Back on Startup-O Vitamins series is David Ng, Group CFO of MiRXES.
In the video below, we discuss how new startups with no revenue can inspire investor confidence.
Encourage your team to hit production milestones
I value milestones and its achievement. It is just a different way of saying track record. While having no clients, the ability to show a team that hits production milestones is important.
For example, you should show that you've built the foundation for technology and built certain APIs or the UI to this extent, but there's a lot more you could add on because you need more money and time. That should be very apparent in your product and engineering roadmap.
Detailed planning dovetails with a broad business plan
Detailed planning dovetails with a broad business plan. If you think about it, a broad business plan should be founded upon very granular planning around an engineering roadmap. In turn, that should come from a detailed product roadmap.
And so for me, to be able to go to potential investors and say that 3 months ago, this was what we'll do, and today, we've done 70% or 85% of that. You must be able to self-evaluate. Obviously, you want to set targets that are realistic but also ambitious with an element of stretch.
Know what your KPIs are and how you are going to track them
For me, investors look for teams that can ultimately manage the money that they are looking for. So, you've got to be able to record it with milestones.
Of course, milestones can become KPIs. Know what your KPIs are. You don't need too many of them and show, honestly, how you are going to track them because it goes hand in hand with executional credibility.
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