Blog Post
The Art of the Introduction
In the interconnected world of business, the art of the introduction stands as a crucial skill that can mean the difference between a missed opportunity and a successful deal. But not all introductions are created equal. The value, intent, and execution of an introduction can dramatically vary based on the role of the introducer. This blog post aims to dissect the nuances of introductions across different domains: Corporate Law, Venture Capital, Personal Relations, and Professional Business Development.
The Corporate Lawyer:
When a corporate lawyer introduces a client to a counter-party, the intent is typically geared towards legalities and formalities. The introducer is keenly aware of the legal implications and potential benefits for their client. These introductions are well-researched, cautious, and heavily couched in legal terms, often serving as an initial bridge in negotiations, or paving the way for more formal business discussions.
The Venture Capitalist:
On the other hand, a Venture Capitalist (VC) making an introduction for their portfolio company to a potential business opportunity has a clear economic interest. This introduction is aimed at fostering a relationship that could lead to increased business growth and, ultimately, higher returns for the VC. It's about nurturing the ecosystem that the VC operates within, leveraging their connections to bolster the success of their investments.
The Friend:
A friend making an introduction takes on a whole different context. This introduction is often less formal and more character-based. The focus here is on personal rapport, shared interests, and the potential for a mutually beneficial relationship. Trust is at the forefront, as friends put their reputations on the line when making these introductions.
Bizydev – Masters of Business Development:
Then, there's Bizydev. We specialize in business introductions and the art of the introduction is our bread and butter. The entire premise of our business model revolves around fostering connections and facilitating business growth. Unlike other roles where introductions are a part of a larger job function, for Bizydev, introductions are the job.
Our introductions are meticulously tailored, taking into account the specific needs, objectives, and contexts of both parties involved. Each introduction is an opportunity for business growth, a new partnership, or a chance to explore untapped markets. We dive deep into the industry, market trends, and the unique value proposition of the entities we're connecting. We're not just looking for any connection; we're aiming for the right connection, the valuable connection, the connection that sparks growth and opens up new avenues for business expansion.
In the grand scheme of introductions, one can see how different roles carry unique approaches and intents. Each serves its purpose within its realm. But when it comes to driving business growth through strategic introductions, Bizydev is in a league of its own. Our introductions are our core competency, our mainstay body of work, not just a checkbox in a broader job description. We are dedicated to crafting meaningful, purposeful connections that yield real results.
At Bizydev, we're not just making introductions; we're paving the way for your business's growth.
The Mental Gymnastics of AI Integration
As entrepreneurs, business owners, and workers, we are constantly thinking about ways to improve our day-to-day operations and create efficiencies within our businesses. With the advancements in technology, specifically artificial intelligence (AI), we now have more tools than ever to help us achieve those goals. However, the challenge lies in knowing where, what, and how to implement to truly create positive changes.
Here are 3-4 areas within a business where AI can be utilized to create positive efficiencies and the type of thought process needed to leverage technology effectively:
1. Data Analysis: AI can be used to analyze large amounts of data quickly and efficiently, providing valuable insights for decision making. To leverage this technology, it's important to first identify the key data points you want to analyze and then find the right AI tool to help you do so. Keep in mind that while it can provide valuable insights, it's still important to have a human touch when it comes to interpreting the data and making decisions based on those insights.
2. Customer Service: AI can also be used to improve customer service by automating certain tasks such as answering basic customer inquiries or routing calls to the right department. This frees up employees to focus on more complex tasks and can improve the overall customer experience. When implementing for customer service, it's important to make sure the technology is user-friendly and that it's not replacing the human touch entirely. Customers still want to feel like they are being heard and understood.
3. Marketing and Advertising: AI can be utilized to create personalized marketing and advertising campaigns based on customer behavior and preferences. By analyzing data on customer behavior, AI can help businesses create targeted campaigns that resonate with their audience. To effectively leverage in this area, it's important to have a deep understanding of your target audience and the messaging that will resonate with them.
4. Operations and Workflow: AI can also be used to streamline operations and workflows, automating certain tasks and freeing up employees to focus on higher-level tasks. When implementing for operations, it's important to identify the specific areas where efficiencies can be gained and to choose the right tool for the job. Keep in mind that while AI can create efficiencies, it's still important to have a human touch and to make sure that the technology is not creating more problems than it's solving.
In conclusion, the mental gymnastics of AI integration require a strategic approach to identify the areas where AI can create the most positive impact, and the right tools to effectively implement those changes. By leveraging technology to create efficiencies in areas such as data analysis, customer service, marketing and advertising, and operations and workflow, businesses can gain a competitive edge and thrive in today's rapidly evolving marketplace.
