So You’re Looking for Investors: The Why and How of AngelList

According to credible sources like Forbes, Mashable and TechCrunch, if you’re an entrepreneur or if you’re an angel investor and you haven’t heard of AngelList, it’s time to get a clue. It seems that AngelList has single handedly dragged the back-room world of venture capital screaming into the light since its 2010 launch.
 
At first, people wanted to dismiss the potential, saying that only loser companies would want to share data and broadcast fundraising plans so publicly. Then, some Venture Capitalists said they’d never invest in an opportunity that didn’t come through traditional channels. Other VCs swore they’d have exploratory dialogs privately or not at all. They’d never do something as prosaic as leaving comments on a company’s profile.
 
But AngelList trounced those objections and found traction in 2011, with 500 start-ups and 2,500 investors who joined the community, resulting in a total of 12,500 introductions and subsequent fundings.  Trounced and then did the Happy Dance!
 
In fact, AngelList has proven to be a remarkably effective way for investors to connect with entrepreneurs. The hybrid social-network platform offers a greater degree of visibility to start-ups that might not otherwise have access to investors, and, on the flip side, has become an important resource for investors looking to boost deal flow and as well as connect with other investors.
 
After an afternoon of limiting my research to information published this year in order to stay current with upgrades to the platform, the definitive guide is Brendan Baker’s "How to Hustle with AngelList," updated this past April, 2012. This is a great article since in addition to the basics, it covers how to make it on to AngelList, how to set up profiles, and some proven tactics. If you have time to read only one article on AngelList, this is the one.
 
Two other essential articles are Raising Money On AngelList: 21 Tips From Two Active Angels by Dharmesh Shah of Hubspot creator fame and an article by a prolific angel investor, Joshua Bauer, co-founder of Otherinbox, entitled 9 Tips for Raising Startup Funds on AngelList. 
 
This brings us to my laundry list of articles on different aspects of AngelList. 

• If you’re wondering which influential angel investors to target here’s a Forbes Article from May of this year on The Most Influential Angel Investors On AngelList

• Does your pitch deck measure up? There is an explanation and links to winning a pitch deck in this article: “AngelList Takes A Shot At Standardizing The Startup Pitch Deck”

• AngelList is unique because it attempts to level the playing field for start-ups. How to use AngelList to Raise Money has the start-up perspective.

• Raise your spirits with a success story. It’s not every day that you get 200 emails in one hour offering you money:  “Take That Crowdfunding Cynics! Rally Raises Largest AngelList Deal Ever”

• Want to know more about the vetting process for AngelList? Check out the video in this article, AngelList Heats up as Angel Investing Sizzles (note date is February 2011)

• Ongoing good advice for start-ups on these sites on OnStartups, Venture Hacks, AVC, Ask the VC, Both Sides of the Table

What I took away from doing this online secondary research, aside from being entertained on a rainy afternoon, was that AngelList has really brought another avenue to the way entrepreneurs can seek out funding. It can cut down on the amount of prospecting involved in raising funds and it’s an immediate confidence booster when potential investors see other prominent Angels/VCs investing in your company.  AngelList takes the limited time an entrepreneur already has and optimizes it to seek out funding, and it’s a great digital tool that VCs use to scan through potential companies quickly. 
 
Bottom line: It connects VCs and Angels and is an important method for showcasing your start-up company to investors. Also remember that my point of view is based on what I’ve read. I’m not an investor or launching a start-up (at least not yet). But if you are, share your perspective as the rest of us would love to know what you think.

Building a Marketing Plan? 10 Questions to Answer.

Building a marketing plan? Here are 10 questions to get you started.

1. Do you have a clear definition of your target market?  Perhaps you're considering expanding your target market so you can close deals that otherwise would not have come your way. On the other hand, you might narrow your definition of a target, putting your focus on those prospects most likely to become customers, maybe in a specific niche where your company has good market share. Either way, your decision will drive your other marketing decisions.  

2. Is your current marketing mix delivering results? Most companies measure results by the number of qualified leads generated and the amount of visibility gained for their company, brand, and products. For example, email or snail mail lists tend to score low on both lead generation and visibility because they push your message out at a single moment in time to people who may not be interested. Conversely, specialized search engines and banner ads on targeted websites provide consistent presence and engage interested prospects who are actively searching for products like yours.  

