.<\/p>\n\n\n\n

\u201cThere were things that we thought were weaknesses of a company when we first saw their profile and pitch. But after listening to their answers to our questions, we changed our mind,\u201d says <\/span>Park Hee-eun, principal of venture-capital firm Altos Ventures<\/a>, one of four judges at the event<\/span>. \u201cThey made us think, \u2018Maybe we were wrong about them.\u2019\u201d<\/span><\/p>\n\n\n\n

Ultimately, the first prize of $360,000 (400 million won) went to Freshcode<\/a>, a salad-delivery company that lowers its environmental impact by delivering to designated locations where customers can retrieve their orders. The second prize of $180,000 (200 million won) went to Dot<\/a>, a producer of lightweight Braille smartwatches that aims to become \u201cApple for the blind.\u201d <\/span><\/p>\n\n\n\n

The pitch\u2014and crucially, the follow-up\u2014were key in securing their top spots. \u201cThe top one, two, and three I had in mind all changed after listening to their pitches and answers,\u201d says judge James Kim, chairman and CEO of the American Chamber of Commerce<\/a> in Korea.<\/span><\/p>\n\n\n\n

Pitches were judged on the potential for growth as a business; marketing potential and visual attractiveness; ideas for creating shared value; and the CEO\u2019s passion, confidence, and persuasion. But it was the Q&A session, where the finalists were asked on-the-spot questions about themselves and their products or services, that made the most impact. <\/span><\/p>\n\n\n\n

Judges probed at the weaknesses in Freshcode\u2019s philosophy and business model, asking questions: How do you plan to change the perception that salad is not a meal in Korea? How can you make it better for people who have to make a 30-minute roundtrip to get their order? and What do you think is a healthy life, and what can you do to provide that? <\/span><\/p>\n\n\n\n

But Yoo I-kyeong, co-founder of Freshcode\u2014which is a WeWork Labs member at Seoul\u2019s <\/span>WeWork Yeouido Station<\/span><\/a>\u2014<\/span>didn\u2019t flinch. \u201cI was happy to receive these questions because these were parts I couldn’t address due to time during the 60-second pitch,\u201d she says. \u201cThey were questions I\u2019d received from many people over the past three years.\u201d<\/span><\/p>\n\n\n\n

During the Q&A, Yoo displayed her knowledge of the market and how Freshcode has been experimenting with it. <\/span><\/p>\n\n\n\n

\u201cThe judges asked a lot of questions about the market size and potential to all of the finalists,\u201d she says. \u201cWhat differentiated us, I think, is that we actually had been running the service for three years whereas other companies were just finishing up making the product or just beginning to sell. For us, there was a lot to show.\u201d<\/span><\/p>\n\n\n\n

Dot received equally piercing questions. <\/span><\/p>\n\n\n\n

\u201cEvery single judge asked about the market being small. But I answered, \u2018It\u2019s small but a defined market.\u2019 I made it clear that we were the ones trying to devise a solution in this market,\u201d says Choi Ah-rum, Dot\u2019s marketing director. \u201cIt\u2019s small now, but it\u2019s going to change for future generations. I think the judges were convinced by this.\u201d<\/span><\/p>\n\n\n\n

Moreover, Choi was able to convince judges that the niche market gives Dot an edge. \u201cI told them because the market is small, the big-name companies like Apple and Samsung didn’t enter the market,\u201d she says.<\/span><\/p>\n\n\n\n

Choi says the judges\u2019 questions were the same ones Dot\u2019s team has considered for years.<\/span><\/p>\n\n\n\n

\u201cWe had asked ourselves [the same questions] many times. This is why we could resolve the judges\u2019 doubts,\u201d says Choi.<\/span><\/p>\n\n\n\n

After the pitch round, there was \u201ca lot of disagreement among the judges [in selecting the winners],” says Irene Kim, a model and entrepreneur who also judged the event. But in the end, the businesses that resolved the judges\u2019 doubts clinched the prize. <\/span><\/p>\n\n\n\n

The takeaway: How well you know your market\u2014and how well you can address your business\u2019’ weaknesses\u2014can make or break funding.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Why great follow-up answers to questions about your product and market are key<\/p>\n","protected":false},"author":1768,"featured_media":32491,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[43902,43909],"tags":[39218,39221],"class_list":["post-32487","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-professional-development","category-management-leadership","tag-small-businesses","tag-entrepreneurs"],"acf":[],"yoast_head":"\nThe simple secret to securing funding for your startup<\/title>\n<meta name=\"description\" content=\"Why great follow-up answers to questions about your product and market are key.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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