Inc. contributor Patti Fletcher @pkfletcher and I met at the We Own It Summit back in June and had a fantastic conversation about how venture firms are approached. Do people cold call us? Are most introductions made through people’s networks? (answer, the latter) And what kind of advice would I give entrepreneurs looking to end the cycle of making cold calls and start developing relationships that move the needle.
Four tips include:
- Be practical and realistic. Look at what you are trying to accomplish, and don’t get stuck in how everyone else is trying to do it.
- Do your homework. Are you 100% confident that you understand what your target firms do and don’t do? Who is already in their portfolio? Which vendors already have exclusive contracts with them?
- Be resourceful. Don’t dial for dollars. Once you have identified firms or sectors, start looking for your points of contact who are active in those firms or sectors.
- Make it easy and make it fast. Make it easy for your connections to introduce you into their networks. Write out crisp pitch points for each target profile.
Patti went off and wrote this great article just out in Inc. based on our conversation which includes all the details of the above points (I just summarized). I’d love to hear your thoughts in the comments.
You can catch more of Patti’s work on her blog.