Howard Simms, CEO of Apadmi Ventures, chats about the challenges he faced when first setting up Apadmi, and what entrepreneurs can do to boost their chances of gaining investment.
When my co-founders and I first started out building a business in 2009, two key challenges we came across were sourcing the funding we needed for growth, and finding great people.
Almost 10 years on, it’s still those same challenges holding back start-ups.
Great people will always be key to building great businesses. You need the best people behind you to get your idea up and running, and funding available to be able to run fast – or you’ll get lost because someone else runs faster.
The question is, how do you get access to that illusive funding and great people?
Boosting your investment potential
We get approached by anyone and everyone with a bright idea in tech, but ideally, they need to have ticked a few things off the to-do list first.
- They’ve validated their bright idea – and that doesn’t have to be a full-scale build. An entrepreneur might have only created a very simple tech solution to test their idea out amongst a small userbase, or done some market research to prove their idea will work when at market, but you’ll need something concrete to prove your idea has legs when approaching investors.
- They’ve taken early advice – investors want to work with people who listen. Go back to your small userbase, ask for feedback and act on it.
- They’ve got a business model – that simple solution should provide you with that market proof you need to build a substantial business model. Have a story to your idea – have a vision and a plan of how you see it growing, and use your market research to get figures down.
Gaining access to good business angels and making connections with the right companies is no easy feat – but they’re essential steps if you want to get to market.
The good news is, these days there are many organisations set up specifically to help entrepreneurs meet the right people. Seek out these companies in your area, such as the Growth Company, Manchester Tech Trust and similar organisations. Their support can prove invaluable and point you in the direction of good people.
You also need to get out there and start networking. Go to industry events and conferences – be proactive and find the way to the next person you need to speak to.
If you’re credible and get yourself known by enough people, you’re more likely to get recommended to others – this can carry real weight. Plus, if you can find people via recommendation, you’ve got a far better chance of seeking those who will take your idea to the next level.
Nobody can do anything alone anymore – by growing an ambitious team to work with, developing strong board-level support through your advisors, and accepting that you need help, your chances of success will skyrocket.
