According to Luke Lazarus, there is one correct way for a startup business to pitch to a venture capitalist.
First, they need to know their business plan, thru and thru, then they need to have a perfect mission statement that spells out their unique position in the business landscape; lastly, they need to have an unshakeable business story.
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— Luke Lazarus (@LukeLazarusAU) January 6, 2020
If and only if their business story can move both the venture capitalist as well as the consumer, do they have a sure foundation for success.
With all three elements, they can have confidence they have a sure footing to grow toward success. Having cultivated a firm foundation for success is something that Luke Lazarus is very firm about when he works with startup businesses, and that is one reason he spends a good portion of time working on each of these three elements.
Understanding Startup Culture
A business startup also has a culture that depends upon how the startup sees itself in relationship to one another and the culture it operates.
When Luke Lazarus works with a startup, he tries to integrate his principles of success into the culture of a startup. One of those principles is to have a clear story and elements that will communicate to an investor what they are about, and they understand how to communicate those values to others.
As Luke Lazarus explains to startups, it is not enough to have excellent service and products. Still, it needs to be able to be communicated to others both through marketing and advertising.
Many times a business person cannot be there with the consumer when they first exposed to the business and the story of the company, so they depend on the marketing of the industry through its account to reach others. Today these elements are being communicated through multimedia.
In the past, consumers were satisfied with a two-dimensional photo of the business to make a sale of the company, but today consumers live in a media world where they expect to be drawn into the business thru all the sense as well as thru high-definition media.
Startups are under enormous pressure to develop a great story that can be communicated on several platforms and to several types of customers: social media, TV, online marketing, cable television, bulletin boards, smartphone advertising, as well as radio, blogs, and podcast.
Pitching the Venture Capitalist
When a Venture capitalist team comes to be pitched, they are very aware of what they are looking for, and that is the key that Luke Lazarus stresses in his startup lectures and one-on-ones.
A venture capitalist has a checklist that they use to limit whom they will invest in and those they won’t spend more time. An important skill they look for from startups is the ability to share their stories with others and receive an emotional response.
Luke Lazarus has been consulting with startups since 2013 and has proven through his work how he makes positive changes that lead startups to success.
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Luke Lazarus has experienced many startups receive venture capital investments and even move on to launch their IPO on major stock exchanges.
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