Shop Talk reporter Virginia Bridges talked with angel investors at Triangle Entrepreneurship Week and asked for advice for new businesses preparing their pitch. This is what they said:
• Do your homework. Understand your marketing plan and the problem that youre trying to solve. And understand how your product or solution will eliminate the problem, said Rich Kramarik, fund executive with the Inception Micro Angel Fund RTP.
• Come in with proof of the concept, said Bill Warner, fund executive with the Inception Micro Angel Fund RTP.
• I think it is important to address a need or a pain point for a market, said J.T. Vaughn, analyst with Cherokee Investment Partners. Also, Vaughn said, understand who you are pitching to. Cherokee really cares about the environmental aspect of ventures, he said.
• Do not think too much about the money or raising the money. Think about the product youre building, said Daniel Broger, with Broger & Partners. An idea is not worth much, Broger said, and a lot of people get stuck on the idea that if they raise $500,000 they will be able to build the product. If you have a great product, investment will come. Think about how you can have your company up and running without the money.