Recorded in front of a live audience of Scottish business owners, Vicky Brock is interviewed by journalist David Ferguson about how and why - after the lowest point of her business career - she is now back with startup number five.
Vicky shares her process on how to start and grow a business, what she has learned across her very different companies and the 9 reasons she has discovered for why your startup may not be growing like you planned.
She explains why the first idea you have almost certainly is not the one that will become your business, why she prefers pain to delight and how her latest startup will achieve more in four months than her previous company achieved in 18 months. Because while it is relatively easy to create a product, and even fairly easy to build a product people will by once, it is actually very, very difficult to create something people will buy again and again. But that is what you need to achieve if you are going to build a business.
"I'm pleased I'm back here doing it all over again - I tried to start a bit too fast last time and we skipped over some important early steps in really finding product and solution fit. I'm not going to make that same mistake again. My whole team are focused on doing the on-paper work that means we test and validate our assumptions up front. And because we're starting in response to very specific challenges laid down by our initial paying customers, I'm starting my this new business with my customer as a full-time lodger, which is great!"
Multi award-winning fintech startup co-founders, Loral and Eishel Quinn of Sustainably, join the Vicky Brock to discuss fundraising and investment challenges with the Entrepreneur Agony Aunt. We talk frankly from the founder's perspective on finding a lead investor, angels, VCs, corporate venturing, the importance in doing your due diligence on potential investors and the challenges of getting investment over the line in a time frame that that doesn't harm your business, when you're the only ones feeling the urgency.
Alex Feechan, founder and CEO of outdoor clothing brand Findra, gives a masterclass on starting your own product or clothing business. From research, market validation, to knowing your customer and shrewd proto-typing of a capsule product range, she gets into the detail of how she spent a year de-risking and building customer and industry validation for her new clothing brand in its "pre-start" phase - all before spending any money. She explains why slowing down was so critical to success, because it let her really understand her customer needs, how she has learned to listen to and trust her gut instincts - and why fours years in and significant growth later, she might just be at the start line.
In a very frank monologue episode, Vicky urges entrepreneurs to pay themselves more and dives into the when, what and how to plan for a salary and the things people don't tell you about startup founders personal finances (or lack of them). Clearly, on a roll, and without pausing for breath, Vicky also covers financing your startup in desperate times, what worked and didn't work for her as her company faced running out of money, and what to do and not to do when there are only a few weeks of cash left in the bank.
More founders lose out on startup investment because they handled their Q & A badly than at any other point in the pitching process. Evelyn McDonald, is CEO of the Scottish Edge fund, an investment competition that awards roughly £1million per round, with maximum investments of £150k per young business. Our discussion covers what question you can expect to be asked by investors, how to prepare, why the Q and A is so important and what founders need to do and say ensure to have the best chance of getting funded.
I thought the episode so useful for entrepreneurs who're pitching for money that I've had it transcribed here: https://goo.gl/WLjtUA
Equity investment, knowing your value and the importance of raising enough money to fuel your startup for 18 - 24 months of growth. Global Invest Her founder Anne Ravanona and Vicky Brock urge a high potential female founder to think big and ask for more money.
Funding from debt, crowdfunding, equity and desperation financing for smaller and early-stage startups with Anne Ravanona, CEO & Founder of Global Invest Her, a global community and platform that helps women entrepreneurs get investment-ready. Speaker, writer and advocate, Anne is an expert in demystifying fundraising and she joins Vicky to answer two listeners' funding questions, and to discuss Vicky’s personal experiences of raising angel investment, grant and debt funding. This blog post on desperation financing expands on some of the other themes touched on in this episode: https://goo.gl/D1o5hE