2021 Q3 Onboarding: Get to Know Our New Portfolio Companies

This week RevRoad welcomed three new companies into its portfolio: The Simple Associate, Hypercraft, and Localeyes. RevRoad’s application process is intentionally extensive in order to match ourselves with companies that we can help successfully grow. While paying close attention to various KPI’s and projections, RevRoad also takes immense care when interviewing and getting to know the leadership teams of each company. After-all, great leaders build great companies. So, let’s dive in with an insider look at the newest RevRoad portfolio companies.

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Networking Scripts to Navigate Existing Relationships

Building connections and relationships with others is a crucial part of doing business. Ever heard the term your network = your net worth? That’s because the people you surround yourself with bring value to your life and business. 

For some, networking can be a very intimidating task. If you aren’t sure where to start, check out these scripts!

4 short networking scripts:

  1. You don’t know me, but our mutual associate [name] recommended that I contact you.
  2. I am trying to [specific ultimate goal] and they said of everyone they know, you would be the very best to talk to.
  3. Is there a time I can sit down with you for 15 minutes to discuss this?
  4. Who do you know that you would want to talk to if you were in my position?

In this workshop, RevRoad Strategist, Seth Robinson, guides us through the networking process and how to do it best. 
Watch the full networking workshop here

Download your “Networking Scripts Cheat Sheet” sheet here

Learn more about RevRoad here.

When to Use an NDA

Basically, an NDA is a way to keep your “secret” information secret—whether you’re dealing with friends or not.
You will want an NDA when you are presenting, sharing, showing, receiving, or allowing outsiders to access your confidential information.

In other words, Non-Disclosure Agreements (NDAs) are legal agreements that protect sensitive information that contribute to projects, ideas, or products of the company and keep that information out of the hands of competitors.

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5 Quick Tips to Nail Your Pitch in the Entrepreneur Competition

The Entrepreneur Competition is coming up! We are so excited to have such influential judges and inspiring companies all in one place. 

The semifinalists have been announced. These companies will be participating in live pitches in front of our judges panel. A.J. Rounds, CMO at RevRoad, put together 5 tips to help each entrepreneur wow the competition judges. 

  1. Powerful intro — Come with enough energy to knock the socks off the judges.
  2. Have your presentation ready — Make sure your presentation fits within the 4-minute time frame. Provide it to the RevRoad tech specialist by Wednesday, September 9th at 11:59 PM. Your slide deck MUST be in Google Slides format. You may make changes until the morning of the competition. 
  3. Rehearse questions — Review your answers to the questions the judges are most likely to ask. This way you will seem credible and engaging. . Keep your answers clear and succinct. 
  4. 10/20/30 Rule — Take a look at Guy Kawasaki’s presentation rules to better understand how a presentation should work and what investors want to see.
  5. Cut to the chase — Don’t waste time. Tell them about your problem, solution, traction, and team. 

Apply these 5 tips and you should do great at the entrepreneur competition! See you soon!

Learn more about the entrepreneur competition here.

Learn more about RevRoad here.
Watch A.J.’s 5 tips video here.

5 Tips to Maximize Your Time at the Entrepreneur Competition

The Entrepreneur Competition is just 12 days away! We are so excited for Utah’s community of entrepreneurs, successful public figures, and supportive community members to come together for this event. 

This annual competition is overflowing with promising opportunities. Here’s 5 tips from RevRoad’s Chief Business Development Officer, Amy Caldwell, about how to maximize your time at the entrepreneur competition. 

  1. Do your homework — Find out who the judges are. Get to know them. What industries are they in? What are their hobbies? What other companies have they been involved in?
  2. Be approachable — Smile and be friendly! Don’t be shy—you want to put your best foot forward. 
  3. Don’t monopolize their time — The judges have 36 companies to get to on the day of the competition. Use the time you are allotted wisely and respectfully. 
  4. What? Why? How? — Have your what, why, and how ready in a 60 second elevator pitch. 
  5. Thank them — The judges are spending their day with you. Essentially, they are investing their time into you on the day of the competition. Express your gratitude for their time and feedback. 

Apply these 5 tips to get the most out of the entrepreneur competition! See you soon!

Learn more about the entrepreneur competition here.

Learn more about RevRoad here.

Competing in the Entrepreneur Competition? Read RevRoad CMO, A.J. Round’s, 5 tips to WOW the judges here.

Mastering Investor Pitches (pt 2)

When assessing startups, look at the problem, look at the customer, and look at the market. The combination of those three categories will show you traction. There are many different definitions of traction. Whichever one you use, you’ll be in good shape. For today, we’ll go with: traction–your startup’s evidence of success within the market. 

So let’s talk about what traction looks like in a story: movement. 

Can you move people? Do people care about what you are doing? Do they sign up for more information? Do they gasp and smile once they “get” what you are doing? Do people want to give you money but can’t because you don’t have a product?

The more people you can move, and the more profoundly you can move those people, the more traction you have. This is the evidence investors look for in the context of problem, customer, and market. This is how investors identify opportunities.

Traction is the compelling force behind the story of your venture. In a presentation, the story is how you make traction matter. Here are some real investor stories of companies. Which do you find most compelling? 

“I am not a marketer or sales person, but with the few sales I have achieved, people come back and buy more. One in four customers returns and on average and buys 3x more the second time. Over half of our site’s new visitors come from entering the URL, not from search results or ads. How do they know our URL? People are talking, not searching. The product is sticky. I just need more places to stick it.

“I thought people would use this product because it was convenient.  They tell me they actually buy it to avoid interacting with our competitor!  It turns out our go-to-market strategy allows us to not only avoid 90% of our competitor’s overhead cost, but charge 3x the markup and get 8x more repeat customers.  Help us rescue customers from our competitors!”

“This market doesn’t resist change, it’s simply been skipped over for 30 years.  When we apply basic technology used elsewhere, and apply it to this niche, we see a 100% sales conversion rate even though our price point is 50% higher than their current costs. Without marketing we have more inquiries than we can service.  We don’t need help with sales, we need help with onboarding!”

Each example shows traction. Proof of traction builds investor confidence in the opportunity; the story builds investor confidence in the entrepreneur. Good business models are built on good information, not on good ideas. Investors invest in people, not ideas.