One of the hottest topics on Startup Fundraising is what you can do to raise the odds of being funded whilst identifying what are the red flags that scare investors. As this is a long-term commitment and you’ll need much more than just somebody with a checkbook, you should also ask yourself: Why would I choose them?
We know it’s not easy to refuse offers from investors but don’t let your urge to get your idea off the ground make you strike a deal with the first investor that makes you an offer without thinking twice. Whilst some investors will help you others can make your life more difficult.
You should be aware of investors that don’t have real experience in building companies and who fire away opinions about everything and anything without giving enough thought to really understanding your project – “VC Seagulls” as Mark Suster calls them:
“They would swoop in for one day to check on things, shit on you and then fly away. Seagulls.”
We know you’re short of time so here are 3 tips that you can easily remember when the time comes to look for and choose an investor:
– What are you looking for? (beyond the money)
Define your Goals: in what area(s) of expertise do you need help, what kind of resources and contacts do you need, what are your biggest barriers and main challenges you face?
– What can their Portfolio tell you?
Do your homework and look for other startups funded by the investors you’re talking to. Not just the ones they show you, the “successful” ones, but all of them – try to reach out to some of the founders in order to understand the reasons behind a successful relationship or a troubled one.
– Are you on the same page? You’ll be seeing your investor more than your own shadow and both are things you can’t run away from, so ask yourself a few questions. Are they aligned with your vision, culture and interests? Do you see yourself working with somebody like them? What does your gut tell you? – You’ll need somebody you can trust, who advises you on a regular basis and that doesn’t turn their back on you during hard times.
Extra tip: Joining an accelerator can be an important step in your fundraising efforts. Not only can you test, validate and improve different aspects of your Startup, but you’re also able to grow your own network (remember it’s always better to be introduced to an investor by someone than cold emailing) and some of these programs have already done some of the filtering for you, offering you the chance to meet of the best investors in the ecosystem.
2nd Extra tip: If you want to get great insights on fundraising in a surprisingly informal and slightly unexpected startup conference, see what we’ve got planned and who the The Top Speakers and Investors you’ll meet at LIS Summit,
whilst the early bird price is in effect. Do you have any other tips to suggest? Share your doubts or past experiences.
Two months ago Protechting by Fosun & Fidelidade kicked off, but if at first sight it seems that time just flew by, for each one of the selected teams, each day was a hard battle to take their startup to the next level. If at Beta-i everyday was a learning opportunity through access to workshops, talks and meetings with mentors and experts, outside they had the challenge to get user feedback, test their platforms and approach potential clients.
It all started two months ago and now, only two days away from the Demo Day, the teams are collecting all the relevant and final info and goals achieved to craft their pitch. Last week we did a status update on three of the teams and now we bring you news on other seven teams.
Here are the other seven teams and what they’ve been working on
iVigilate is working on behavior monitoring using a web-based platform and beacons that are strategically placed in the location and the person to monitor. The technology is aimed to help control individuals that might not be in their full capacity, such as elder people and children.
What initially started as an attendance management platform is now designed for the Healthcare and Security markets. They have a working pilot, waiting to be implemented at Hospital do Mar and iVigilate is also working with BClose on a platform targeted to the Security market, allowing to monitor security rounds.
It’s always interesting to witness first hand when two Startups have the chance to partner inside an accelerator.
What started as a platform to standardize all the interfaces of different security equipment at big companies is now a B2C IoT portal that joins more than 50 features. The app analyzes real-time info on human behaviors, detects patterns and then suggests different actions according to the context. They already have a working platform where diverse devices are integrated, all related with safety, health, wellness and energy management but Bclose gets stronger as more services are continuously getting included.
They’re already in Spain, France and Switzerland and they plan to approach the Asian and American markets. Fidelidade is doing an internal testing with the app and José Villa, Marketing Manager at Fidelidade and one of their Coaches at Protechting has been one of the great assets, providing valuable inputs to the team.
When you detect some loss or damage at your house you usually call your insurance and they send an expert to evaluate, right? These are claim experts and even nowadays they still take almost a whole day to do the evaluation and the full report they need to deliver.
MotionsCloud developed a mobile solution that allows them to complete the whole process in about 3 hours, saving extra time and costs. They already have a (paid) working pilot running with a claims firm in Germany, where they’re based. It was there that Lex heard about Protechting and immediately knew it could be the perfect accelerator to work on some of their biggest challenges.
Truth is it’s usually not easy to get access to some of the top players in the market, and right now the team has access to great insights, feedback form different departments and also the chance to personally follow the day of a Claim expert. Thanks to Nuno Soares and the other Coaches from Fidelidade a possible pilot with the insurance company is now in due diligence stage.
