Are you a startup looking to go out for investment but don’t know where to start? Or you’re struggling with picking the right investor for your business?
These are common concerns for many startup businesses, as an investment is a huge part of taking your business off the ground.
Hugh Chappell, Serial Entrepreneur, Advisor & Angel Investor joined Dylan Jones Evans, founder of the StartUp Awards in the latest episode of our StartUp Academy series in collaboration with BT to discuss investment - and provide his top tips and tricks on how to get the right investment for your business.
During the conversation, Hugh discussed one of the businesses he is an investor in - LADBible - and explained how this huge investment came about.
“I met the founders of LADBible in 2014, they were 22 years of age and just fresh out of University - where Alexander “Solly” Solomou had set up the business.”
“He set up a Facebook page and started posting viral content, joined forces with his co-founder Arian Kalantari and suddenly it was generating a tremendous amount of likes and followers.”
“They actually reached out to me. I met them and was blown away - there were two guys who were working like crazy, really passionate, and they knew the power of social media. The nice thing about being older is that I had the experience to offer, but what I love about working with younger people is the passion.”
“From 2014 we built the business, and last year we went out for IPO, added £360 million value to the company and now have 500 staff.”
So, what was it that drew Hugh to LADBible and other businesses he has invested in?
Discussing what he looks for in partnerships, Hugh said, “I like to work with people who are aligned with my thinking. So when I’m looking at people im looking for their mentality and their approach to work.”
“But it is more than that, you look at the people. Do you like them? Are they passionate? Have they got the critical ingredients?”
“Numbers are the other important thing for me because unfortunately, people won’t work for free. So what I want to see is the numbers - I still see businesses that don’t know what their turnover is or their profit and these are all things I’m looking for.”
And, what are the dealbreakers?
“For me it’s commitment, are they 100% committed?” he said. “Also, make sure you’ve done your research, I’ve had many people come to me with ideas that have already been done. I will always do research into the businesses that come to me.”
“There’s definitely no one size fits all, but I like to see that these businesses are already generating a bit of money.”
Ready to know more? Watch the full conversation here.
The StartUp Academy Series has more to come, with a number of different topics covered by experienced entrepreneurs, in conversations set to inspire. Find out more and sign up for the next webinars here.