Just back from Bizcamp, a fantastic event ran for the second time (venue was the Guinness Storehouse here in Dublin).

So here comes what I learnt (or at least remember right now) from the different talks.

On funding (talk by Gerard Brandon):

Investors don’t care if your idea is the best in the world, they simply want to know what’s in it for them. Tough one and usual one, but still worth keeping in mind.

Preparation is key and you have to be ready for every single answer.

If you don’t have a team don’t even bother showing up to pitch. Investors can’t rely on a one-man-band, because if you die, their investment is in danger!

Here’s some stuff I never thought of:

Accountants and lawyers can prove to be very good investors due to their contacts. This is a great reminder, since in the current times these two proffessions may be a little bit low in workload, so are likely to partner up with the promise of future earnings.

Investors want to know 3 main things: What’s in it for them? How much could they lose? And, above all: Who are you?

If you have no convincing background buy yourself one by partnering up with an expert (but make that person non-executive!)

There’s no such thing as 2 minute elevator pitches in Ireland because buildings are not that high!

On making mistakes as a start-up (talk by Steve Gotz):

CFIMITYM (Cash-flow is more important than your mother)

In front of people, storytelling is more important than any plan, no matter how well presented.

Regarding Online business models (talk by Caelen King CEO of WhatClinic.com) :

There are three main questions to answer:

Who will pay?

How much will they pay?

How will they pay?

The CFIMITYM rule applies to online as well, so watch out.

Advertising (selling advertising) in your site/ web application is far from exhausted, you just need to do it the right way.

There are 5 main business models online and 7 ways in which those models can make money (not all ways apply to all models). See the Caelen’s slides below and pay special attention to slide number 11:

WhatClinic.com has recently expanded to cover plastic surgery in the UK and dentists in the UK.

Understand the meaning of waht you provide. People do not want a specific drill, they want to hang a picture on the wall. Technology is just an enabler.

Check out Justin’s blog with a clear example of great service design
Ok folks, that will probably do for a Saturday evening post.

So what do you think? Help us improve this social media SWOT by leaving a comment below and sharing the post.

Later,
Facundo

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