By Rory McCann, Director of Marketing & Conference Producer, LSN
Summertime and the living is easy. This old, popular song was clearly not written by a fundraising entrepreneur with an early-stage life science company. While investors, strategic partners, academics, and industry professionals alike put on their out-of-office away message, the startup founder remains in work mode, trying to keep up with and stay ahead of economic trends that could impact their next raise. If you’re spending your summer archiving automatic replies as deadlines loom, know that there is still much you can do to make this time count for you and your team.
If you’re attending RESI Boston, September 21-23 or engaging in networking and partnering once the summer winds down, now is the time to set yourself up for success. There is much to do today for tomorrow to be as profitable as possible:
- Prepare and update your marketing materials. When was the last time you reviewed your pitch deck, executive summary, data sheets, etc.? These are the materials that investors are going to want to see ahead of that initial meeting. Has your team grown? Have you achieved any meaningful milestones? Have you benefited from recent press or awards? Have you built new collaborations and partnerships that would entice more investment? It’s important to keep these materials updated and readily available for that next connection.
- Build a list of potential partners who are a fit for you. This is especially important if you’re hitting the road and looking to partner and network this fall. Fundraising is a numbers game and now is the time to build up a global target list of investors who are a fit for your product set and stage of development. Answering these questions ahead of outreach has the potential to limit ghosting from investors.
- Get your story straight. Understanding your company story and being able to tell it effectively is essential in business. Leaving pitch sessions and investor meetings with a strong sense of who your company is and what it stands for can provide you with an edge over the competition that blends into a competitive market. Many founders unwisely assume that their product and technology is exceptional, and the value should be obvious and speak for itself. That’s a risky move in assuming investors who are a fit for you aren’t also courting your competition. Having a strong brand identity is central to standing out in a crowded space, outlasting the competition, and surviving a transitioning market. Learn to communicate it well and watch how it can change the quality of your meetings.
These are all essential to successful fundraising but contain many soft skills that do not always receive the attention and practice necessary in order to see the benefits. If you’re frustrated by the current pace of your fundraising, take advantage of the time you must make sure you’re walking into a new season of networking, partnering, and pitching with your best foot forward.
Still haven’t signed up for RESI Boston, September 21-23? There are only a couple weeks left to save on early bird rates! Sign up today to save $300!
