Recently, AdPushup successfully closed its angel investment round, raising $632000. Here are 5 key pointers that founders Ankit Oberoi and Atul Agarwal attribute to their success. Have a business plan - Writing down a blueprint that documents what your company is, how it will generate revenue...
Recently, AdPushup successfully closed its angel investment round, raising $632000. Here are 5 key pointers that founders Ankit Oberoi and Atul Agarwal attribute to their success.
- Have a business plan - Writing down a blueprint that documents what your company is, how it will generate revenue and what is it aiming to deliver is essential. It gives clarity of thought which helps in determining the company’s objectives and the strategies that will be used to achieve them. The roadmap realistically evaluates areas where you will need external assistance and sets itself as a reference point, in case alternative course of actions have to be taken during the actual business cycle. Another important benefit is that it furnishes a clear picture for investors and financial institutions as to who you are and what you do. It is also a communication tool that shares the company’s vision and goals with the employees. In here, the outline of cost distribution and revenue generation should be meted out so that you have a consistent cash flow.
- Get the right kind of investment - In AdPushup’s case, the primary funding came via Angel Investors with LetsVenture being the first to commit. With the right pitch and the right introductions, you might even encourage existing users and/or venture capitalists to invest in you. Although, wherever you raise funds from, know that it is important to get that investor on board who understands your product, the time-period that it will take to generate returns and the market space targeted.
- Put time and effort to make your product visible - Practice delivering your pitch in under a minute and start pitching at public events. Commit to aggressively market your product through mediums like PR, Emails, Social Media shares, Word-of-mouth, Product demos etc. Try to create positive buzz around the product. The more users endorse it, the stronger your credibility and hence greater investor confidence.
- Find a mentor - “We found a perfect adviser in Arun Bansal. He helped us get our crucial initial documentation and business plan in order which helped in setting our priorities straight. He is still the first person we refer for operational advice.” says co-founder Ankit Oberoi. A mentor is someone who has insurmountable industry knowledge. A good mentor has proven experience in understanding the customer/users and the market schema. Their job is to ask you the hard questions which are aimed to refine the product and minimize any design or operational obstacles which might decrease user experience (UX). Mentors (usually) provide their knowledge free of cost and understand that you are on a tight budget. Through them you can also gain access to their professional network which might get you meetings with the industry decision makers.
- Take continuous feedback - Though it might seem like a daunting task, taking brutal feedback is what really helps in improving product features and inferring user expectations. Aside from users, pay heed to investor and mentor feedback too because that is critical for streamlining business processes. From their industry experience you gain insight into what has previously been proven to work and where you have some wiggle room to try something new.
Bonus tip: Take risks - As entrepreneurs, never be afraid to fail. Fail fast and then even faster, find the corrective action and implement it. Risks help us in understanding what works and what doesn’t. The founders at AdPushup’s took the risk of challenging the norms of fund raising by creating a unique cold-email technique. The objective was simply to get a foot in the door which they succeeded in accomplishing.
To read in depth about AdPushup’s journey to successfully get funded, head on over to
http://www.adpushup.com/blog/adpushup-closes-angel-round-funding/
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