Social Media Insider: Developing Strategy and Securing Backing


 

Venture capitalists are vying to invest in POSHGLAM. What was your strategy?
Venture capitalists have to be courted; you can’t just harass your way into their Rolodex. You have to have the right marketing materials for them to take you seriously. It’s important to let the right people know you are raising funds and to surround yourself with a great support system. It’s important for investors and peers to know your drive and ambition and to exude professionalism at all times. Most importantly, when an investor interviews you, they are not necessarily looking for reasons to invest but, rather, reasons not to. It’s important to rid your business plan of investor ‘red flags’.

 

What advice would you give to online upstarts looking to attract investors?
We built a strong board of advisors. It’s always attractive to investors to have experienced wisdom on your side. Know your business like the back of your hand and know your competition even better. It’s important to stay aware of the evolution of your business plan–it’s a progression, not a project. It’s something that should be restructured every time the SWOT analysis changes. I have approximately eight business plans depending on who I am pitching, and I tweak them according to who is interested in seeing it and why.


×