Attending local entrepreneurship events was effective for a startup company to network with influential individuals. The anonymous California business was able to schedule meetings with 35 investors in 60 days that raised $75,000.
When the two company founders were asked what kept them going, they really weren’t sure. Sometimes they expected that there would be no one worth meeting at an event. But they showed up anyway with smiles on their faces. The chance meeting with just one important contact was all it took for them to begin believing more securely in themselves. They cite that confidence as what increased their ability to obtain angel investors.
Going to as many events as possible increased their chances at eventually raising capital. But they also learned to come armed with the right tools. The entrepreneurs invested in an iPad in order to easily present their company’s product. This permitted them to obtain feedback from other professionals and eventually local the right investors.
In fact, they invested in two iPads—one for each of the founders, who made a point of not sticking together at the events. They worked the room separately. This led to meeting more people.
When they connected with someone interested in their firm, they obtained contact information. Follow up email was always sent to every person who expressed interest. The communications were direct enough to mention that the company was raising money and asked for a reply for those who might want to help. Eventually, casual meetings over coffee were arranged.
The company’s founders admit to having little success in the first couple of years at obtaining funding from their presentations to investors. Eventually, however, they bootstrapped their operation to the point of attracting a significant amount of angel investment.
What are the reasons they give for this sudden advancement? They note that they are involved in a growth industry. In addition, after the first couple of years of years, the company had a completed product. Initially, they only had an idea to pitch. They now stand out by having a finished product that has generated at least a little revenue. This has validated to investors that there is a market for their product.
So, after plenty of persistence, the entrepreneurs are on their way with a company having the support of angel investors.