The concept of AI and mental gymnastics was inspired listening to the Marketing Against the Grain, a podcast powered by Hubspot.
At Bizydev, we're dedicated to helping our clients utilize the latest technology and strategies to drive growth and success. Learn more about our services and how we can help your business thrive
Beyond the Numbers: The Nuances of Setting and Achieving KPIs
Are you tired of setting KPIs that don't actually measure what matters? You're not alone. In fact, setting and achieving KPIs can be a tricky process that requires a delicate balance of strategy, execution, and analysis.
First things first, let's talk about setting KPIs and looking beyond the numbers. It's not just about setting a number or dollar amount and calling it a day. There are nuances to consider, such as the quality and strategic nature of the business opportunity. After all, what good is a KPI if it doesn't actually measure the success of your business?
Once you've set your KPIs, the real work begins. Trying to achieve them requires a laser focus on execution. But don't get too caught up in the numbers. It's important to remember that KPIs are just one piece of the puzzle. There's a whole world of business opportunities out there that might not fit into a neat little box.
And let's not forget about analyzing those KPIs. It's tempting to just look at the raw numbers and call it a day. But what about the qualitative factors that can make or break a business opportunity? Are your KPIs truly measuring the success of your business in all its nuanced glory?
At Bizydev, we understand the nuances of KPIs and how to make them work for your business. We take a holistic approach that looks beyond the numbers and takes into account the quality and strategic nature of your business opportunities. Our goal is to help you achieve success in all its forms, whether it's hitting those KPIs or uncovering new opportunities that defy measurement.
So if you're ready to take your KPIs to the next level, give us a call. We'll bring our Seinfeld-level wit and strategic expertise to the table, helping you achieve success in all its nuanced glory.
And if you're interested in learning more about setting and achieving KPIs, check out this helpful article from Hubspot on How to Choose The Best KPIs.
Exploring the Benefits of Diversification in Startup GTM Strategies
When it comes to bringing a product or service to market, startups often face the challenge of figuring out the best way to go about it. With limited resources and time, it can be difficult to determine which path will be most successful. This is where diversifying your go-to-market (GTM) strategy comes in.
Diversifying your GTM strategy means exploring a variety of paths and not relying solely on one approach. By diversifying, startups can increase their chances of finding the most effective path to success. Here are a few ways to diversify your GTM strategy:
Targeting Multiple Customer Segments or Markets
One way to diversify a GTM strategy is by targeting multiple customer segments or markets. Instead of focusing solely on one vertical, startups can explore a variety of markets that may be interested in their product or service. This could include different industries, geographies, or even demographics. By diversifying their customer segments, startups can increase their chances of finding product-market fit.
Utilizing Different Marketing Channels
Another way to diversify a GTM strategy is by utilizing different marketing channels. This includes both traditional and digital channels such as email marketing, content marketing, social media, events, and more. Startups can experiment with different channels to see which ones are most effective for their product or service.
Partnering with Other Companies
Partnering with other companies can also be a valuable way to diversify a GTM strategy. By partnering with companies that have complementary products or services, startups can expand their reach and tap into new customer bases. This can be especially beneficial for startups that are just starting out and don't have an established customer base.
Exploring Different Revenue Models
In addition to targeting multiple customer segments and utilizing different marketing channels, startups can also diversify their GTM strategy by exploring different revenue models. This could include subscription-based models, transaction-based models, or a combination of both. By diversifying their revenue models, startups can generate multiple streams of revenue and reduce their reliance on one particular model.
Conclusion
Diversifying your GTM strategy can be a valuable way to increase your chances of success as a startup. By exploring different paths and not relying solely on one approach, startups can find the most effective way to bring their product or service to market. Whether it's targeting multiple customer segments, utilizing different marketing channels, partnering with other companies, or exploring different revenue models, there are many ways to diversify your GTM strategy.
To learn more about targeting customer segments or markets, check out this article on "How to Find Your Target Audience" by Neil Patel. And to discover more about diversifying your revenue models, take a look at this post on "How to create multiple revenue streams for a business" by Forbes.
Here at Bizydev, we specialize in helping startups diversify their GTM strategy and find the most effective path to success. If you're interested in learning more about how we can help your business grow, check out our services page
The Art of Business Development: Navigating the Non-Linear Path to Success
At Bizydev, we take pride in generating opportunities for our clients. Our approach is more relationship-driven and vetted, which may not always produce immediate results, but ultimately leads to meaningful partnerships and revenue generation.
