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How to ask your investors for advice & support with Michael Tobin OBE
Manage episode 380657849 series 2801707
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Although securing cash is the key objective when raising investment, money isn’t the only thing to consider. Many investors can offer vital support and advice too.
Michael Tobin OBE is a serial founder, author and non-executive chairman of several international businesses and CEO of technology company Telecity from 2002 to 2015, Michael grew the company from a market cap of £6 million into a FTSE 250 company worth £2 billion. In 2014, Michael was awarded an OBE for services to the UK digital economy.
Given many founders require more than just an injection of capital when scaling their businesses, Michael shares his advice on how to ask investors for extra support and what help you can reasonably expect from your investors….plus the importance of the cost of umbrellas.
If you'd like to contact Michael you can reach him via LinkedIn
- Remember that all investors will be looking for different things: return, timeline etc.
- Know your worth; speak from a strong position not a needy one
- Be ahead of the need point; show that you can manage and may not need a great deal now, and your position will be stronger later
- Don’t over-borrow - wait till your valuation increases
- Go in with confidence and foresight
- When looking for investors, consider whether or not they are well-connected; look ahead to the next round and how they could help in the future
- Look for investors who may have contacts to help you expand your business; it’s not all about the cash
- Choose investors with whom you can engage; make sure you’re on the same wavelength
- Be candid with them as to your reasons for choosing them and discuss the many different ways in which they can help you
- Aim to have an independent chairman or mentor who could arbitrate between you and your investors if necessary
- Keep networking; Michael calls it ‘opening doors’. This builds your reputation and may earn you support in many ways further down the line
- When you are starting out don’t be afraid to fail; you will have less to lose
- Always ask questions; and be prepared to listen carefully and perhaps change your point of view
- Enjoy the challenge!
FF&M enables you to own your own PR. Recorded, edited & published by Juliet Fallowfield, 2023 MD & Founder of PR & Communications consultancy for startups Fallow, Field & Mason. Email us at hello@fallowfieldmason.com or DM us on instagram @fallowfieldmason.
Let us know how your start up journey is going or if you have any questions you would like us to discuss in future episodes.
FF&M recommends:
- LastPass the password-keeping site that syncs between devices.
- Google Workspace is brilliant for small businesses
- Buzzsprout podcast 'how to' & hosting directory
- Canva has proved invaluable for creating all the social media assets and audio bites.
- For contracts check out Law Depot.
MUSIC CREDIT Funk Game Loop by Kevin MacLeod. Link &
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