5 Ways to Get People to Invest in You - A Conversation with Sean Wise
By Alan Kearns on July 23, 2008 - Comments (View).jpg)
Have you ever had to present a new business solution that you thought your company should invest in?
Maybe you have desired to start your own business, or you are in sales “pitching” your products to customers.
Whether you work for a Fortune 500 company or out of your basement, one thing is for sure, you are asking for people to invest in you.
This week’s podcast is with Sean Wise, online host of CBC’s hit show “Dragons’ Den”. On this business reality show, you get the opportunity to pitch your business idea to a panel of five multi-millionaires known as Dragons.
Sean is also a leading Venture Capitalist who has helped his clients raise over $2.1 billion dollars to bring their products and services to the global market.
A guy who knows how to sell
Sean has had a very interesting career journey so far. By the ripe old age of 35 he had started 6 businesses, his first business as a clown at the age of 13.
“I was dissatisfied with the management at McDonalds, so my parents suggested that if I disliked my role I should figure out a way to do better for myself.”
Earning $50 per hour as a 13 year old is not a bad way to spend your weekend and it sure beats flipping burgers. No laughing matter (pun intended), over the next 6 years, Sean spent time as a clown to fund his university education, learning how to build a business from scratch.
The only failureHe was accepted at the University of Ottawa’s joint MBA/LLB program and upon graduation joined Ernst & Young’s Venture Capital group. Sean then went on to launch his own VC firm working with emerging companies helping them to raise capital and mentoring their leadership teams.
is the failure to try.
– Sean Wise
He has recently started a new collaborative venture fund, partnering with Spencer Trask out of New York City. This was the firm that originally funded Thomas Edison for his little idea – the light bulb.
As an entrepreneur, Venture Capitalist and online Dragons’ Den host, Sean knows what it takes to get people to vote with their wallets and invest in great ideas. In our conversation, he shared
5 key ways to get people to invest in you and your ideas.
The Power of Your Passion – How much do you believe in the idea? Your confidence about the idea is the foundation for pitching your idea.
Research, Research, Research – What problem will this idea solve? Why would people buy it? Who are the competitors? How will you make money? Knowing the answers to these questions is the key to getting people to invest.
Take Your Idea For a Walk – Nothing is more powerful than getting perspectives from a wide spectrum of people. The more people you approach, the more opportunity to get accurate feedback and to fine tune the idea.
Two thumbs up – This is the Roger Ebert principle. Who do you know who has clout and will give you a strong endorsement with your idea? We have been well trained to take action based upon third-party endorsements!
Less is more – When presenting your idea to decision makers, simplify the explanation. See if you can present your idea’s concept in one PowerPoint slide.
As Sean says, “Companies invest in you and your idea, but ultimately they are taking the chance with you.”
You may be asking, “What if I try and fail?” Sean says, “There are no losers, the only failure is the failure to try.”
Speaking of investing in you, according to the Chartered Institute of Personnel and Development, a full 96 per cent of HR professionals agree that hiring a career coach delivers tangible benefits to individuals and organizations alike. So whether you need help drafting a professional resume, securing a promotion, switching jobs or any other career-related move, we are here to help. Join our free workshop, or book an initial consultation with myself. Take control over your career today!
Along the road with you
Alan
Comments
jul 23 2008 16:34
1 Reputation Point
In the interest of clarifying the record, it should be noted that the contemporary New York City-based firm called Spencer Trask and Co. is not related to the firm founded by the 19th century Spencer Trask (1844-1909)) who held a seat on the New York Stock Exchange and who backed Thomas Edison and Adolph Ochs as well as served as the first President of the modern New York Times. Therefore the statement that “(Sean Wise) has recently started a new collaborative venture fund, partnering with Spencer Trask out of New York City…the firm that originally funded Thomas Edison for his little idea – the light bulb.” is not accurate.
The 19th century Spencer Trask founded his firm in 1868 and after a long series of mergers and acquisitions and name changes, in 1978, it became a part of Shearson Lehman Brothers and the Trask name completely disappeared. The current venture capitalist investment firm in New York City called Spencer Trask & Co. headed by the highly able Kevin Kimberlin is thus no relation to the Spencer Trask firm that was founded in the 19th century. However, it is the case that Kevin Kimberlin has now been very much in touch with all those persons associated with the 19th century Spencer Trask’s wonderful philanthropy, Yaddo, the artists’ community located on a 400-acre estate in Saratoga Springs, New York whose mission is to nurture the creative process by providing an opportunity through residencies for artists to work without interruption in a supportive environment. Kevin Kimberlin is now on the Yaddo Board of Directors and has supported Yaddo generously with time and treasure. Thus the original Spencer Trask’s name lives on in philanthropic efforts in the 21st century. A major exhibition about Yaddo and Spencer Trask will be mounted in the New York Public Library in October 2008.
Edit (for another )jul 23 2008 16:44
10 Reputation Points
Wow. I’m sure Alan stands humbly corrected. I know I do : )
Edit (for another )jul 23 2008 17:33
1 Reputation Point
:-) :-) Glad to see you’re smiling! You can tell that I LOVE Spencer Trask! Susan
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