In the initial phase of launching a startup, it is important to keep in mind three fundamental aspects that affect investors:
They decide whether or not to invest in the first 10 minutes of the first meeting;
They fund less than 5% of startups;
Only 1% of funded startups will be successful.
We asked Albert Sheeler- the CEO of SINSA Cosmetics SAS, an upcoming skincare brand in the Latin American market- 5 tips on how to relate to an investor when meeting them for the first time:
3 is the Perfect Number
Investors are more likely to invest in a startup made up of a team of three founders in order to reach consensus quickly, distribute the workload, and avoid going through multiple opinions and decisions. Being able to work as a team, delegate and share success is key.
Be Resilient
Resilience is nothing but the ability to adapt to changes and cope with difficulties in a positive way. Retaining the trait of resilience is not an easy task for investors. In fact, in order to make an investment, they want to be sure that you have this trait and are able to adapt to changing environments, maintaining tenacity over time and circumstances. That’s why, in the first few minutes of the conversation, the investor will usually ask for an introduction to you, complete with your personal and professional history. This is the crucial time to show the investor what you’re made of.
Create long-term relationships
As a founder, it’s important that you get to know the co-founder of your company or startup well so that you can establish a stable and lasting relationship. This will demonstrate your ability to create a strong team and solid working relationships.
Show confidence and enthusiasm
Consider your potential investor as your biggest customer. Enthusiasm and confidence will show the investor that you are able to convey valuable energy regarding the sales stage and, at the same time, passion for your product.
Show respect to your Co-Founders
It’s critical to show the investor the harmony and complementarity that characterizes your team.
Each of the founders should be given the opportunity to present their area of expertise, with no interruptions from either founder.
Remember: this first meeting is critical both to assess whether the investor is someone you want to work with long-term, and to show enthusiasm for your startup.
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