We understand that business development is not a linear process, and there is an art to going to market. Our work at Bizydev comes in many shapes and sizes, and we can't always put KPI's around the role we play to explain a client's technology or product to the end user, partner, or other counterparty.
We do things that lead to revenue, but in many instances, our work is not direct. Our best work is done when we have a client that has something amazing and unique, as opposed to a commodity that the end user has been pitched countless times over.
At Bizydev, we believe that having a diverse and unique pipeline is critical to success in business development. While it may not be a linear process with startups, we work hard to connect the dots and find the right partnerships for our clients.
If you're looking for a business development partner that understands the nuances of the industry and takes a relationship-driven approach to generating opportunities, let's connect and see how we can help your business grow.
Strategic Investors and Value from Your Cap Table
Investors play a critical role in the venture ecosystem. Deploying capital based on the assessed potential of early-stage companies is elemental to the development of new ideas, products, platforms, and technologies. Even so, many startups expect investors to play a much bigger role than simply providing essential funding.
Here’s a question for you entrepreneurs: when raising capital, how would you describe your ideal investor? Is it strictly the person or firm who can provide an investment fastest or with the most favorable terms?
We would guess that, for at least part of your cap table, you aim to include investors who can be strategic. Those whose networks you can leverage, and whose expertise you can lean on when facing the inevitable challenges of growth. We know that some of the best investors in the market play that role and play it well. But we also see instances where companies are disappointed by the lack of partnership offered by investors who claim to provide value other than just money. In this article we take a closer look at where expectations between investors and entrepreneurs can be mismatched, and where explicit communication and thoughtful strategies in building your cap table can alleviate these pressures.
The Startup Perspective
Why do founders seek investors who can double as strategic advisors? This may seem obvious in some respects, but let’s break down some of the specifics and nuances.
Expertise. Investors typically have unparalleled experience regarding operating an early-stage business. Many Angels and VCs are former entrepreneurs themselves and have stewarded dozens of their investments through the most challenging phases of growth. To first-time founders and founding teams, this expertise can be invaluable. Whether through board participation or informal involvement, it is easy to imagine how a tenured investor can help keep you on the right track.
Network. Investors’ personal and professional networks are another key selling point. Investor networks often include executives at large potential customers, go-to-market partners, and other investors who can bring in additional capital. For entrepreneurs with a limited network and limited time to build it, a well-connected investor can feel like the missing puzzle piece.
Validation. Finally, landing a highly successful and respected investor can be a mark of validation for a new venture. Prospective users may see buy-in from a top investor as a strong endorsement of your product or service. Later-round investors may also look to your initial cap table as a means to better validate your business’s potential.
The Investor Perspective
Many investors recognize the value they bring to early-stage companies beyond funding alone. They see their know-how and networks as differentiators to both win deals and help grow their portfolio companies. However, startups often fail to recognize that any investor has a multitude of demands on their time and attention. Consider this: according to FundersClub, the average VC fund is spread across 30 to 80 startups, and serving as a Directors or Advisors to their portfolio companies comprises only a portion of VC partners’ time. They are constantly focused on sourcing new investments, developing LP relationships and/or raising their next fund, executing exits with existing portfolio companies, and managing the day-to-day activities of their firms.
It is important to understand an investor’s strategic role in context – investors want to add additional value for entrepreneurs when it helps maximize their return AND when they have the availability to do so. They aim to provide impactful guidance at key inflection points, make a handful of targeted introductions, and offer a stamp of approval that a founder can leverage in the marketplace. This is not a critique of investors’ willingness to help, it’s more of an observational fact. To spend an outsized amount of time on a single portfolio company would require the abandonment of other equally, if not more, important responsibilities, not to mention the potential ramifications of materially favoring and supporting one portfolio company over another.
Addressing the Disconnect
When you consider the perspectives above, the potential for disconnect between entrepreneurs and investors is clear. Startups often seek investors that can play a considerable strategic role, and investors have limited capacity to play that role for multiple portfolio companies simultaneously. It’s not a dig at either side, it’s simply the nature of each party’s respective position.
So, founders, when you’re seeking your next VC or private investor, are you going to seek out someone who can bring more than capital to the table? We think you should, but here are a few ideas for how to align your needs and expectations so you can maximize the effectiveness of those on your cap table.
