A CEO of a high-tech start-up recently lamented to me:
I was told I needed marketing, so I hired a PR firm and after 6 months and a lot of money, I got nothing.
Paraphrasing, a local venture capitalist admits:
Most CEOs lack marketing skills. They need marketing help.
Yet his portfolio is dominated by companies without dedicated executive marketers.
According to the uninitiated,
PR = Marketing = Advertising = Branding = Logo + Slogan = Lots of $$ and yet, sales suck.
Both the initiated and the uninitiated think sales suck because so does the web site, and the collateral, and the webinars, and the white papers, and the demo, and there are no leads, and they’re attending the wrong trade shows, and there are neither counterpoints to the competition nor answers to buyer objections, and the product is missing this feature — no that feature — well, really, both features.
Is this really what’s wrong?
In a seminar on venture financing we put on the other night, one of the presenters rightfully stated that the amount of money the entrepreneur is asking for will be important in determining the type of capital investors willing to fund the opportunity. $3M, for example, is often considered to small for many VCs. While true, I’m not sure the entrepreneurs got the point.
Typically, they’ve already decided they want VC money. So they pick the sum of investment based on the type of money and build their plan around that.
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