235. Expert Interview: How to Crack the Funding Code
Only one percent of entrepreneurs’ pitches to angel investors or venture capitalists ever get funded. When John Livesay and his partner Judy Robinett figured out that all of that unsuccessful 99 percent were making the exact same mistake in their money seeking efforts, they knew they had a viable service to offer.
As a funding strategist, John Livesay helps CEOs craft a compelling pitch that engages investors in a way that inspires them to join a startup’s team. He hosts The Successful Pitch podcast with investors from around the world and partners with Judy Robinett at Crack The Funding Code to help founders get funded.
How to Crack the Funding Code
“Before you even start to figure out who the right investors are, you have to make sure you have something that’s fundable, and that you are coachable. Those are the top two things we work with people on. We ask: What’s your business model? Who will your business help? What problem are you solving? Once you answered those tree questions, you can decide if your business is scalable and if you are the right team to execute the plan. In other words, do you have something in your background that makes you the ideal candidate to get something funded?”
Why Is This Important?
“The number one and two reasons why startups go out of business are: 1) they don’t have customers, so there is no revenue coming in; and 2) they have no funding. If you don’t know how to get funded to scale and grow your business, you’ll probably have a lot of difficulty staying in business,” John explains.
What Are the Key Lessons Learned Here?
“I think the best thing to know is how important it is to become a storyteller when you pitch. Investors hear about 2,500 pitches a year and only fund 25. You have to make your pitch so memorable, and so easy to understand, that it grabs their heartstrings and pulls hard. So you have to put yourself in their shoes. The more empathy you have for the investor, and the more you show that you have empathy for the customer that you’re serving with your … solution, the better off you are. The better you can define what the problem is, the better the investors assume you have the solution.”
Connecting With John Livesay
To get a free PDF, “3 Mistakes to Avoid when Pitching,” Text 66866 and key in the message: FUNDING
Also you can receive a Crack The Funding Code workbook at this link.
Subscribe to the Podcast Free: