I’m not much of a wine drinker, so when I pick out a bottle of wine, I shamefully admit that I base it on the bottle’s label. If I must bring a bottle of wine to a dinner party, I will always ask for recommendations. It’s embarrassing.
If you’re anything like me, imagine how excited you’ll get to learn about Somm, an app that is like having a sommelier and wine marketplace in your back pocket! This app helps you pair the perfect bottle of wine with any event you are attending or hosting. It offers suggestions for wine pairings and takes the guesswork out of ordering off a menu.
In building this business from the ground up, Jennifer Tkachuk-Tremblay, the CEO and Founder of Somm tapped into her network to raise capital and embraced the totally virtual fundraising environment.
Raising capital is equal parts team strength, market timing, product vision, and relationship building. In a virtual environment, Founders benefit from the speed and efficiency with which you can meet people, tap the market, introduce yourself and your company, and move through an investment process. However, it’s just as important to create relationships with who you are investing with. You give a piece of control of your business away to your investors when they invest, so you need to create a true partnership. Since it can be challenging to gauge a fit with a potential investor over Zoom, it’s important to take extra care to build that relationship in this virtual world.
Jennifer’s key tips on operating a business and raising capital that she’d like to share with you are:
Don’t get burned out
As a start up business owner, there are so many tasks that need your attention. And when you are bootstrapping, there is a massive need to put in sweat equity. It's a necessity but working around the clock won't help you. Take the time for self-care and relaxation. When you take that time away, you will return feeling more refreshed and productive.
Create a Network Effect
It does take a village to help you get your product out into the world. Tap into your network, and don’t be afraid to ask for what you need - including introductions. Most people want to help, and most people will be willing to introduce you to at least a few new individuals or firms that can add value to you and your business. Never be afraid to ask for introductions as well. Creating this network effect and building long term relationships with your supporters is vital.
Be a role-model for other female and under-represented founders and leaders
There are not many very early-stage investors in Canada (Angel to Series A), and it’s important to recognize that only 2.3% of women in business received venture capital funding in 2020. Persevere and trailblaze for those women who follow. Be extremely well prepared and do your homework on the investment landscape, focusing your fundraising efforts on investors that are actively diversifying leadership in their portfolio companies and approaching their investment decision making processes in a demonstrably unbiased way.
Continue to pound the pavement and never stop fundraising
There will be much knocking on doors to get people's attention and buy-in - especially in the earliest days. Start your process early and keep in touch with current and prospective investors regularly. It’s important to constantly assess the market and gather ongoing feedback - when you’re both actively fundraising and when you’re not. Ultimately, have the courage to show up, believe in your product, and show your passion for it. Others will buy into your passion and certainty that this product will succeed. You must believe in what you’re doing to have the energy to push forward. Continually demonstrating this to current and prospective investors is very important.
Show gratitude for people who support you and your team
Above all, it’s clear that Jennifer is grateful and appreciative for those who have supported Somm since its inception. She urges you to remember to thank your network and the people who have helped you along the way - especially early employees, family and friends who encouraged you to take a chance on yourself. Return the favor whenever you can, as often as you can.
The bottom line is that starting a business is not a solo sport. The more resourceful you can be with tapping into your network, the more likely you are to succeed. Your network can prove to be invaluable. Then, celebrate your success with a wonderful glass of wine or champagne which you may find through Somm!
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August 25, 2021 at 07:10PM
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How This Tech Company Is Disrupting The Wine Industry - Forbes
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