Payam Banazadeh explains how storytelling wins over investors in early-stage companies. He shares a class exercise where they interviewed customers and turned those insights into a narrative that worked for fundraising.
So how do you get people interested or especially, like, investors, because you're doing something completely crazy? And how do you get around that?
Well, it's a bit of an aspirational story that you have to tell. I mean, it's a storytelling. What you're doing at the very beginning of the company, where you have no data points, is storytelling. And what helped us a lot was when we took the hacking for the fence class with Steve. We had a pretty good story because we had interviewed roughly 300 potential customers, and Steve had made us write a blog about every single interview. Right? So we would literally write a blog of the interview. What did we learn, who was it and what did they say? And this was a private blog only to the team. So when we went to do fundraising, we gave them the blog. Right? So, like, go check out what these people are talking about. Everyone is saying, you know, if you could build the capability where I can monitor anywhere in the world every hour, this will change my operations, my industry, how I do things. And so building the story, and majority of it is just go out, talk to the customers. The so what question is more important than the technology? And then obviously the tech has to support it. But going out and talking to customers and be able to build that story for the investors is really, really critical throughout your journey.
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