Business
Today's Question Today's question comes from Josh. I was recently contacted by an investor online and I am wondering which elements of my startup I should emphasize on the phone, as my previous investor pitches haven't amounted to anything. How can I spark excitement about my startup over the phone? Jake's Answer Investor meetings over the phone or by video conferencing are becoming more common so this is a great question. Let's break down Josh's question: 1) Which elements should I emphasize? Don't go into too much detail. Investors don't care about all of the features of your product. They care about scalability and its ability to acquire users. They also care about you as a founder and a founding team and your ability to grow the business. The final thing they care about is if you are addressing an actual problem in the market. 2) How can you stand out on the phone? How I talk on the podcast is not how I talk to people in real life. Same goes for when you are on the phone. You have to be overly excited and accentuate everything. If you go on YouTube and look for videos on how to start a YouTube channel, they will tell you that you have to go over the top to stand out. These tactics work for phone calls, too. It's something you have to practice. 3) How do you gauge an investor's excitement over the phone? It's difficult to do this because most investors don't overtly get excited about startup ideas. One of things we talk about often is how you negotiate with an investor. When you get off the phone with an investor you should come away with something. It's getting some kind of next step agreed to verbally before you hang up. It can even be a clear pass from them, but that's still better than letting them 'think about it'. "With investors, focus on where your startup is going, not necessarily where it is today. They are investing in what your company will become." Ask your own question Got questions about startups and/or startup culture? We’ve got answers. Head over to LaunchChat.io and record your own question to have it featured on the show. Join our mastermind for Startup Founders Join our free Facebook Group for founders working to build, launch, & scale together with the help of our startup experts at Launchpeer! Get more details and join the club at Launchpeer.club. Launch Recipes Book Our team is writing a book and it's nearly ready to ship. We profiled 40 of the biggest startups of the 21st Century and documenting how they scaled their businesses. If you want to claim your free book, visit LaunchRecipes.com. Stay in touch Ask your own question Follow Jake Twitter Check out Jake's articles Medium Jake's personal site Check out Launchpeer Follow Launchpeer on Twitter