The Basics, the Secrets, the Tools, and above all, advice from those who have made it. Get Backed is the guide that every wannabe entrepreneur must read before venturing into the real world.
You may have the brightest idea. An idea that can revolutionize the way people do a certain thing until now. You have found a solution to an age-old problem that will bring relief to the masses.
Getting this new product or service to the market has never been easier than it is now. It is not easy, but it is easier than before, with the number of angel investors and venture capitalists increasing in this decade.
But with the increase in angel investors, there is also a tremendous increase in people asking for funding for their brilliant idea. Profit or non-profit, if your idea is good enough, there is a very good chance of finding investors who are willing to bet on your horse.
However, the most difficult part of the process is to find the right investors and convince them that you have a product that can return a reasonable profit in a given time. So how do you do that?
In Get Backed, Evan Baehr and Evan Loomis, help you with the smallest part of your journey from idea to funding. Evan Baehr is the cofounder of Able, a tech company committed to growing the “fortune five million” small businesses around the United States with collaborative, low-interest loans. He’s worked at the White House, a hedge fund, and Facebook and is a graduate of Princeton, Yale, and Harvard Business School.
Evan Loomis is an entrepreneur and investor. He currently serves as the President of Clarion and VP of Strategy at Corinthian Health Services, and a graduate of Texas A & M University. He is also the founder of TreeHouse, the first sustainable home improvement products store.
Get Backed: Craft Your Story, Build the Perfect Pitch Deck, and Launch the Venture of Your Dreams
Author: Evan Baehr, Evan Loomis
Paperback: 224 pages
Publisher: Harvard Business Review Press (November 17, 2015)
ISBN-10: 1633690725, 978-1633690721
A passionate entrepreneur (some might find this redundant) is a given and expected. But as a business owner, you need to showcase why you think your product will be liked by your target audience, and who exactly is that audience.
A pitch deck is your best friend to communicate your message across to investors. The authors begin with the basics and explain the difference between a presentation and a pitch deck that you email. These two are diametrically opposite and for someone who has never had to give a presentation, it is the much-needed primer – something every new entrepreneur must read and understand.
We have all heard of the ‘Story’ advice – tell a story. Well, OK, but how do you tell a story? The authors elaborate the rhetorical concept of a story and explain that each funding pitch has many stories: a story of the founder, a story of the customer, and a story of the industry. Each of these addresses a different concern for the investors and aims to achieve a specific goal.
With these insights, the authors will tell you how to formulate your elevator pitch, what is important and how to make it so that listeners asks the question you want them to ask about your venture.
A pitch deck is a relief compared to a long business plan, but it still needs to have the information your readers want, or the proof of what you claim.
You have the pitch fine tuned, so what are the best ways of funding your venture? Part II of Get Backed is a brief, to the point instruction on evaluation of different sources of funding: from the rich relative to crowdfunding. You will also learn how an angel investor is different from a VC firm and which one is better suited for you.
Always remember, investors are there to make profit. They don’t turn you away because they enjoy doing that (turning you away). Be prepared with your best pitch, but also get to know the investor you are meeting and fine tune your pitch for the investor.
This and much more is in store for the ambitious, young, first-time entrepreneur who has passion and a brilliant idea, but cannot see the road signs to get her ideas funded.
You must read Get Backed if you have ever thought of taking a product mainstream, if you are convinced that your vision of the product can be successful, and if you are determined to bring your ideas into day light.