Diogo works as a doctor in a Clinic and when he arrives home he still has the opportunity to do more appointments. How? He created a telemedicine platform where patients can schedule their appointments, do the video consults, pay and receive their prescription. Right now is already working in the area of travelling appointments, “Consulta do Viajante”, but the plan is to expand to other areas such as General Medicine, Pediatrics and Mental Health.
Right now the payments and prescriptions are made through third parties so one of the main challenges is to work on a way to do them internally.
One of the most valuable learnings was when they heard about NPS (Net Promoter Score) and how to get and work on customer feedback, a talk by Diogo Teles, from FaberVentures.
How did Diogo discover about the Protechting program? He worked as a volunteer three years ago in a Beta-i event and since them he stayed tuned until he saw this was a chance he could not miss.
They’re currently talking with Fidelidade to implement a pilot focused on Occupational Health.
When something unfortunate happens to someone, it’s never easy to have their assets distributed.
With the premise of “Keep your legacy”, Kylega started with the goal of allocating any person’s assets to his relatives in case of death. The concept created by three Iseg Alumni has now evolved to much more than that, allowing anyone to manage all their assets in their life: from bank accounts and houses to social media profiles.
For each one of them, the user defines an accountable person and a general “keeper” that is responsible for activating the distribution when something happens.
They have a working platform that is now being tested inside and outside Fidelidade to get as much feedback possible. All these inputs will be included on the final Pitch, one of their priorities in these final days.
So far Protechting has helped them work on issues such as the user experience, design and how to adapt their product to different corporate solutions.
When the grandfather of the founder suffered from several strokes without being able to fully recover due to the lack of the proper follow-up and help, Lifesymb was born.
This is a platform with a complex algorithm that uses a camera and sensors to analyze your posture and body movements. After the scan the platform recommends exercises, through video tutorials, or even a physical therapist if it’s more serious.
With a working platform, posture corrections and injury healing were some of the tested features with the athletes of last Iron Man Triathlon competition and also at the main triathlon competition in Stockholm. Through Fidelidade they managed to make a deal with Multicare for a pilot starting in July with Luz Saúde clinics.
We all know how choosing the right insurance for your needs can become a real challenge.
Companies that show themselves with more transparency to their clients can develop a more close relation with them, and the evolution of the market points in that direction. Miguel lived abroad for 12 years, where he had access to insurance aggregators and when he arrived again to Portugal he decided to work on his own platform.
QueSeguro was created two years ago and is now evolving with more insurance companies being involved and a growing user base. The relation with Fidelidade was a great opportunity for both sides to understand each other and see how they could eventually work together.
10.000€ and a Roadshow to China are waiting for the winners this Thursday
All these entrepreneurs are giving their best to steal the show at the final presentation and win the 10.000€ first prize or a place in one of the three selected teams that will participate in a roadshow to China where they’ll have the chance to meet some of the world’s most influential investors. The integration of their platforms with Fidelidade’s services can also be a dream come true for most of these Startups.
So far this has been a great experience for the teams, Fidelidade and Beta-I – if initially it might sound strange to get together the corporate world and Startups, now we can surely affirm there is a vast world of opportunities and benefits in this kind of symbiosis.
Stay tuned to see who the winners are on Thursday!
Startups are, above all things, about people. These last days we had the chance to meet the new entrepreneurs that were selected for the Beta-Start program and see their determination on taking the first step into the Startup world. Here’s your chance to also get to know them.
Beta-Start 2016 Spring Edition just kicked off last week with seven teams ready to take their ideas to the next level during an intensive one-month program. Beta-Start was designed to help all those that have an idea and the drive to make it happen, guiding them through the first steps on building a Startup. Through a strong network of experts and mentors, these entrepreneurs will learn all the basis that will allow them to build a sustainable business.
The workshops and talks cover subjects like Lean Innovation, Startup Culture, Validation Tools, How to talk with your Costumers, Prototyping, from Concept do MVP, How to Pitch and Go-to-Market strategy.
One of the most exciting aspects of the program is how we’ll probably witness some of the teams absorb all the learnings and customer feedback and start applying them into some very interesting pivots.
So we’re proud to present you our Beta-Starters and the market they’re addressing
Always on the Go: Sofia was born in Rio de Janeiro, grew up in Portugal and lived in Mozambique. With a strong background in Events and Communication she saw the main challenges in the industry at an international level and she’s now developing a way to bring that expertise to the market creating a channel that allows party planners and events organizers to plan their events abroad.
Buzaco: Diogo has already studied and worked in 6 different countries and his experience in a familiar business led him to the idea of creating an online community where designers, producers and consumers can work together to produce outdoor furniture that not only has a functional side but also a focus on design, contributing to a modern outdoor aesthetics.
