Last month and this month, Techblade has covered 2 significant events in the Philippine Startup scene. The first was the HealthHacks Hackathon at Microsoft and the 2nd was the Manila Startup Weekend at the De La Salle University in Manila.
The passion for startups has never been hotter than this year. Those 2 significant startup events are proof that the efforts for technology driven startups has caught on and that big strides have been made in the Philippine startup system.
Along with the bright ideas, technical proficiency and flashy presentations there are also the quiet and unassuming Venture Capitalists (VC) in every event that features Startups.
For every startup founder, it is a given that their ideas will not be enough. There is a process that goes beyond the initial idea and technical expertise. Every startup will need funds to get it off the ground and also more funds for initial capital expenses and operational expenses until such time that the startup achieve traction and critical mass in its target market so as to create viability.
Here are 5 tips so as to rie above the rest in enticing and piquing the interest of VCs.
1. Find a problem that only you can solve.
Find a problem, present a solution that only you can give at that given time and make sure that it is scalable so as to be financially viable. Make sure that the early lead made will be but a springboard to greater participation in the market.
2. The Forest and not only the trees
Macro scale understanding of the market derived from macro-scale analysis and studies with regards to the solution the startup intends to get engaged is a must when making the pitch. Make the potential VC fall in love with the idea based on sound macro fundamentals.
3. Create a startup that is based on the future
VCs always look towards the future in their investments. They need not use their resources that will earn for 2 – 3 years only. Create a startup that will be viable and open to scalability from 5 years onwards.
4. Target VCs that share a geographical commonality
A region-centric approach in enticing VCs makes more sense since a certain uniqueness due to location of both the startup and the VCs can be a synthesis of bigger things to come. Also, common economic, cultural and social understanding for the need for solutions will be a plus.
5. A balanced Startup team
As what was experienced in the recent startup activities and events, not everybody in the team needs to be Techie. There are a lot of dimensions in business that needs non-tech members who have expertise in other fields such as finance management, marketing, promotion and even plain old perseverance in manual based business operations.
This will attract the attention of VCs with regards to total management of the startup and its ability to sustain its operations and viability.
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