What are some good first steps to get a startup going way before courting any investors?
If at all possible you want to get “proof of concept” before going to investors.
- You want to be able to show that your product/ service works and has a market wanting it.
- You want to show your investors the potential size of your market and the LTV- Life Time Value of a potential customer.
- Beta testing to show you have a receptive market
- Messaging that will resonate (marketing) and advertising vehicles that will reach your target customer
These are all things that would serve you well before going to investors. Finally, having cost to launch and then to sustain and reach scale would be good information to have.
