If your startup has secured funding or you’re currently seeking it, then you may have heard about the importance of investors updates. Keeping your investors informed about what’s going on within the company helps them better advise you and can directly benefit your business in the long run. However, exactly when and how to do this can be a bit confusing for first-timers, so we’ve brought on two experienced guests for today’s show to clear up the particulars.
Our first guest, Ari Newman, is a Partner at the venture arm of startup accelerator Techstars, where he has advised and invested in dozens of startups over the last six years. He’s joined by Mike Preuss, co-founder and CEO of Visible, which sells robust stakeholder reporting software in use by more than 2,000 businesses around the world. Together, Ari and Mike have an intimate understanding of the investor-entrepreneur relationship and how they can most effectively communicate with each other.
In this episode of Powderkeg: Igniting Startups, Ari and Mike offer their most valuable insider info on how to gather vital company metrics and share them with your investors, your team members and other important stakeholders. We also get into some of the “big picture” topics surrounding metrics reporting, such as why you always need to be honest and how a thorough reporting process will help your business succeed.
In this episode with Ari Newman and Mike Preuss, you’ll learn:
- The biggest mistakes to avoid when pitching your company to investors
- How to craft timely investor updates that will benefit your business
- Why you shouldn’t be afraid to make mistakes as an entrepreneur
- The importance of transparency even when you only have bad news
- How Visible helps companies track and report key metrics
Please enjoy this conversation with Ari Newman and Mike Preuss!
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- Stream by clicking here.
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Ari Newman and Mike Preuss quotes from this episode of Powderkeg Igniting Startups:
“Companies that have a regular cadence for sharing information with stakeholders are typically more successful in the long run.” — @MikePreuss on @PowderkegCo
“Never deliver metrics in isolation. Without the context of what the plan for the month was or what you did the previous month compared to this month, that data becomes a lot less meaningful.” — @arinewman on @PowderkegCo
“Your stakeholders want to hear from you, good or bad. People are scared to share when something’s going wrong, but investors are there to help you fix the problem before it becomes something bigger.” — @MikePreuss on @PowderkegCo
“Part of the entrepreneurial journey is making mistakes, allowing those mistakes to happen, and moving past them and learning from them.” — @arinewman on @PowderkegCo
Links and resources mentioned in this episode:
Companies and organizations:
Venture capital firms:
Software and apps:
Ari Newman (@arinewman)
Mike Preuss (@MikePreuss)
Kristian Andersen (@kristianindy)
Mike Fitzgerald (LinkedIn)
Brad Wisler (@gopsig)
Chris Heivly (@chrisheivly)
Herb Kelleher (Wikipedia)
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What stood out most to you about what Scott shares in this podcast?
For me, it’s why you shouldn’t be afraid to make mistakes as an entrepreneur.
You? Leave a comment below.
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