How to attract investors: Top tips from Charles Chang
October 13, 2020 | Business Transitions Forum
Charles Chang knows a thing or two about attracting investors. His own business success story is one for the books, having started Vega in his basement and then selling the iconic lifestyle brand for US$550 million just over a decade later. He now puts his business acumen and philosophy to use on the other side of the table; bringing unfettered capital, brand-savvy coaching and a people-centred approach to help emerging consumer brands accelerate growth and maximize value.
Lyra Growth Partners provides coaching and capital to help up and coming businesses reach their full potential. The company is centred on founders helping founders succeed. Chang specifically looks for companies with the triple-bottom-line approach that mirror what he created at Vega. Profit, people and the planet must all be part of the equation.
Take a look at the following top tips from this top entrepreneur looking to partner with other entrepreneurs to make a difference.
Charles Chang’s top tips for attracting investors:
- Be ready to shift and adapt: we won’t look at businesses that don’t have e-commerce or the ability to be sold in omnichannel
- Be prepared: know your numbers and how you scale your business; show the path to profitability through different metrics; tell us your track record
- Know your customers and build your fan base: build a dedicated group of stark raving fans who articulate who they are, how you are different and why they are loyal to you
- Show that you have a strong team: people and culture are very important; build out beyond you with people that align with your core company values
- Have diversity: different cultures, backgrounds, genders, personalities and perspectives bring enrichment and value
- Align on core values: this is where everyone needs to come together
- Know your story and be able to tell it: as investors, we need to understand why we should put money into your business; understand why your business is successful and compel us to join your journey
- Founders are really important: we respect founders who have done a lot with little and raised the money they needed; they are resourceful and can’t be replaced
- Have low burn rates: show you control overhead and cash burn, only spending where necessary and effective
- Be able to move quickly and decisively: being responsive and agile are key to success
Hear more insights from Charles Chang at Who are the Buyers & Investors in the Post COVID Era? at BTF | West this month. Register here today to save your spot!