The group of participants was divided in two groups
One one side: the investors
One the other side: the entrepreneurs. (1 participant put her business idea forward and got support from her newly formed team)
1st part
The investors co-designed questions they wanted answers to, after hearing the pitch.
The entrepreneurs group
decided on one entrepreneur’s case-study to put forward. The designated
entrepreneur explained her idea and others asked questions to understand as
much as they could about the business.
2nd part
The entrepreneurs pitched.
Investors asked questions.
Entrepreneurs provided answers and suggestions to support the “founder”.
Key learning from the participants:
Put yourself in the shoes of a potential social investor is insightful.
Investors will have to understand someone’s business to be able to help them as much as you can
You need to articulate what
your business is about in a limited amount of time, show passion, but
also discipline and enough evidence, numbers, details to be able to give
a realistic picture of what your business is about.
Go from Vision and Purpose (Why), Principles (How), to Products (What)
Look at answering
questions when, for instance, you are just starting up and haven’t got
traction yet. Think strategically: how can your team help you provide this traction, how can you insert existing research and evidence into your business case?
To demonstrate potential impact as a start up: you can use co-founders track record, use
academic research, use other businesses track record as evidence, and
how valid it would be to duplicate a business in a new market..
Further thoughts…
Vision without evidence is not enough
Passion without discipline is not enough
You need
to bring the business case, (find a niche and simply what you want to
deliver specifically instead of willing to change the world… tomorrow!!)
Having critical friends is so useful
Articulating your ideas out loud helps shape your pitch
Your business is not who you are and you are not the sum of your business. But who is who?
The exercise helped me get new perspectives and new ideas.
The exercise helped me think about the way i need to show results.
We realised we
needed to put ourselves in front of the right investors. Not all
investors are relevant, and our products wouldn’t be all relevant to
what they want to support or invest money in..
So… knowing how to "recruit” your angel, or your investor, is necessary, as it is a two-way process.
Angels will ask: “What do you want? Just money? Or relationships, expertise, access to networks, access to market?” Be ready to answer this.
Investors can get
excited by your passion too. They have feelings and emotions that help
them make a judgment beyond just a track record, order sheets or
promises of sales. Useful to remember!
