In raising funding, it’s important to show progress with customers.

In each interaction with an investor, bring up new information about a customer.

Investors care less about how the product works and more about how the customer is engaging with the product.

In each update, show new information about the customer interaction.

Here’s a list of customer updates to consider:

A list of care abouts from the customer for a solution.

A product specification.

The customer’s test results of the startup’s product.

The startup’s pitch to the customer to buy the product.

The price negotiation for buying the product.

The customer’s buy rate and retention rate.

The customer’s comparison of the startup’s product with a competitor’s product.

Additional features the customer wants from the product.

How the product fits into the customer’s workflow.

Investors want to know how well the product works for the customer to understand product-market fit. 

Always have a customer update when talking to an investor.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.
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Thank you for joining your host Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.
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Disclaimer:
Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.