Becca Brighty of We Love Work tells us about her experience of pitching to a panel of investors, at Entrepreneurs of the North - a special event organised by the Innovation SuperNetwork.
How would you describe your business?
A tool to help recruiters match candidate values to company culture to reduce the problem of staff turnover due to poor cultural fit.
What stage of development are you at?
We've been working on this for a year, and we are pre-revenue.
What level of funding are you seeking and what would this enable you to achieve?
£150,000 to help us develop an API (application programming interface) and for sales and marketing.
How essential is this funding to your future growth?
The enterprise clients we have been speaking to want to work with us as long as we can integrate with their current systems, which is why the API is so important. We need money for sales and marketing to reach more clients.
Have you had experience of raising finance in the past and if so, how was this?
How did you prepare for the event?
We met lots of investors at VentureFest North East and received lots of useful advice. I took part in a pitch challenge led by TEDCO at FinanceCamp called Pitch Black, which was fun and scary in equal measures! I also had a chance to work on my presentation skills with expert Dan Bond and this was amazing! It really helped with defining our pitch and building confidence.
How did you feel before meeting the investors?
Excited about the opportunity to speak to investors who already know what my business was about. I really enjoyed it. It was nerve-wracking doing the pitch but great talking to the investors.
Did you make promising connections?
Yes, there were a few people who I have arranged to speak to again.
Did anything surprise you about the experience of pitching to a roomful of London investors?
There are no-where near as many VCs or angels in the north. I was a lot more nervous than I thought I would be. I have pitched a few times in the North East, but the fact that we had been taken to London because we were “great companies” added an extra bit of pressure.
Were there any similarities/differences between pitching to London and local investors?
It was quite similar to pitching to investors in the north. You know that all investors, regardless of where they are from are looking for the same thing.
Having gone through this experience, what words of advice would you give to anyone preparing to pitch for investment?
I would tell them to practice, practice, practice and then practice again. Also, if you can, get some professional pitch training. Having the pitch training really helped me refine my pitch and gave me confidence that I was doing it right.
Would this opportunity help your business? Register for the 2017 FinanceCamp now.