99% startups face challenges, while raising funds, but it’s not a bad problem
Amplifying one’s brand presence, networking key to attract investments into startups
Throughout my startup journey, I've encountered the challenge of building an effective team that truly aligns with our enterprise's vision, values, and goals. Could you recommend a proven strategy to overcome this obstacle and successfully create a cohesive team?
- Aarav Khanna
Its praise worthy that you even as a startup understand the implications of lack of effective organisational culture. Many don't prioritise it. While the process should be handheld by an experienced organisational culture designer, you can do it yourself too. You can start by outlining your vision, mission, core values and beliefs with clarity.
With this process, you create a framework of what's acceptable and what is not acceptable at your organisation.
Propagate your culture across the organisation to the last man. The top management team can practice and exhibit the core values & beliefs visibly and consistently. Adopt carrot & stick approach for enforcement of your stated culture. Eventually, the culture gets established across the organisation over a period of time.
In the process of business development, I've encountered a few rejections during networking. Could you provide insights on areas where one could improve their networking approach to build more fruitful connections and opportunities?
- Ananya Dubey
There's nothing that you can't learn. If your business is dependent on networking, you will eventually learn it. Key attributes to be good at networking is to be genuinely interested in people. Don't be tactical about it. Be sincere about your intentions and state clearly the purpose for your initiative to connect. It also helps to find some common areas both are interested in for building conversations.
You can also be honest in communicating your request for support, if that's what your objective for networking is.
Apart from funding, what is the one factor that is vital for a startup?
- Philip Joshua
Core purpose of your startup.
As a growing biotech startup, securing funding is crucial for our expansion plans. A substantial number of companies are being invested into, even by global VC firms. However, we have not been able to leverage this traffic yet. What are the best practices today to attract investors and present our venture as an attractive opportunity?
- Rajesh Kalaithya, Founder, Biolife X
Almost 99 per cent of startups face this issue at some point in their journey. It's not a bad problem. It can be resolved by few actions like below:
1. List out VC's who are investing more into biotech sector. Ensure you pitch them with your journey, milestones, small victories and of course your revenue and other numbers.
2. Amplify your brand presence and reach to be seen and heard to the focused audience of prospect capital infusers and investors.
3. Network. Network. Network.
(To seek answers from M. Krishna, email your questions to startupscorner@bizzbuzznews)