Having worked with more than a thousand clients for over a decade, I’ve come to realize the BIG difference between those startups who make it, and those who don’t.
The creators’ skills definitely had something to do with it, of course. But one of the most vital things is WHO they have in mind from the development stages to the launching.
A memorable example here is when I met a talented creator who had this amazing product in the works, but was in a bit of a rush to meet with investors. So he had a meeting set, and asked me to accompany him. 10 minutes in the meeting, the investor went from excited to exhausted real fast, knowing that he’d be risking too much with what this creator was presenting.
WHAT WENT WRONG? It’s that he was talking from the INSIDE OUT, instead of the OUTSIDE IN. What’s the difference?
The INSIDE OUT Perspective:
The creator was only focused on the INSIDES of the product. He was talking too much about himself, his skills, his experience, the clever tech, codes, and databases he used. He was attached to the technicalities of his creation, that he didn’t get to explain who it was for.
*MENTOR’S TIP: What investors want to hear on the get-go is HOW IT WILL SELL.
And that’s where the OUTSIDE IN Perspective comes in:
One of my recent clients who got the investor’s deal on the spot prepared and presented all the right things. He explained who to sell the product to, why people should buy it, and where to sell it! Here’s a quick rundown on the 3 Points THAT GET INVESTORS INTERESTED:
1. The MARKET GAP - The Ideal Customer & The Unique Benefit
From the very beginning of product conceptualization, The Ideal Customer should be in mind, answering a current need that hasn’t been met yet. Focus on the Unique Benefit. Otherwise, what’s the use of your invention?
2. The POTENTIAL - Industries & Geographies
Which industries they can sell the product to, and how they can position their product to flexibly fit the needs of several industries and cultures. This shows the investor the strong potential of the product evolving.
3. The DEVELOPMENT - Marketing Initiatives & Tests
Besides giving investors an idea of how marketable the product is, they also want to see if you have the initiative to have a real audience that experienced your product before meeting with them. This shows them that you are continuously developing and upgrading.
Just remember, in order to be successful in just about anything, don’t just focus on yourself. Focus on how you can help others, too! I hope this gives you an idea of how to ace an investors meeting!