Entrepreneurial Advisor

Networking at an Angel or Venture Investment Forum
By Jude Conway

One of the toughest things for me to do is to approach a complete stranger, introduce myself and start a conversation. It is even more difficult when you wish to ask that person for a favor, or worse money. Formally presenting your company’s case at an investment forum is extremely important but equally as important is the ability to network informally at the many opportunities afforded at such an event.

Your formal presentation lasts fifteen minutes and is sandwiched between 20-40 others. At the end of the day only two or three really stand out in the investor’s mind. If there are concurrent tracks the investor must choose which ones sound most interesting from a one page summary because they cannot attend two concurrently. Sometimes two that they really like are opposite each other. Add to this the fact that many venture capitalists are constantly being called out of the meeting to deal with a portfolio company problem a conference call or to deal with a pending investment. It is not unusual for some busy venture capitalists to see only 25% of the deals at the forum.

For these reasons it is imperative for a company seeking investors at a one-two day forum to maximize the 10-20 hours at the conference when they are not presenting. I attended a conference recently where one of the presenters asked to speak first in the morning so that they could leave after they were finished. She did not attend the reception the evening before, although a company representative was there and no one manned their company’s booth after her presentation was over. I can understand if a CEO needs to leave a conference early to attend a critical meeting but for heavens sake have someone else there to represent the company’s interests.

Many of these conferences start with an opening reception that lasts two to three hours. This is a chance to speak with the investors before they make their final decisions regarding which presentations to attend. It provides one of the only chances you will have to influence that decision. Remember you can influence him/her either positively or negatively. Introduce yourself or even better have someone that knows them introduce you.

This is a perfect time to use your 2-3 minute elevator pitch. You never know when someone or something will interrupt the conversation. State your case succinctly and move on. Do not forget to leave behind a business card. No one likes someone that dominates their time and you have other people to meet! There are times when someone is extremely interested in your proposition. In this case spend as much time as they want. Make sure that you have spent time prior to the event anticipating questions that may be asked and have clear, definitive answers.

Do not drink too much or have your staff drink too much at the reception. Do not heap your plate full of reception food, however tempting it is to get a free meal. You never know who will be turned off by this. Dress appropriately throughout the conference! Thank everyone for their time, sponsorship, volunteering – whatever is appropriate. Much of this seems obvious but it is amazing the gaffes one sees at these conferences.

The next opportunity you may have is at breakfast the next morning. Get there early some people that didn’t make it to the reception will be showing up early to pick up their registration material. This gives you a chance to have a cup of coffee with one or to more people before you sit down for breakfast. Once you sit down for breakfast you are stuck with those at the table.

The most comfortable thing to do at a meal is to sit at a table where you know everyone. DON’T DO IT! Find a table where you know no one. If more than one person from your company attends, split up (unless you feel that the only way you are effective is as a team). Introduce yourself to everyone at the table. Try to engage the people on either side of you in conversation. The name of the game is getting your story out to as many people as possible.

There will probably be breaks in the morning and afternoon where refreshments are served. If you have already made your presentation this would be an appropriate time to approach someone that attended the presentation, perhaps someone that you met earlier. Ask them whether they need any additional information – ask if they have any questions. If you have not yet presented, this is one more opportunity to meet someone new.

At lunch, repeat breakfast steps. Find a table with new people, unless a potential investor asks you to sit with them!

If the conference provides a table or booth for you, have it manned whenever the conference is open. This means bringing a second and possibly third person to the conference. It should even be manned when you are presenting. Make sure that the people you bring can answer questions intelligently, have a minimum level of etiquette and in general will not embarrass you. Have product and company literature available if possible.

If you have the opportunity to meet conference organizers ahead of time take advantage of it. If the conference offers training take advantage of it. Ask any and all of these people if they will make introductions for you at the conference.

If you are provided contact information of those attending the conference write all of them to follow up. Ask if they need additional information or have any questions. Do not write any of the investors that you met personally until you have attempted to call them first. Find a way to meet with them personally outside the conference if possible.

If the conference does not provide contact information, use the business cards you gathered. Trade business card information with other presenters at the conference. Google names of anyone you heard of at the conference. One of the attributes an investor is looking for is initiative.

Do not give up after one call or e-mail - VCs are busy – be persistent, but don’t be a pest. Another attribute the VC is looking for is persistence.

Every conference affords you the opportunity to improve your networking and presentation skills, even if you do not receive funding. If approached with the right attitude, each opportunity to present your story will make the next opportunity better.
Copyright 2009