What Are You Going To Do With The Money?

This is a question that isn’t considered often enough.  Investors ought to really think about the answer before they ask it.  It’s a critical question that an entrepreneur needs to answer.

One thing we know in our line of business is this.  If “hiring and expanding our sales/business development/marketing staff” isn’t an integral part of the equation, we become far less interested.

In Fin Tech, it’s all about sales.  The technical aspects of product development are generally not very difficult.  It’s understanding how to apply the tech to a problem in a new and different way that creates a bigger business.  Then, it’s selling it.  Just because you have a better mousetrap doesn’t mean everyone will knock on your door.

I think business schools and undergraduate programs should have a sales skill class as a required part of any curriculum.  If you can’t sell, you can’t make a difference.

  • Patrick Daugherty

    Agreed. Fortunately, the House is beginning to process legislation that will drive colleges and universities to produce graduates with skills needed in the workforce. No longer will it be feasible for masses of 18-year-olds to spend six years learning nothing much (but “enjoying college life” all along) and winding up unemployable, all taxpayer-funded. There will be caps on taxpayer-underwritten loans — imagine that. Engineering students will get better terms than sociology majors — excellent. And schools will have skin in the game relative to loan defaults — wow. So I say things are looking up.