Beware the crowd
Oct 24
You may recall from my blog last week – more tales from New York that one of the things I really liked about the network I met was that they insist their members make a minimum amount of investments each year. I have been on both sides of the table when it comes to raising money. There is nothing more disappointing than putting in a lot of work into a pitch – to discover that the people you are pitching to –don’t actually invest. I promised to expand more thoughts – and here they are.
One of my biggest sources of frustrations about this ‘business’ is that you can spend a lot of time on the wrong group. You meet a lot of people who are complete time wasters. Before you, as an entrepreneur put your heart and soul into working on a pitch, please do run your own checks on the network you are pitching to. How many deals have they completed? What does that represent as a percentage? How many members actually invest (the 80-20 rule may kick in). You are totally entitled to ask these questions.
I remember a great episode from my days involved in University Politics. I ran the Student finances for a year as a full time elected official. Elections were held each year to choose delegates to attend the NUS conference in Blackpool. At the hustings, around 50 people turned up. A candidate, Enda McCarthy, asked everyone to stand up. He then went through this brilliant pitch which even after almost 20 years I am in awe of…
His pitch was
1. If you are a candidate could you please sit down
2. If you have nominated a candidate could you please sit down
3. If you have already made your mind up who you are voting for, please sit down
4. My name is Enda McCarthy, I would like to be your rep at the conference – please vote for me.
He made the fourth statement to the 12 people that were still standing.
I would admire anyone who had the bravery (or stupidity) to the same at a pitch to a network. (If it goes horribly wrong – please do not sue me).
The point I am making is a serious one though. Whenever you do a pitch to a number of people remember you are probably only talking to 20% of the people there. If you can find a way of isolating them and delivering a highly relevant message your chances of success may be a lot higher.
Best of luck
Hi and welcome to my blog. 
