Thank you Hera LABs for this blog post on the Takeaways from the Women Investing in Women Summit.
The University of San Diego was host to the inaugural Women Investing in Women Summit, San Diego on July 18th & 19th. The event packed a punch and in just two days attendees heard entrepreneurs and industry heavyweights offer wisdom about angel investing, debt financing, Capitol Hill stories, tenacity with investors, overcoming challenges, how to get funding, how to fund, what to look for as an angel investor, and so much more.
If you missed the event, not to worry, we’d still like to offer you these top 12 takeaways from WIIW summit, a.k.a. our golden nuggets:
- Tenacity is a prime quality of successful entrepreneurs. @fitzee & @bonaffair
- Pitch, pitch, and pitch some more. You can never pitch too much. To get ready for the perfect opportunity like shark tank, pitch to everybody, accept and do as much practice pitching as possible.
- Valuation is different for every business. In the end it’s all a guessing game, so do the absolute best you can with all the information you have at hand.
- If you are considering angel investing, don’t do it alone, decrease your risk by join an angel group.
- During pitch competitions, don’t worry about the audience, prep your talk directly to the potential investors in the room. ~ Candace Klein with @dealstruck
- Brace for the waves of entrepreneurial challenges face on, so you can see them coming and brace for them. @CrowdFundDiva
- Top down analysis of financials is not enough when you already have revenue. @CrowdFundDiva
- When you’re looking at an angel investment deal, evaluating the executing/executive team is a must. Ask yourself these questions: Can they develop the idea and implement and sell it? Are they coachable? Is the team is nimble and willing to pivot?
- Having the appropriate advisors is key if the founding team has deficiencies in business knowledge and acumen.
- When you hear “no” from a potential investor ask if it’s the money or the time frame.
- For product base businesses—if you don’t have sales at the beginning, at least try to get as far as you can in sales, however, don’t wait too long to ask for funding. It’s a delicate balance of having enough to show but giving investors a chance to come in early enough to make their investment worthwhile. Remember ROI!!
- Regarding your ask: have no fear in asking for money (from Shark Tank winner Jayla of Bon Affair and Michelle of Fitzee Foods), have the courage to ask your value (Audrey Jacobs fromOur Crowd), know what your ask is (Felena from Hera Hub), never give up on asking (Lori Steele from Everyone Counts), and be absolutely passionate about it!