3. How visible are you? While having a robust website is essential, it isn’t enough. Your audience uses multiple online resources to locate products and suppliers. Specialized search engines, online ads, presence on the right social channels, and email newsletters all are important considerations. 

4. What are the benefits of your current media choices? By evaluating the advantages and disadvantages of your media choices, you’ll understand the true value of your marketing program. For example, trade shows help raise your brand’s visibility and generate press and leads. But the number of leads is limited and events can be expensive when you factor in registration, promotion, travel, and other expenses. The moral is: know the ROI of your programs. 

5. Will you reach your target audience at the right time? Like selling umbrellas when it’s raining or bathing suits when it’s hot, you want to reach your target audience while they are motivated and actively searching.  Develop a calendar for what content you’re pushing out, how, and when. It will be a huge help. 

6. How will you maintain frequency? If you disappear off your customers’ radar screens for any length of time they will forget about you. So a consistent presence online and off is key to being their choice when they need you. 

7. How will you measure lead quality? Not all marketing programs deliver quality leads. As any sales person will attest to, the quality of the sales and marketing opportunities generated by your marketing plan is a better indicator of potential sales than the quantity. Look for programs that provide leads in a timely manner with contact information and area of interest, helping set the stage for your response and follow-up. 

8. How will you ensure brand exposure? The concept of branding is often pushed aside during weak economic times in favor of lead generation, but if you abandon it, you dig a hole for your sales team, forcing them to start from the beginning with every sale, introducing your company and explaining your value proposition. Many programs offer both lead generation and branding. Sponsorship of industry e-newsletters, online banner ads, and reward programs are some ways to build your brand and engage qualified leads. 

9. How do you measure marketing success? Before you commit to any marketing programs, you should establish metrics to measure performance. Direct and online marketing programs deliver impressions, clicks, leads, sales and customers which make measuring which programs are working easier. Brand programs aren’t so easy to determine. But in all cases, you need to create the valuation method as well as set the performance metrics before you launch.      

10. What can you expect from your media partners? With every marketing dollar precious, it’s essential that you establish a trusted relationship with media partners who understand your customers and know how to help you reach new ones. They should continuously introduce you to a targeted audience and recommend new channels to market your products as well as provide comprehensive reporting. That reporting should show the number of leads, demographic information, and be delivered as close to real time as possible so you can determine the best channels for the most leads. 

If you’ve got these covered you’re in good shape to put together a viable and productive plan. In getting the best answers, don’t work in a silo. Make sure to involve your company’s key players. The benefits will be not only in a great plan, you’ll gain consensus, and enhance your own business credibility as well. Bet you’ve thought of other concerns. What are they? Share your thoughts here!

