Your idea in the line of fire
What is your focus when your business idea is in the limelight? What is important when you face the investors in the line of fire? Learn from Investor’s Open and the 5 brave startups who presented their ideas in front of a room filled with investors. Are you and your company joining us in 2017?
In connection with Global Entrepreneur Week 2016, VitusBering, Insero and Iværksætter DNA hosted Investors Open 2016. The afternoon was characterized by fascinating pitches and inspiration for the many attendees.
The 5 pitching startups were Useeum, Robert, Swiibe, QuadSAT and Move aid, with a wide range of products from robot technology, adventure apps to crutches made from cardboard.
A well-defined business model
In the search of the brilliant new business idea, the investors asked hard questions and gave some valuable words of advice. The focus was very much on how to make a clear-cut business plan to illustrate how an idea transforms into a profitable business. See some of the investor’s comments and questions below:
- Your business plan lacks detail – how do you make profit?
- How often do you expect a customer to make a repurchase?
- How many customers do you have right now?
- How can you protect your product?
- What is the price on competing products?
- How will export influence the price of your product? Can you maintain the low prices?
Bureaucracy and getting clipped
Besides the interesting pitches and an introduction to the new accelerator programme, Scale-up Denmark, there was inspiration to be had from Lasse Rugholm – the man behind Denmark’s new seaplane air line Copenhagen/Aarhus, Nordic Seaplanes.
To many the idea af a seaplane air route from Aarhus to Copenhagen was insane and there were several speed bumps on the way, before Nordic Seaplanes was a reality. Today’s entertaining lecture titled “The grotesque, bureaucratic reality for entrepreneurs” did not focus on the financial part of entrepreneurship, but on the bureaucracy you meet on your way to success. Needless to say, there were many nods of recognition in the audience.
Investors Open is an annual event hosted by Vitus Bering Innovation Park. Are you and your company joining us in 2017?