FlyPilot: It was ever since a kid that Miguel wanted to build things, fly airplanes and study the stars. He’s currently a pilot so he’s now focused on his other goal, “build things”, developing a platform where plane owners can either rent them or promote plane tours.
Off the Line: Nowadays everyone is focused on online marketing, but the offline campaigns continue to be a major focus for medium-sized and big brands. That’s the opportunity Andre, with a Masters in Marketing, is addressing by creating a platform that allows marketing managers or CEO’s to choose where they’ll invest their budgets by analyzing the ROI of all the different offline channels.
Solo with Cris: Passionate about travelling, foreign countries and different cultures, Chris is also a true believer of the work-life balance and she’s now applying her vast experience as a solo traveller to create a platform that promotes and guides all those that travel by themselves, allowing them to make the most out of each place they visit.
Sweat Experience: Marvin graduated in Business Management and always had an interest for everything that surrounds digital identity and online self-representation. Andrew, who has a background in Computer Science, worked at IBM and shares Marvin’s passion for sports and innovation creates a team that is working on an active network whereby athletes can showcase their stories and gain support.
Viable: Jaime and Manuel were both at the Entrepreneurship Course at the Lisbon MBA, where their idea was born. They’re looking to create a way that allows all the stakeholders in the entrepreneurship world (entrepreneurs, incubators, accelerators, investors and funds) to evaluate projects in a simpler way, optimizing resources (financial, human and time).
All of these Beta-Starters have already taken the first step by having the courage to start working on their own ideas. Now it’s time to survive the Bootcamp.
Unfortunately, Eminem isn’t one of our mentors, but he perfectly summarizes the challenge at Beta-Start:
“Look, if you had, one shot, or one opportunity
To seize everything you ever wanted. In one moment
Would you capture it, or just let it slip?”
Moyupi knows you’ve been there. You remember having a billion ideas going through your mind at all moments, with just a thin layer between the real and the imaginary world. Eventually you started growing up and the world introduced you to all the rules, paradigms and behaviors you’re supposed to follow for the rest of your life.
But there was a before.. a before where there were no barriers, where almost everything could become possible. Where you had a different perspective about everything and you took notice of all the little things the grown-ups missed. Where you created characters and heroes in parallel universes and where every object could become something else entirely.
Imagination is the beginning of Creation and Creation was and is the key to a better future, for a more fulfilling life and to a higher level of performance at work.
From all the drawings and stories created, imagine how a child would feel if they saw one of their characters come to life. Their own hero with whom they could play – an exciting promise that not even videogames can presently match in a world that is becoming increasingly virtual.
MOYUPI makes a child’s dream come true by converting their drawings into real-life toys, through 3D-printing technology.
Juan Medina is the founder and together with Pedro Garcia, they’re working hard on their own dream fuelled by the touching reactions they witness when a child sees their toy for the very first time. They designed a platform where parents can submit their child’s drawings and Moyupi then works with a network of freelancers that includes designers, owners of 3D printers and painters to make all this happen.
At Lisbon Challenge, the initial two-week bootcamp ends today and it’s great to see how much they have improved – they had so much feedback to absorb from all the workshops, mentors and other startups. It’s helped them in this phase which includes testing and adapting their business model, the packaging, a partnership strategy and how to approach the international market.
You can also be a part of this dream as it becomes a reality by joining their community and reaching out to Juan and Pedro on their Website and Facebook.
Most Startups need angel investors or VCs to succeed and when they’re struggling to raise money there’s often a gap between the stage at which the founders think they are (investment-readiness) and what VCs are looking for to invest.
Boris Golden has a strong background as an entrepreneur and is now a Principal in Partech, a venture capital firm that invests in Internet and information technology companies at seed, venture and growth stages. He’s also a mentor, focused on product, strategy, business model, go-to-market and growth.
Having been on both sides of the table and acknowledging that the roles or goals of a Vc are usually misunderstood he did a presentation to create a better understanding between entrepreneurs and investors.
He covers How VCs typically think, Entrepreneur disappointments, Why go (or not) with a VC, What VCs are looking for, Pitching to VCs and other relevant topics.
Diogo works as a doctor in a Clinic and when he arrives home he still has the opportunity to do more appointments. How? He created a telemedicine platform where patients can schedule their appointments, do the video consults, pay and receive their prescription. Right now is already working in the area of travelling appointments, “Consulta do Viajante”, but the plan is to expand to other areas such as General Medicine, Pediatrics and Mental Health.
But there was a before.. a before where there were no barriers, where almost everything could become possible. Where you had a different perspective about everything and you took notice of all the little things the grown-ups missed. Where you created characters and heroes in parallel universes and where every object could become something else entirely.