What I Learnt About How To Sell From Being Sold To

With a background in (advertising) sales and having backed over 40 startups now through Collider, I think I have a pretty good idea on how startups sell their products... especially on what not to do. So it was a real eye opener when I recently went on the search for some software for Collider operations. I needed something specific, which meant many of the companies offering a solution were likely in the early stages of developing it, and would therefore also mean they'd be on the early side of developing their sales pitches too.

I knew it would be fun.

The good stuff

Well, there were plenty of passionate and enthusiastic founders that you can't help but get excited about their products.

There was also an impressive can-do attitude, especially when the product needed tweaking for us.

The not so good stuff

But of course, I also saw things that with a better approach to the sales pitch, the outcome could have been entirely different.

These are things we teach Collider startups to do from day one, and whilst they seem pretty obvious in most cases, every company I spoke made the same mistakes.

1. Don't pitch – ask questions.

Many startups came into the meeting and just talked. Talked about their company, talked about what it could do, talked about why it was great. But what they forgot to do was ask me questions on what I was looking for, why did I want a product like this, what did I want it to do and why?

Learn their language and what success really looks like for them, so when it comes to pitching your product, you can relay back exactly what they're looking for.

2. Never do a standard demo.

It completely misses the point and undermines step one of any sales process – to firmly understand your customers needs. Then you can amplify it for them and replay back how your product could be their dream solution.

A standard demo won't do it.

3. Learn when to say no.

I asked for a lot, and in almost every case they said yes, they could do that, clearly without thinking about it.

It was only when I asked to know how many people were in their dev teams or how much cash they had that I understood how likely my needs were going to get onto their roadmap. Usually not at least until they'd raised their next round.

Focus on the customers that your product can help now, but use your meetings to understand what else you could do further down the line. Be honest.

4. Know how to close a deal.

Always ask my timeline for implementation, as that'll tell you how urgent it is. Is my mission critical (3 months), important but not urgent (6 months), or is it actually just a nice-to-have?

Ask if there is a budget, no matter what it is you're building, and then ask where would that money come from and who would sign it. Are you talking to the decision maker?

Whilst these simple changes will not guarantee success, they'll certainly help you better understand your customers' needs. That means getting your product to exactly where it can seriously help today, and help in the future, too.

Top tip lessons learnt from multiple accelerators

Having worked in accelerators for the past six years, I've seen a hell of a lot of startups, and I've learnt some top tip lessons from one to another. But even though the startup vertical has varied completely, I've quickly learnt the lessons are very similar. So similar, I thought I'd summarise...

Life at Collider

Collider has just had some huge changes, and with a programme that’s always on so we never have to turn promising startups away, I’m really excited to see what the future holds. Really, it’s the perfect time to join.

We’re also tackling the corporate innovation world in a very different way – rather than a consultancy based, tell-us-your-challenges-and-we’ll-scout-the startups-to-fix-them method — Collider is about relationships and growth.

Having most recently come from a cyber security accelerator where most of the startups tech, due to the nature of that industry, sat across many verticals, the idea that these MadTech companies are disrupting a very specific industry with very specific challenges creates its own unique obstacles.

We’re not just here to offer business support to startups, but to provide meaningful connections to customers who are crying out for innovative solutions. This industry is being disrupted based on the consumers needs, and not just because.

I’ve spent the past few years working out what makes a good startup, and what makes a great one. With applications open for the first cohort of 2018, let’s see what impressive MadTech businesses we can find.

How to become an angel investor

Becoming a successful angel investor should not just be reserved for a few. You'd be awesome at it.

And to prove just that, we gathered together a group of the seasoned and the new to hear from Collider’s multiple-time angel Richard Fearn, and Super Mentor who led Unruly’s exit, Marion Bernard.

And now we’re sharing it with you.

Enter a community, don't go it alone.

As an investor, you need to pick the right companies – obviously, so why risk everything to begin with when there's a whole ecosystem out there looking to help you.

As Richard said, accelerators can solve problems before said problems kill a business. That's for sure a comfort to investors.

Your time is more valuable than your money.

If you're looking to invest, you'll likely have some pretty useful skills – so why not share them? Work out how you can add value to your companies, which actually might not be what you think.

Get good at being patient.

Once you invest, don't expect it to pay for itself within a year or two (or even five). You're playing the long game, so make sure you follow the company through from the start.

It's not just about investing for returns.

Really, there’s so much more than that. Make sure you allow yourself to enjoy the journey as you'll be surrounded by some of the most innovate startups and investors. It's quite infectious, really.

Check your record.

Learn the lessons from your track record; and if you haven’t got one, learn from those that do.

Amplify you.Position yourself in the market as you would with anything else.

Position yourself in the market as you would with anything else. Amplify what you can bring to get on the cap tables you want to be on. Amplify your value.

It really isn't just about your money, and the best startups will know that. They'll be looking at your connections, too.

It’s about your exit too.

Do your best to work out where you might like to follow on, and what would have to happen for you to not. Remember, you’ll likely get most of your money from just one or two exits.

Collider and Unruly Launch New MadTech Mentoring Scheme

What do you get when you cross the very best MadTech startups with some of the most incredible names in video AdTech?

Not a funny punch line, but a pretty impressive mentor network reserved only for Collider startups.

We're super excited to announce the launch of our brand new MadTech Mentoring Scheme, in collaboration with our good friends at Unruly.

The scheme is all about giving the opportunity for our startups to learn from the UK's bigger AdTech star, with some of their most senior and successful team members across five disciplines stepping up to offer help and support.

Paired especially based on the incredible skills of the Unruly team and the challenges of our startups, today marked the first of four mentoring sessions running across the year.

Unruly Co-Founder, Matt Cooke, opened the event.

Brilliant little speech from @unruly.co's Matt Cooke 💪🏼👌🏼

A post shared by Collider (@collidergb) on Jul 20, 2017 at 6:03am PDT

Set in the Home – their zingy, innovative, state-of-the-art house packed with iOT and connected home tech, built smack in the middle of Unruly HQ, the location couldn't have been more perfect.

Joining us from Unruly included: Gel Goldsby – Reporting and Data Team Lead, Jule Owen – VP of Product, David Waterhouse – Global Director of PR and Content, Nat Clark – People Team Manager, Laura Thomas – Client Director and Olivia Goodman, Global People Director.

And from the Collider alumni we had Beem, Miappi, LivingLens, RTObjects, CampaignAmp and Release.

With five cohorts now behind us, this is the latest addition to our growing initiatives and partnerships in offering on going support to our alumni.

Unruly Collider MadTech Mentor Scheme

Get Legal Wise: The Startup Basics In Setting Up Your Business

legal-advice-keyboard

There's this expectation in the world of startups that you're just supposed to know what you're doing. Running the business, finding the talent, getting investment, sourcing loyal customers, and of course, tackling the legal mind field like a boss. But in reality – and the very reason we have co-founders to pick up on those skills we just don't have – we're not going to be pros at everything.

That's exactly why we've teamed up with our good friends at Lewis Silkin to answer some of those tricky business, investment and legal questions we all want to know the answer to, but might be afraid to ask.

Check out our first instalment below, where we delve into setting up your business as a corporation, equity battles, options and employment contracts.

If you've got further questions you'd like us to find the answers to, drop us an email at info@collider.io and we'll see what we can do!