Build Your Personal Brand on LinkedIn

Remember Adrian Monk in his detective series? He was a tidy freak, but it was his obsessing over details that helped him solve those murder cases. Like Mr. Monk, I’m feeling persnickety, and just as Monk wisely points out that the dead guy in the dark room couldn’t have turned off the lights, it bugs me that people using LinkedIn don’t take advantage of the ability to have a personalized URL for their profile. To me it seems obvious and it’s so easy to get one! When you sign on to LinkedIn, you get an elongated URL that’s automatically generated. You — yes, you — can customize this URL so it is simple to remember and supports your personal brand. In my opinion, claiming your name here is key, but my preference shouldn’t stop you from inventing something else. Like coming up with a personalized license plate, you just need to think it through. If you were a tattoo artist, you might use “inkbeneaththeskin” or if you were the CEO of a bakery chain, maybe you’re “dollars4donuts”. For a straightforward solution, take my LinkedIn URL as an example. At the time I set up my account I was able to customize the last text to "marionguthrie", my name. If you have a common name like Tom Smith or Cathy Jones, you may need to add a middle initial or a code, or you may decide to go the customized route with a word that reflects on your competency. Then you can use your LinkedIn URL in your signature line or any place where you want to direct interested people to a summary of your professional accomplishments; i.e. your LinkedIn profile. It’s a value added!  While we’re talking about LinkedIn, another pet peeve of mine is this: please try to get at least three recommendations. Three is LinkedIn’s suggested minimum. Recommendations are your ad; your third-party endorsement. They humanize your profile and make you more appealing and credible. Superman’s list of jobs outlining him as a reporter and sometimes superhero become so much more colorful and engaging when there’s a recommendation that says, “He leaps tall buildings in a single bound.” Don’t you think? Also be “in with the in-crowd” and take advantage of the three website links on your LinkedIn profile. Include links to your personal website as well as your company’s. Be creative. Since I haven’t finished my company website yet, one of my links provides a list of my Talent Zoo articles written to date, which gives me a chance to showcase some of my writing. If you’ve joined Tumblr or Gust or any other community, you can use that URL too. (With Facebook, use with caution; ask yourself, "What would Mary Poppins say?") These links help build up your persona as a business executive who is participating in the digital age, not just standing on the sidelines. Last but not least, there is great value in generating content on LinkedIn that can also be published (if you check the birdie box) on Twitter. Why bother? Aside from the fact that you might learn something (oh, I sound like my Mom), the updates you write and post in that little LinkedIn box at the top of your profile are a great way to stay top of mind with your LinkedIn contacts and it helps build your credibility when you share interesting news stories or blogs or opinions. In addition, when you check that Twitter box, your LinkedIn update will post automatically to your Twitter. And voila, you’ve amplified your message’s reach. It’s not like Facebook, Twitter, About.Me, or Google+ (although I’m not sure any one has figured out Google+ quite yet). LinkedIn is a distinctive social media tool and it’s all about business. So use it to find opinion leaders in your field, to locate your next speaker for that association meeting, or to uncover the heads of those companies you’re targeting for your next sales effort. Or use it to discover who to network with to find that next project or that next job. Just do me a favor and personalize your LinkedIn URL. When you attach that URL to your communications, you’re creating a link to your profile where folks can see just how good you really are. As far as being a bit compulsive, it gives me solace that Mr. Monk was far worse. Here’s some proof!

Is Your Brand Like P&G or More Like Rubbermaid?

Before you start building your marketing plan for 2013, have you decided whether your company's identity is more like Procter & Gamble or if it's more like Rubbermaid?  It's an important distinction.  You see, P&G's attention is on their products and they have developed unique brand identities for each of them.  But Rubbermaid's brand approach defines all of their products as sturdy, durable, and the right solution for my storage problems.  So what about your company? Another way to think of it is, if Apple equals Innovation and Disney is Magic, what is your brand? Is it unique products, each with its own identity? Or is it one name and what that encompasses? Just like the guy in City Slickers, before you go running off deciding which social media campaigns to launch and whether or not you need a mobile app, you’ve got to decide on that “one thing", and that is the voice of your brand and the focus of your strategy across every network, and in every channel.

Now that I've got you thinking about your brand, check out this post by Greg Satell on The Brand’s New Open Architecture http://p.ost.im/p/dJB5pH

Mobile Phones - Salvation or Addiction?

Lost on a back road one evening in my 1997 Subaru, I turn on my smartphone’s navigation system to find my way home and realize that the lady in my phone, who politely tells me to turn left in 1000 feet, may (at that moment) be my best friend and that my phone is rapidly becoming my universal remote control to the world. When did this happen? 

I’m a bit surprised, as I start a laundry list in my head, by the number of activities that my smartphone enables. It has become my digital corridor to access pretty much everything when I need it. In addition to alerting me to messages and giving me the time, if I’m out for a walk, I take pictures of plants and text them to my gardening buddy to identify or share pictures of my grandkids with my neighbors.  

Of course, I have my online calendar synced and all my contacts integrated together so I can easily connect for that video conference call or find the phone number for my next appointment if I’m running late. In the evening when I’m watching TV, I keep my phone handy so that, during commercials, I can search for product information (you know, movies for my grandson and wrinkle cream) or check my emails.  

I’ve recently added another activity to take advantage of the “sensing capability” of my smartphone. You know you can download apps onto your smartphone that recognize the media that you’re watching or listening to. These apps then broadcast related content directly to your phone’s small screen. There are a bunch of social TV companies producing these. Here are a couple of the more popular apps, just to give you an idea of how they work. 
 
One is Viggle. It’s a loyalty program that gives people real rewards for checking into the television shows they’re watching.  Viggle automatically identifies what television shows its users are watching and awards them points when they check in. Users can redeem their points in the app’s rewards catalogue for items such as movie tickets, music, and gift cards.
 
