Caribbean BETA 2011: PANEL: “Show me the Money!”

After Keynote Speaker Marc Canter’s illuminating address on creating ‘Digital Cities’ Caribbean BETA 2011 continues with the second panel discussion of the day entitled “Show me the Money!” wherein the panelists Marc Gayle, Founder Compversions.com, Leo Williams, Founder Willinvestja.com, Investor Mark Jones and moderator Chad Cunningham, Founder of Jamdeal discuss real funding options for upcoming entrepreneurs.

The discussion touched on the need for entrepreneurs to first lower the risk of the potential investor before approaching that investor. Panelist Leo Williams pressed the importance of doing your research, knowing all the details so you can bridge the gap between the idea and the metrics of the idea. When the investors see that you’ve done your research they will be more likely to take you seriously and to invest in your product. “Know your competitive advantage, this is how you stand up and attract the capital more than the other person” – Leo Williams

Marc Gayle delivered a brief presentation entitled “A Bootstrapper Journey to Minimum Viable Product” which encouraged entrepreneurs to fund their own projects with the aid of family and friends and one’s general support group.

Marc Gayle’s Three stages of Bootstrapping:

– Building the product. This is hardest part of the process and it involves increasing one’s skill set. Gayle for instance states that he needed to study programming in order to ensure the success of his own product.

– Building the team

– Building the company

Mark Jones’ 7 Things to do to get and keep an Investor interested:

– Approach your intended investor through someone he/she can trust (an intermediary).

– Do your homework on the investor. Figure out the profile of your target, what sort of things are they interested in and customize your idea according to this.

– Have an “elevator speech”. Be able to convey in 5 sentences the essence of what it is your trying to do. What is your product? Who is going to buy it? What are the risk factors? How will it make money? How much money will it take to get off the ground?

– Have a business plan. Know how you’re going to do what you’re going to do and make it concise and focused (3-10 pages Max).

– Know how and when the investor will get his money back.

– Follow through. Be purposeful and timely

– Set a timeline. Have a plan for when you will accomplish your goal

Interesting Fact: “Investors are way more concerned about risk than they are interested in the opportunity” – Marc Jones, Investor.

Up Next: Lunch, followed by BETA Pitch Fest.