Getting used to a ‘no’
Crowe-Houston stayed motivated by reminding herself of the importance of her mission. This gave her the ability to keep her eye on the prize and to persevere, even when repeatedly being told ‘no’.
“Not only are you going to hear ‘no’ in the investment cycle, you're going to hear ‘no’ in the sales cycle,” she advises.
“So you've got to get used to hearing ‘no’. With Goodr you would think this should be a no-brainer. But ultimately, we still hear ‘no’ a lot.”
As well as securing funding, CEOs need to keep investors engaged to ensure money keeps coming in, says Crowe-Houston.
“I constantly write investor updates. These are the challenges that we're having. These are some of the wins. Here are some of the assets that we have. And so that is how we've been able to keep it going,” she explains.
“That’s a big thing for me, I'm always trying to make sure that I'm staying in contact with my investors. And the truth is some investors are more responsive than others. I am making myself available to the investors that want to help.”
As well as sending frequent updates, Crowe-Houston arranges regular investor meetings. Investors will want to ask questions in these meetings, but it’s also an opportunity for CEOs and founders to ask questions of them. She also advises speaking to other companies who have worked with them, to see if you are a good fit.
“Get reference checks on these investors. Is there a portfolio company that they've made an investment in that you can ask questions of? How are they as an investor? What did you like? What are your concerns? A great question is to ask, how are they helpful? Do they make introductions to other investors, to customers? Do they have a team?”