Starting up your start-up. Where do you start?
Starting your journey and taking the leap to becoming an entrepreneur can be a scary and lonely place. There are thousands of articles out there advising you and giving you tips but we know that can be a daunting and with such a wealth of information at your finger tips, where do you start?
At our IoD99 Social networking event at the Bradfield Centre on 5th July, we asked Angel Investor Peter Cowley to come and give us his advice on what you need to know when you’re starting out.
As an active angel investor for ten years, Peter has personally invested in over 60 startups and was named UK Business Angel of the Year 2014/15 and Best Angel of the World by the World Business Angel Investment Forum in February 2017. Peter is also chair of the board of the Cambridge Business Angels and the Investment Director of the Marshall of Cambridge, Martlet Corporate Angel division. He’s led 25+ investment deals and is currently a non-executive director of five angel-backed technology start-ups, plus a board observer of two others.
Peter came to talk to us from an Investor’s point of view on what he looks for when investing in a start-up. In the words of this Angel Investor, the answer is in short three things. “People, people and people” Following that Peter explained that he looks for people who understand, and can justify the ratio: "Customer Lifetime Value" over "Cost of Customer Acquisition". Peter went on to say that some entrepreneurs confuse gross margin/contribution and revenue when calculating CLV. Revenue he says is of no interest to him. Peter explained that for him: "Profit is sanity, turnover is vanity" applies.
Our IoD99 community of over 2,800 amazing founders, running start-ups in all major sectors from across the UK, can provide guidance based on their own experiences. We are really proud of the massive amounts of added value 99ers give each other, on a daily basis.
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