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Bartley advised founders to know their market inside and out and keep their funding rounds brief and efficient so as not to distract from the business. When small businesses set up their online presence, they typically go to the ecommerce giants like Amazon and Shopify. But one startup believes the mid-size and enterprise businesses are held back by the heavyweights, claiming the technology is antiquated and isn't keeping pace with business owners' needs.
"We've been operators, technologists, and also business owners," CEO Faisal Masud said, "a lot of those platforms such as Shopify, are born out of the technology needs, not necessarily the business needs that the marketers, merchandisers, and folks on the ground are looking for." "There's no easy path around it. Get the experience, go and do the hard work and understand the domain," he said. Bartley said he modeled Fabric's pitch deck on research and studies he found from Harvard and MIT, down to what slides matter most, how they should be ordered, and how long investors spend looking at them.
"We wanted to make sure they understand we're not just building a large sizable business solving a customer problem, but we also have a business plan that will drive a large profitable company, which is important to investors," Bartley said.Using a customer testimonial in the next slide shows how the product can change a business owner's situation, in this case an increase in conversion and revenue according to ABC Carpet and Home CEO Aaron Rose.
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