I am meeting with two multi-million dollar tech founders on Monday about my idea, what to expect?

[PopEmersen]

As the title says I am meeting with two tech founders who have both successfully started tech companies and sold them. They partnered up and are now investing/advising new startups in the area. I have a meeting with them Monday for my idea.

My idea for a consumer electronics product that fills a need in the child marketplace. Here is what I have done so far

• Created hand made sketches of the produce
• Filed my provisional patent application
• Had a freelance engineer do research and draw up CAD files of the design
• Spoken with 2 product development groups in the area to get a price/timeframe on how long it should take.

I am in the process of getting a 3D mockup drawn up so I can at least create a landing page/FB page to validate the market. Trying to follow the @Vick formuala.
I will attempt to create an email list from this landing page and maybe even take pre orders BUT this will be my first time meeting with anyone about investing into anything. Not sure what I should do, bring, dress, etc.?

Please help

 

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[TedM]

They partnered up and are now investing/advising new startups in the area. I have a meeting with them Monday for my idea.

Sounds like you are not the first meeting they have had. Here's my 2 cents:

Research
approach whoever arranged this meeting for you - find out who else they have met with /invested with... and go and contact some of these guys and ask them your questions.

Push hard to make that work - for sure, someone who has already received an investment from them, in your area, would be likely to want to help out a fellow entrepreneur.

Otherwise, just google them and learn about them - see any videos/interviews that are available with them to get comfortable with their styles, etc. prior to meeting.

Prepare
Just look at the awesome preparation that @Likwid24 did for their Shark Tank appearance. Take your marching orders from what they did.

 

[Get Right]

Write a 30 second pitch and a 3 minute pitch....You are in Atlanta - so go to Pitch Practice at the Atlanta Tech Village on friday to rehearse.

You HAVE to sell them the story first.

 

[PopEmersen]

Sounds like you are not the first meeting they have had. Here's my 2 cents:

Research
approach whoever arranged this meeting for you - find out who else they have met with /invested with... and go and contact some of these guys and ask them your questions.

Push hard to make that work - for sure, someone who has already received an investment from them, in your area, would be likely to want to help out a fellow entrepreneur.

Otherwise, just google them and learn about them - see any videos/interviews that are available with them to get comfortable with their styles, etc. prior to meeting.

Prepare
Just look at the awesome preparation that @Likwid24 did for their Shark Tank appearance. Take your marching orders from what they did.

Write a 30 second pitch and a 3 minute pitch....You are in Atlanta - so go to Pitch Practice at the Atlanta Tech Village on friday to rehearse.
You HAVE to sell them the story first.

Great advice, will do all of this. I have more time now, it got postponed until the 21st. I'm going to go to the Tech Village on Friday.

 

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[Gale4rc]

Just don't ask them to sign a NDA. I wouldn't even worry about a 3 minute pitch. I would get a couple sentences down that clearly explains the product with out any hype/tech verbage. I've met with many investors before and this sounds like a informal meeting so, having those sentences down with a clear explanation on how you plan to grow it and why it's a true need is most important. Also team, do you have a team? Where are you going to find a team? Whats your experience? If we invest in you, that's a big bet on you, how do we know you're actually going to be able to make this happen? etc

 

[PopEmersen]

Im not asking them to sign an NDA, that would be dumb as hell LOL.

The meeting is tonight, I am excited.

 

[PopEmersen]

Meeting went well last night, didn't receive any funding but he told what i needed to do....which was apart of my plan any way.

They told me to do basically, do 2 things. get a barebones prototype done and create a landing page and see if I can get sales. I had renderings done already to begin the landing page process but I still need to do more research as to how to implement.

I am going to A/B test it at 299, 349, and 399. I don't know if I should have a text field to input their credit card number. Not going to use the number BUT if someone inputs that information, that means they are serious.

I left that meeting more charged than anything. Was a great learning experience.

 

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[Get Right]

Congrats man. The second time is a lot easier...and more fruitful.

 

[PopEmersen]

It wasn't really that hard, it was really informal like I thought. I made a power point and this extensive spreadsheet just in case but they didn't need that. They needed sales, which I knew going in. I bullshitted on getting my landing page and doing the @Vick method with getting pre-sales but I'm glad I did because they said don't say coming soon, make it seem like it's ready to ship now. They said you prove you can sell this thing then we are in. Makes perfect sense.

got my name, domain, and woocommerce site up. Tonight will update it and get another render created because the designs changed in my head.

 

[TedM]

they said don't say coming soon, make it seem like it's ready to ship now. They said you prove you can sell this thing then we are in.

Great advice!!! Thanks for sharing this.

 

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