1) Make a plan to build your network of advisors and be thoughtful about where investors fit into that network, keeping in mind how they may be impactful later down the road. As your company progresses, you’ll eventually form a Board of Directors composed primarily of members of the founding team and major investors. Since board members will help set the direction for your company, you want to make sure that you have solid pre-existing relationships with all investors who may eventually be granted a seat. Adding lead investors to a Board of Directors is more-or-less inevitable and typically a board seat will be included in the investment terms you’ll receive. However, if you’re considering carving out a Board seat for an Advisor or minority investor, our recommendation would be to only bring on anyone who has already proven their value.
2) Communicate your goals for the investor relationship and where you envision their help playing a critical role. Identify specific companies or individuals in the investor’s network that you aspire to get in front of, or offer guidelines around the types of introductions you hope they can make. Try to focus on where an investor can make the biggest impact while minimizing the demand on their time.
3) Be realistic about the validation that comes from a specific investor relationship. Some investors’ track records may stand out, but no investor has entirely avoided making mistakes – investors are only human after all. Your product or service must be able to stand on its own; backing by a great investor can be a powerful marketing tool but it can never replace a proven product-market fit.
In a way, Bizydev, by nature of what we do, is better positioned to be the hands-on strategic partner that entrepreneurs often seek in an investor. We recognize better than anyone the value of a partner who can immediately understand your business and get you in front of the right opportunities at exactly the right time. We also recognize better than anyone how much time, commitment, thought, and effort it takes to play that role effectively for multiple startups concurrently. Communicate directly with your potential investors about how big of a strategic role they can play and you’ll build much more rewarding relationships in your cap table. And if you find yourself in need of a business development partner who is focused on going the extra mile to bring you industry expertise, a vast network, and a strategic helping hand, you can always drop us a line.
Fighting the Great Resignation: What Companies are Doing Today to Retain Talent
The Great Resignation. Honestly, this sounds like a pretty scary proposition for employers and business owners. Although no one can deny the effect the pandemic has had on current work practices, this newfound importance placed on work-life balance isn’t going anywhere. Rather than being the scary proposition it could be, many companies are combating this talent exodus by finding ways to bring new value not just to the work of their employees, but to their lives as well.
Flexibility
Anthony Klotz, the Texas A&M management professor who coined the term “the Great Resignation,” recently spoke with CNBC and shared that “the pandemic brought the future of work into the present of work…we are not going back to the work of 2019.” Business owners who simply think they are going to be able to bring their employees back to the way things were are going to get left behind. According to a recent LinkedIn poll, 63% of respondents claimed work-life balance is their top priority when finding a new job, and the Workhome Project found that people value flexibility as much as they do a 10% raise.
It should come as no surprise then that companies are shifting to hybrid and remote models that provide more benefits than the old in-office adage of “we’re a family here.” The talent pool drastically increases when shifting to a pure remote model, adding opportunities not just for employees who may have been landlocked from their dream jobs, but for employers as well to create a more diverse and skilled employee pool. And flexibility doesn’t just mean where you work, but how and when. Accessibility has become a focus in interviews and workplace structure, and when applied appropriately, results in a workforce who is living to work, not the other way around.
Culture
We are not suggesting the office is going away forever, in fact quite the opposite. The office now needs to serve a different purpose in the life of your employee. In speaking with Marc Spector, FAIA and Principal/Owner of Spectorgroup, a recent Bizydev client, he said “companies need to create a cultural, hospitality-driven experience in the workplace that is more compelling than that of the home office. Cultural capital is the new office currency” and this trend is here for the long-haul.
In terms of office layout, companies are experimenting with more open concepts, from activity-based workspaces, to coworking spaces, and hotdesks (where no one in the office, even the C-suite has their own personal desk), all with the goal of creating more options for workers regarding getting their work done. Even more extreme, some companies, especially in the tech sector on the east coast, are experiencing what can only be referred to as the “San Francisco-ization” of the office. Offering amenities such as free meals, lounge spaces, recreational activities, and beer taps, the companies that are approaching this new trend from the perspective of getting employees to “want” to, rather than “need” to, be in the office are the ones that are going to win this battle.
Employee Wellness
The pandemic has been mentally taxing on most, and with this came a shift in focus in the way people are thinking about their wellness. Mental Health became a much bigger focus during
the pandemic, and employers who are providing support in these areas now have a big leg up on the competition. In Mercer’s 2021 Health on Demand report, 42% of employees with access to mental health benefits reported that they’re more likely to stay at their current organization than if they didn’t have those resources. They also found that 44% of those without access to mental health benefits did not feel supported by their employers.
