Portugal news – Here are 7 tips on how to use the Web Summit to secure investment, according to a Web Summit interview with Saad of tech startup Relevic, who provided precious advice for startups looking for investors for their first pre-seed round:
7 Tips on how to use the Web Summit to secure investment:
1 – Apply for the Web Summit Alpha Programme
The Web Summit Alpha Programme spotlights early-stage startups and connects them with the world’s most influential companies, investors and media organizations. This will allow you to showcase your startup and leverage the event’s networking and exposure opportunities.
Only startups participating in the Web Summit ALPHA startup programme are eligible for PITCH, that is the Web Summit’s startup competition that brings together the world’s leading early-stage startups to battle it out onstage. PITCH is open to ALPHA and BETA startups exhibiting at the Web Summit that have received less than €5 million in funding to date and have not had a discernible change in business model in the last three years.
2 – Use the Web Summit App to set-up one-on-one meetings with investors
Preparation is key: Use the Web Summit app to research and identify the right people to approach and have a clear strategy for who you want to meet and what you want to achieve. By knowing what investor is looking for which type of product, you can make targeted connections. The app is your best resource, and you should not be afraid to say hi to potential investors when the opportunity arises.
Before the event, use the Web Summit App to target investors and strategically set up several one-on-one meetings. This involves identifying investors with an interest in your market segment and sending courteous, well-researched meeting requests. These pre-arranged meetings are invaluable and will allow you to engage with investors who are already familiar with your market segment.
3 – Use the exhibition day to validate your product
The Web Summit exhibition day is filled with non-stop interactions that will allow your startup to validate your product by testing your technical capabilities, thus gaining valuable insights for product evolution.
4 – Use the Web Summit to make valuable connections
Use the Web Summit to make valuable connections with potential clients and investors, and make sure you keep in touch with them afterwards. These interactions are crucial for advancing your long-term fundraising efforts.
5 – Attend sessions held by VCs and funds
Attend the Web Summit sessions held by VCs and funds to expand your network and gain insights into what brings value for investors. These sessions also provide opportunities to engage with both presenters and fellow attendees, leading to fruitful side conversations. This is where you will be able to refine your pitch from various pitching opportunities at the summit itself and in numerous side events.
6 – Be ready to pitch at any moment
Be ready to pitch your product at any moment, and make the most of the networking opportunities, including making connections during side events. Building relationships and following up after the event is key to converting these connections into investments.
7 – Be in it for the long-run
Be prepared to be in it for the long-run, since the path to securing pre-seed investment is far from being straightforward. The Web Summit plays a crucial role in your fundraising journey by helping you refine your pitch, build a network of interested investors, and understand the due diligence process better. Even if none of these connections directly result in investment, the experience will be invaluable. After the event, make sure to follow-up with funds that have shown an interest during your meetings at the Web Summit.
If you do not succeed in finding an investor during your first Web Summit, be prepared to re-connect with investors and dealmakers at your next Web Summit, since this is a cumulative effort that will ultimately prepare you for the successful closing of your first pre-seed round.
This insightful advice is what led Saad of Relevic, who attended the Web Summit twice before being able to secure funding for his startup, but who managed in 2023 to secure a £150,000 (around 175,938 euros) pre-seed investment from Jenson Funding Partners.
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