Telling your business story
When it comes to fundraising, Pang highlights the need to lead with the reasons why your business exists. For Pickupp, convincing investors to believe in its disruptive model meant that explaining the scale of the problem was a priority.
“To communicate the vision, the ‘why’, is even more important than telling people what you have. Start-ups exist because you're solving a big problem. This problem is so big that you don't have the money to solve it. You need to ask for very expensive equity money to solve it,” says Pang.
“Therefore, this problem must be painful enough and big enough to justify that. So, the first part of your story must be the vision: why are we doing this? Then you move onto the business.”
Other tips for telling your story successfully? Over-communicate and tailor your pitch to your audience. Pang emphasises the benefits of clarity, particularly when expanding to new markets. Likewise, repeating the same pitch without considering your audience is not the best approach.
“I try to make sure I keep my energy high when I engage with investors. You need to repeat yourself a lot, talk about the story a lot – so you need to be very passionate about it, and you cannot assume knowledge.
“Gauge whether they are understanding your story. Do you need to explain more, or can you dive deeper? Don’t just repeat your pitch – tailor it to the audience. Deliver the content that they want.”