Am I Investor Ready? A Ten Step Check List
1. Do I have a clear and concise business model that I can articulate to someone regardless if they have worked in my industry or not?
2. Can I easily explain my competitive advantage? (Why my product/service creates more value than existing competitors)
3. Do I have data that shows there is a demand for my product/service? (i.e., market testing, downloads, early sales)
4. Do I have a defined revenue channel?
5. Can I give investors an estimated time of when they can expect to make money?
6. Have I demonstrated enough "skin in the game?" (i.e., invested money, time, built prototypes)
7. Have I utilized all available financial resources? (i.e., savings, government grants, start-up grants, applied for accelerator programs)
8. Do I have a clear "ASK?" (i.e., $10,000 in exchange for 5% equity)
9. Can I explain what exactly the investment will be used for? (i.e., $5000 for phase 2 prototype, $10,000 for market launch)
10. Do I have a strong pitch deck containing all of the above information?