AppyParking, a fast growing startup that helps you find parking bays, car parks, motorcycle, disabled and electric bays went from a £2 million valuation to a £5 million in about a year and a half. Raising over £1.5 million in January 2016 from investors. Jason Daniel Ting, was a founding member and was there from the beginning, aiding the growth first hand. He has put together the 3 essential tips for a fast growing startup.
A key tip to having your company experience fast growth, according to Jason, is being a good salesman. “This is key” Jason says; finding the product that people actually want, first of all should be priority. If people really want your product, they will carry it for you. If you can find a product that not only people want but society as a whole need, those in positions of power will also help carry you, giving you recommendations and exposure. In the case of AppyParking, people who worked for the councils really bought into the idea and that meant they got a lot of good acknowledgements from councils that could be passed along to investors to validate the product as something for the future.
Jason says that Dan, the CEO is a very good salesman and this is key. His sales capability helped the company get in with a lot of PR companies that helped with the Virgin, Pitch to Rich competition. Being a good salesman is paramount for a fast growing startup, especially coupled with the ability to make friends and network.
Who you know will get you there, what you know will keep you there. You have to be strategic with the people you meet and the events you go to. This is a key tip as most of the contacts who took AppyParking to the next level were business contacts. These contacts have to be searched for, meaning if you want to take your startup to the next level you need to be where your key contacts are. You should figure out what you need, who will help get you there and be strategic in how you meet them. Message people on Linkedin, ask to take them out for lunch or coffee, also put yourself in a position to be invited for relevant industry talks. Once invited, give a presentation, show them your goods and tell them about the great stuff you’re doing; oversell. It’s not just about what you have now but what you aim to do in the future.
People will buy into your vision if you paint a clear picture of what you intend to achieve. People will want to be part of your story if it’s appealing to them. So, oversell, share what you aim to achieve, what will help you achieve it and don’t be afraid to ask for help and introductions to important people. It needs to be clear and aspirational. Sell the vision, let people know what they can work with you towards. People will buy into it because your product is a pain reliever instead of a vitamin, this is a quote by Microsoft Ventures he says. It stops a direct pain in someone’s life, such as parking, which is a pain point for millions of drivers, as opposed to a vitamin which you take and you suppose there are unseen possible benefits, but it’s hard to tell what’s it actually doing. In short, your product should take away a negative as opposed to possibly adding a positive.
Focusing on these key points helps the growth of your company. “People acknowledge pain but they don’t really acknowledge possible benefits, it’s hard to quantify in the human brain”. Help your product to solve a real pain point and be a good salesman and your business will be another fast growing startup.
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