Another is GetGlue, a social network for sharing with friends what you’re watching, listening to, or reading. You check in to rate your favorite shows, movies, and music; you earn stickers, and GetGlue also recommends other media based on your preferences and what your friends like.
 
My favorite is Shazam, which started out by enabling users to recognize any song by simply turning on this musical app and directing it to the source of the melody. Shazam has evolved from a basic song identification service to a portal to second-screen experiences combining innovation and entertainment with some of the world’s biggest television shows — even the Super Bowl! Turns out, according to Mashable, there are plenty of benefits for advertisers and TV shows alike to interact with viewers through Shazam’s interface, and people are responding to the added value that “Shazaming” brings to ads and shows.
 
I know it sounds like I’ve just made watching “True Blood” or “Covert Affairs” more complicated, but if you dabble in some second screen usage, you may find it’s kind of fun. You’ll also find, as I have, that there’s a dialogue emerging, thanks to this “sensing capability” in our smartphones, between us and our appliances (TVs, refrigerators, our home, our cars…well, not my car, but you get the idea). 
 
Using our phones to control our environment is an amazing trend. In fact, you’re carrying more computer processing capability in your phone than the Apollo program employed to put a man on the moon. Increasingly, we’re using this processing power as a “universal remote control for our environment,” as Greg Satell, in his article on Co-creation and The New Web of Things, points out. Imagine where this might lead us while you take a look at this video from IBM’s smarter planet initiative. It shows how “sensing” technology is giving the earth a “central nervous system.” 

Mr. Rogers Goes Viral!

In the week since it was released, “The Garden of Your Mind” has clocked over four million views on PBS Digital Studios' YouTube channel.  This instant viral video phenomenon features PBS’s own beloved Mr. Rogers in a skillfully edited collection of scenes from more than three decades of his popular children’s show, "Mister Rogers’ Neighborhood." While accurately capturing his kid-friendly focus, the remix advances viewers into the twenty-first century with an auto-tuned mash-up of the late Fred Rogers speak-singing about the power of curiosity, imagination, and discovery. 
 
This unique mix was created through the artistry of musician and video producer, John D. Boswell, (aka melodysheep). Boswell is best known for his Symphony of Science project, which he describes on his About Me Page along with the source for his creative muse. “Inspiration from The Gregory Brothers and DJ Steve Porter, coupled with my experience with remixing, composition, and auto-tune, led to experiments with remixing scientists, culminating in Carl Sagan's "A Glorious Dawn" in Fall of 2009…with results that are inspiring, humbling, and of course humorous.” 
 
Just to clarify, "auto-tune" refers to an audio processor that uses proprietary software to alter pitch in vocal and instrumental recording and performances. According to Wikipedia, Cher's "Believe", recorded in 1998, was the first commercial recording to use the software to produce this altered vocal effect. In 2009, auto-tune was popularized by Boswell’s muse, Brooklyn musician Michael Gregory, and The Gregory Brothers band.
 
It helps, of course, that Boswell is a Rogers’ fan and when PBS discovered his work, it was kismet. PBS explains, “When we discovered video mash-up artist John D. Boswell, aka melodysheep, on YouTube, we immediately wanted to work together. Turns out that he is a huge Mister Rogers' Neighborhood fan, and was thrilled at the chance to pay tribute to one of our heroes.”
 
On the results of this collaboration, Kevin Morrison, COO of Fred Rogers Company, said, as Mashable reports, “I think that the thing we like about the piece is how it celebrates — we’re all different in terms of what we’re good at, but we can all make a special contribution.”
 
As for the strategy for promoting the video, Kevin Dando, Director, Digital Marketing and Communications for PBS, reported to the L.A. Times that it was pretty basic. They teased the video on Twitter Wednesday night and then published it to Facebook, Twitter, Pinterest, and Google+ at about the same time. A few celebrities tweeted the video early on, including Neil Patrick Harris, Alyssa Milano, and Guy Kawasaki. Then the media took over. By Friday morning, it was on YouTube’s trending video list and on the front page of Reddit in addition to being shown on "Good Morning America" and the "Today Show."
 
"Garden in Your Mind" is the first video on the PBS Digital Studios channel on YouTube, and the first of many planned remix videos set to feature PBS icons. "There will be more, and there will be other kinds of videos," said Dando, although he didn’t say what was next. "Mr. Rogers' Neighborhood" aired from 1968 to 2001. Rogers passed away in February 2003.