BLOCK71 Yogyakarta successfully held BLOCK71 Goes to Unair, on Monday, 14th September 2020. The event was supposed to be conducted offline, however, due the pandemic, we utilized zoom webinar as the platform for sharing sessions and discussion. Though the discussion is conducted online, it was still very reflective of the current situation. With CEO of Alinamed, Riswanda Noorisa, and CMO & CO-Founder of Feedloop, Muhammad Ajie, we discussed Funding Strategies for Startup in Pandemic.
Alinamed Indonesia is a homecare startup that supports public health as a realization of the 2030 SDGs (Sustainable Development Goals). This Startup provides online consultation services for the patients to the professional medical practitioner, and if necessary also brings in the medical practitioner directly to the patient’s house. Additionally, they also provide the medicine delivery through their app. Alinamed’s services are considered very helpful, considering the current condition of the pandemic.
Meanwhile, Feedloop is a startup that provides a suite of digital tools for marketing staff in creating an interactive marketing campaign, in form of a survey, quiz, and also stories that could be shared in media social or to be shown on application and website. Considering that customers nowadays prefer to have a two-way dialogue with the brand, Feedloop is trying to bring up the solution with their brilliant ideas.
During the session, the CEO of Alinamed and the CMO of Feedloop shared about their journey in raising the fund for their startup, and especially in this current condition. It’s indeed not easy for startups during this COVID-19 situation to gain any investment from Venture Capital, however, there are some tips that might be helpful for startup founders to get investments. Here’s the recap of funding strategies from the speakers:
- Practice your pitching skills!
Doing pitching in front of investors is a crucial thing. This is the basic stage when you can convince investors that you are actually doing very well and would bring profit to them. You absolutely do not want to perform a messy presentation, or create a boring pitch deck that investors might be not putting attention to. Let’s take a look at some tips from our speakers below:
1. Try five or ten minutes pitching with different people. It’s because every investor has a different persona, so you have to attract the investor with various preferences.
2. Make a beautiful pitch deck, create a structural one, and learn the flow of the pitch.
3. Start with the idea, and explain to them how worthy your startup is and what makes it that way. Don’t forget to deliver the proves, it’s not about how flowery your words are.
4. Tell them that your business is profitable, assure them that there’s an adequate market and the business flow is healthy.
5. Last but not least, Build an impactful yet memorable narrative, it could bring to a stronger branding and increase the awareness from the society too.
- Get attention from VCs!
What factors would support VC decisions to invest in your startup at the end of the day? According to the speakers, here are the tips that you can apply to get the attention from the investors:
1. Build your personal branding. Investors are putting their eyes on your resilience, consistency, originality, and also impacts you could bring to the table.
2. Your business has to be focused on the track, by setting a clear planning, and not easily distracted by other factors.
3. Show them that your startup is though, that it could be standing still on every condition it may take.
4. Make sure that the business idea that you build, is a great answer and could possibly become a problem solver to the current urgency. So, it’s suitable for people's essential needs nowadays.
There are the two main points of Funding Strategies in Pandemic as the recap of the event. As Riswanda Noorisa, CEO of Alinamed said that “It’s a good time to try,” you could train your mental strength in the startup industry by seeking opportunities during this pandemic. Dare yourself to secure funding for your startup! Good luck!