Twice weekly The Collider hosts skills-based workshops delivered by world-class business, start-up, and climate science experts, and each week we bring you the highlights.
Porter Bayne, founder and CEO of Antenna and other digital media startups, delivered an insightful presentation covering the fundraising mindset: what it is and how it works. As a serial entrepreneur, Bayne is no stranger to seeking investments. That personal experience translates into key lessons for those new to pitching investors.
- Investors are not only angel groups. A friend or a family member can be an investor, venture capitalists, or even customers through crowdfunding. The idea is to produce capita while reducing own risk and obtaining outside advice and network.
- Target 30-50 investors. Get 10. Finding investors is not an easy task. Making connections and constantly reaching out to people is essential. Bayne emphasized that when you get your first investor, others will come more easily. It’s all about making it over that first barrier.
- Know your terminology. You’d be surprised by how many people go into the process of seeking investment without having deep knowledge on what it is all about. That doesn’t go over well. Educate yourself and potential investors will take you more seriously.
Porter Bayne is a serial entrepreneur and Founder and CEO of Antenna, a digital feedback tool that captures audience perspective to increase conversion, drive better traffic, and build loyalty.
How Angel Investors Evaluate Deals
Collider CEO Josh Dorfman covered what runs through the minds of investors and what that means for those seeking investment. As Co-Founder and former Managing Director of Asheville Angels, Dorfman was essential in expanding the Asheville area investor pool, and in his presentation he emphasized the most important factors investors consider before writing that check.
- Investors want to fund teams, not individuals. A team provides more reliability, which investors are looking for. Someone has to be able to make the product, and someone has to be able to sell it. That means at least 2 people.
- Progress to date, or traction, is more important than you think. It helps potential investors understand how much you can do with limited funds, how well you utilize resources and opportunities, and how committed you are to your project.
- Show credibility upfront. That first email or call you send is going to be evaluated. Demonstrate confidence and know what you’re talking about. First impressions are everything.
Josh Dorfman is CEO of The Collider and an environmental entrepreneur dedicated to scaling mission-driven companies and organizations. He is also the answer to the Trivial Pursuit question Who wrote the Lazy Environmentalist?