A service or an item. It can be physical or in virtual or cyber form. Every product is is made at a cost and each is sold at a price.
“So don't worry about your product being perfect.” Sarah Dusek
As a founder, you are likely to fall in hopelessly in love with what you have created as a solution. This is a good thing. What is even better is when you are able to demonstrate to investors that the solution you have on offer is something that will delight your customers. Investors are thrilled when you are able to show them that you have developed early and basic versions of your product that have allowed for you to collect critical feedback that helps you improve your product.
Sarah Dusek is the co-founder of Enygma Ventures. Sarah has built valuable businesses and is now an investor - it would be a very good idea to listen to her carefully. She provides clarity and sage advice on how founders should prioritise their product when it comes to looking for funding. What she says may just surprise you - and bring some relief.
Here are the questions we asked Sarah:
When we say product, what do we mean?
When we are pitching for funding, when do we bring in product?
What is meant when an investor asks about a prototype?
What results from my tests does an investor want to see?
What is the most helpful way to show that my product can help grow my business?
What are the key figures that I need to have at my fingertips when talking about my product to investors?
When is it a good time to talk about additional or new products?
How do I describe our team’s ability to design our product to an investor?
Watch the episode here:
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About Let’s Get Funded
Branson Centre has partnered with the UK SA Tech Hub, an initiative of the UK Government, to create our on-demand series ‘Let’s Get Funded’, for founders looking to get funded. We connected with South Africa's most experienced and inspiring female finance professionals to discuss investor readiness. Let's Get Funded challenges traditional financial and investment content norms with a conversational 9-part series of on-demand content.
In partnership with:
Crafting a Convincing Pitch
The Crucial Role of Product in Attracting Early-Stage Investment
Effective storytelling plays a pivotal role in capturing the attention of investors. Therefore, it is vital to address the following questions during your pitch and conversations with potential investors. Equally important is to substantiate these aspects through compelling evidence of your product.
By addressing these key areas and supporting them with compelling evidence, you will significantly enhance your pitch and attract potential investors.