Greg Cross

Forum Replies Created

  • Its a tough environment for capital raising at the moment – most investors have lost “money” on their portfolio’s in some way shape or form so cheque books are generally closed except for their most promising existing portfolio companies. I expect as recovery comes investors will be most focussed on companies with accelerating revenues. That said capital raising is always hard and if your technology/product team is good enough you never know …

    Here is the best quick read I like on pivot strategy https://www.svb.com/blogs/silicon-valley-bank/breaking-down-startup-pivot-strategy

    The world as we know it has changed probably forever so every business has to consider very carefully
    1) who can we help – what products/services and what markets
    2) how can we help – what approach/channel will be best – the answer at the moment is almost exclusively digital
    3) when can we help – you will need to figure this out by engaging and talking to your who – the answer might be not now …
    A pivot away from your current business plan is pretty much inevitable when a fund raising round collapses – its hard to give up on a dream and something you have put your heart and soul into but its also an opportunity to learn and grow

    Any one who operates a business based on a community spirit should not be afraid to ask for help from its members in tough times – so dont feel embarrassed or reluctant to ask for donations to help keep your business going – just make sure the ask is based on transparency, openness and integrity….Have you tried offering a paid subscription service to members or one on one video coaching to clients who can afford it or want it? Im doing one on one Video coaching with my PT my Pilates instructor and now my guitar teacher – its. so incredibly time efficient I may never go back to the old way!

    Its a tough time to close a new funding round. Not knowing what type of investor you were talking too I would suggest you need to
    1) update your pitch deck (and if necessary your business model) to show how your products will be more relevant in the post Covid new world we will live in – including support from your distribution partners
    2) Make a list of other types of funders you could approach and who are still investing ( I am not pretending this will be easy – it wont)

    I think the key concepts everyone should think about when considering selling at the moment are timing and relevance of the value proposition – start with the question

    1) How can I help my existing clients and potential clients with what they are dealing with in their lives today?
    This may drives thoughts on how you can pivot your service to a new applications

    2) If I cant think of anyway I can help now – what can I do to prepare for what might be the right time to help in the future