Entrepreneur of the Year 2018 Award winner Jo Osborne will be hosting the next 10 Digital Ladies event, on how to raise your first angel round, on April 11. Jo Osborne is CEO and Founder of EVRELAB, the company behind SkinNinja, a free app that enables people to discover more about their skincare, cosmetics and personal care products’ ingredients and what the science says about them.
That’s a loaded phrase. Throughout recent history, that was a man’s role. I haven’t looked at why this was deemed to be a ‘man’s job’ – were the doors too heavy or perceived to be too heavy for women? Were the tight, corseted dresses and huge ballooned skirts that women wore back then so oppressive that a woman couldn’t actually reach the door handle? I don’t know…
What I do know is that right now, today, opening doors, for women, is still a problem.
It’s just that now, we are not talking about the literal doors but the figurative ones – many of which seem wedged shut when it comes to female founders raising investment for their company.
I would argue that these figurative doors are just as heavy. No one benefits from this. The women seeking funding for their businesses do not benefit (from lack of capital). The investors don’t benefit (because statistically, female-led businesses perform better). The public doesn’t benefit (because products that ought to get to market to make lives better, don’t).
What can we do about it?
For starters, we stop going to events telling us that we are the problem – that it is our tone of language or the way we stand (I will not name names, but you know who you are if you’re reading this and have imposed this kind of thinking to others). Frankly. It’s bullshit.
Instead, we take practical and meaningful steps to get ourselves the meeting, to be heard and to close the deal – and be the change we want to see. In terms of the armoury you need to do that, it boils down to three key things:
- Be the subject matter expert about your business. This means, understanding every small detail from the market need and the competitive landscape, to your numbers (especially your numbers!). You are no doubt already eating, sleeping and breathing this stuff by now anyway; show your potential investors that. They are not just investing in the business, they are investing in you. Give them your ‘mic drop’ moment for the day by being the best, most knowledgeable founder operating in your space that they have spoken to all week. Do not give them any reason to doubt what you are saying. In particular – know your numbers. If you can’t explain your financial model and defend it, you are not investable: so be the expert.
- Understand that before you even step fast into your investment round, the term “hard graft” will take on a whole new meaning. This boils down to being the person who is the most visible, the most engaged and the most thorough in following up with each lead. You need to be the person who doesn’t let their contact with angels get lost in their inbox. You can teach Harry Potter a lesson about being a Seeker – because that’s how good you need to be at getting hold of these potential investors and locking in themeeting. The meeting where you will knock ‘em dead and take you and your business to the next level.
- Resilience. Nana korobi ya oki (meaning fall down seven times, get up eight). This will become your mantra. Success of your investment round and business as a whole, depends on it. I am not going to lie to you, some days this will feel freaking impossible, but the sooner you get back up, the sooner you can get your round closed, so don’t get too comfortable sitting on the floor. It is not where you or your business belongs. It’s always a choice.
I am delighted to be able to bring together some of my favourite female founders (to the next 10 Digital Ladies event), all with completely different backgrounds, skills and varying business verticals that I know you will be able to gain a unique insight to the thrills and rollercoaster ride that is raising your angel investment round. I am even more thrilled that my own angel investor will be joining the panel to provide a unique insight in what is looked for when it comes to seeking out talent and investment opportunities.
You can join me, and a powerhouse panel, this April by registering for the event here.
This is a guest blog written by Jo Osborne – Founder and CEO of EVRELAB and speaker at our upcoming “Raising equity funding: How to get to and through the door of angel investor” April event. Find out more about EVRELAB here: www.evrelab.com