New York is the second largest city for startups to find success. As exciting as that may sound, that also means that New York is incredibly competitive. When it comes to successfully launching a startup, there’s one thing that every startup needs; affluent investors.
With the proper investments, startups can compete with big-name companies in their industries. The Big Apple is filled with both types of investors. That’s right, there are two kinds of investors, and startup owners need to know both of them. Not every investor invests the same way, so it’s important to choose the right kind of investor.
The first type of investor is the one that everyone already knows about: venture capitalists. Venture capitalists usually invest large amounts and cash. The lesser-known investors are referred to as good angel investors. These people usually invest smaller amounts but there are always several of them going in on one project.
After finding the right kind of investors, it’s important not to bore them with a long explanation of what the company does. They only want to know if the company is viable in their world, so make every initial answer short and to the point (ideamensch.com).
If an investor like what they hear, then a full explanation can be given, but don’t be afraid not to answer every question perfectly. It’s understandable to not have to answer every question asked. That doesn’t mean that it’s not important to answer all the crucial questions.
Such brilliant advice comes from Chris Burch. Burch has been involved in over 50 startups throughout his career. He’s worked in New York for over 40 years, learning all the tricks of the trade. Now, he shares that advice freely through blogs and interviews (medium.com).
There’s nothing he loves more than inspiring the next generation of business innovators to follow their dreams. That’s what he did long ago, and he can’t imagine what his life would be like if he hadn’t chased his dreams.