Raising money can be one of the scariest—yet most important—steps to take when starting a business or scaling up an existing business/social enterprise. Knowing that you are pitching to people who have listened to a million pitches, can make it incredibly difficult to impress. However, your prep work will mean the difference between going home empty-handed or with money in the bank.
Many have referred to events of the past year as largely unprecedented; the global economic landscape has changed to levels not previously foreseen, the balance of power has shifted, the political dynamics has been raised to new levels, and even the pattern of global and regional weather has changed! If the nature of the problem is unprecedented, surely our approach to the solution must be unprecedented.
Having a vision for change is not enough, understanding the change process and providing effective leadership for its successful accomplishment is key. Leading transformation, especially in large organisations, involves appropriate negotiation, building consensus, analysing complex and ambiguous situations, thinking innovatively and communicating effectively.
Identifying opportunities early is necessary, but not sufficient, to seize them. A company must also be able to strike decisively when the time is right. Managers at Brazil’s Banco Itaú recognized that the privatization of state banks freed a new set of valuable resources – customer relationships and locations which had not been obtainable previously, and Itaú spotted the value in these banks before its peers. Equally important was top executives’ willingness to declare the acquisitions as the main effort and redeploy whatever human and financial resources were required to seize the moment. Below some key insights: