You have the perfect business idea, but where do you get the money to make it happen? What options are available for those of us who don’t have Mark Cuban on speed dial? Matt McKee is an expert in this area, having secured millions of dollars in funding for multiple projects and startups. Today, he’s sharing his advice with us.
Welcome to episode 68 of The Executive Minds Podcast.
You’re Invited to Elevator Pitch LIVE
Great ideas don t sell themselves. But a great idea combined with great communication generates momentum. Join us at Elevator Pitch LIVE to do just that on Friday, March 16th at Roam Perimeter Center.
Bad communication is often the graveyard of great ideas. Allow your idea to see the light of day and secure investors, customers and supporters by learning to communicate your idea quickly and effectively.
Ideal for go-getters, startups, entrepreneurs and innovators, this interactive workshop will guide you through proven methods to shape, hone and sharpen your message and polish your delivery. Imagine how a stronger, clearer message could positively impact your next presentation, sales call or team meeting.
Featuring Executive Minds’s Jeff Henderson, Shane Benson, David Farmer and Kevin Jennings. Register now.
Can’t make it to the event? Join the waitlist for Elevator Pitch the course and get instant access to a free personal brand assessment.
Links + Resources:
Parent Chat: The Technology Talk for Every Family by Matt McKee
The Personal MBA: Master the Art of Business by Josh Kaufman
1. You’re not the only person investors are meeting with.
Investors are typically looking at up to 100 different deals at a time. Usually they know what kinds of businesses, products and people they’re looking to invest in. The odds are, it’s not going to look like Shark Tank where you pitch to four people and get to decide which one to go with. You’ll be turned down, a lot. Don’t let it stop you from moving forward. With each pitch, you’ll get better and better. In fact…
2. Be prepared to pitch at least 50 times until you feel any traction.
Until you’ve pitched at least 50 times, you might not even know if there’s a market for your product or idea and if there are investors in that space. If you’ve got a great pitch, what will happen is that you’ll hear “I like what you’re doing, but this isn’t my space… go talk to XYZ.” After going through that around 50 times, you’ll start to get a feel for which investors you need to set up meetings with.
3. Vision is great, but a business plan is better.
You might have the ultimate problem to solve and a genius solution, but if you don’t have a solid business plan then investors won’t be interested. All investors are asking “If I give you this money, what are you going to give me back?” without a business plan, you can’t answer that question.