Last week I had the pleasure of spending several hours with Techstars EMEA NatWest Group and their accelerator cohort on both a panel and mentoring some fintech founders. Some key points that came up multiple times:
1 - Focus on warm needs, not warm leads.
Having a conversation with someone is fundamentally different than someone wanting a service you are able to provide, and are directly considering you for that service. Confusing openness with intent will lead to lots of wasted time and effort. Focus on conversations where there is a clearly defined need, ideally playing to your strengths.
2 - Play the long game, and don't be desperate.
Newer businesses obviously are desperate for more revenue and every opportunity is existential. Not all of these leads will immediately convert, and putting too much pressure on the decision maker comes across as needy and makes the start-up look less legit. Treat all conversations as an opportunity to build your network, with a future chance of pay-off, and leads will convert on their own time scales.
3 - Flexibility is the key, or "Get in where you fit in"
Building growth plans around assumptions of customer type, product take-up, etc is fine, but life has a way of throwing off plans. Rather than being rigid about following a plan, lean into signals and emerging opportunities. Ultimately the goal is to grow and thrive, and the way to get there may be surprising and far different than imagined.
4 - Empathize with the counterparty
It's very easily to get caught up in your own company's strategy, value prop, etc. but you need to be able to have an external view and understand how you're perceived, why would a counterparty want to pay you money for services
5 - Clarity is key
Rather than trying to explain every element of everything, focus on who the target customer is, what problem is being solved, why that problem is so painful (or why there is such an opportunity), and why your company is best placed to solve.