Last Monday, my team and I pitched to an investor who was a parent from ISB’s PTA committee. We were able to meet all the requirements and have the full 1,000 RMB funding. After pitching our idea to our investor, my group and I think we won’t make any changes to what our product will be. Another thing we won’t change is how we’re going to make our product. We’ll follow our plan of experimenting when we make our first prototype about what adhesive is the best for attaching a book cover and fabric together. Something else we will continue to do after pitching to our investor is to still donate all our profit to the non-profit organization of NEBRA, because we think the cause they are trying to help is really important.
One piece of feedback the investor gave us is that we could have told her what marketing strategies we had (Instagram account for our business) before she asked. This would be important in the future because by telling people that we had an Instagram account, it would increase the popularity of our product, and more people would buy it. Another piece of feedback our investor gave us is that we should make sure the books we’re using are actually old books that would be thrown away, so that we’re not just using books that people want and can still read.
Something new she suggested us to do is that we could expand our target audience to upper elementary school as well, because they need pencil cases too. This way, we would have more people buy our product if not all people we surveyed in middle school who said they would buy our product, would actually buy it.
May 7, 2019 at 5:42 am
Hi Emily –
This is a great, detailed posted about your investor.
How did you feel presenting to investors? It’s a really nerve wracking thing for entrepreneurs for sure. It’s hard to present about something you are passionate about, especially when investors are going to be critical. It’s good that they are critical, though, as it will make your product better in the end, so definitely consider their feedback.
One thing I want you to consider is your advertisement – if your potential clients are ES students and MS students, is Instagram the right means to advertise? Do you have enough followers? Will you open up an Instagram account with you product or just use one of your accounts? How will you make your advertising accessible to a lot of people? Instagram is good if you want your message to go beyond our community, but is it the best means for our community? (I do like it’s low impact on the environment, though:)
Mrs. Lemley