Now there are many ways employees can further their efforts in these areas. New health and wellness initiatives are being brought to companies every day. From company-wide fitness platforms, to providing mental health days, to the aforementioned workplace flexibility, and to wellness retreats, these are just some ways employers are trying to create a healthier experience for their workers. It is more than just adding perks to the workplace however, it is the true intent by company leaders and their commitment to a healthier life for their employees that will truly make a difference.
What Now?
It is definitely an uncertain time for business owners. With the job pool ever expanding thanks to remote work, a change in mentality when it comes to what actually matters in the workplace, and a workforce that has demonstrated they are willing to move on if their needs are not met, this is a time for leaders who can empathize to take advantage of this opportunity to create the most well-rounded workplace.
Tech Trends: What's in Store for 2022
From an innovation standpoint, the past couple of years were full of dramatic and transformational change and we do not expect 2022 to be any different. We’re particularly excited about the changes happening in PropTech, Health and Wellness, and Retail, as we have been busy engaging new clients in all of these verticals.
PropTech
In PropTech, we expect to see continued emphasis placed on the use of technologies that help customers and businesses visualize and experience their spaces in the digital world (e.g., AR/VR, visualization, advanced 3D rendering). During 2021, we saw the rise of virtual Real Estate as the wider world was introduced to metaverse platforms like Decentraland and The Sandbox, and our opinion is that this was just the start. We believe that advances in AI will allow this evolution to proliferate even faster as development engines and deep-learning algorithms are able to take user-specified metrics and requirements and automatically generate robust designs and finished building environments.
Take our current client Qbiq as an example. The Company utilizes proprietary AI and advanced rendering techniques to design finished office floor plans in minutes, uniquely tailored to a customer’s specific needs. With private investments in PropTech up 28% YoY, this sector is going to continue to explode and Bizydev’s expertise in real estate positions us perfectly to take advantage.
Health & Wellness
On the Health and Wellness front, we know that remaining healthy will remain a top priority for people in 2022 as we cautiously emerge from the COVID19 pandemic. While we could focus on a variety of trends here, we are most excited about the opportunities in the realm of connectedness, on both an interpersonal and technological basis, particularly as we see more and more people transition to remote-work-friendly lifestyles. Ecosystems that enable and support distributed communities by allowing users to stay connected around the globe, interact with specialists and professionals, compete with their friends to achieve goals, and the like, will ultimately lead to better outcomes across an array of disciplines (e.g., fitness, mental health, weight management).
Supporting this will be the continued proliferation of smart, connected devices that enhance the health and wellness experience in the home and provide users useful and impactful data. Whether it be connected fitness (iFIT), smart sleep systems (Eight Sleep), or fitness trackers (Whoop, Oura), we are now able to gain real-time insights concerning all aspects of our daily well-being and performance. It won’t be far off until we see the interconnectedness taken to the next level whereby these devices are all able to communicate and exchange data with one another, effectively comprising a single, holistic platform empowering individuals to live healthy and productive lives with minimal effort.
Retail
For Retail, we anticipate that the convergence between brick-and-mortar and digital channels will accelerate as the broader use of in-store automation and contextual analytics at the edge bring us closer to a unified, and highly-personalized, omnichannel shopping experience. Throughout 2021 and already into 2022, we have seen big-box retailers like Walmart, BestBuy, and Walgreens launch internal retail media networks to capitalize on the burgeoning “store as a medium” opportunity–think targeted ads on digital signage as you pass by or individualized promotions pushed to your phone while shopping all driven by customer datasets comprised of comprehensive in-store and online data–which has been enabled by these new technologies.
Another embodiment of this trend can be seen in the work being done by our client Brik+Clik, who is shaping the future of retail by bringing the convenience of online while allowing consumers to touch, feel, taste and try-on their favorite brands in a real-world environment. The benefit to the shopper is clear, but Brik+Clik is also changing the game for D2C online brands who now have a capital-light, data-driven, white-glove alternative to establishing their own physical retail presence. Instead of Location, Location, Location, for physical retailers, it’s becoming Data, Data, Data.
Think Twice Before the BCC
At Bizydev, we believe that business development is a crucial but often overlooked resource in the early stage startup market. Our founding principle was to provide clients with a complete range of business development services, from growth and acceleration advice to building out their pipeline with new connections. One of our key responsibilities is to make new connections for our clients, introducing them to potential customers, strategic partners, capital sources, and more. However, we’ve noticed that some clients have been tempted to remove us from the conversation or BCC us once we make these introductions by email.
We understand the importance of B2B relationships and fostering connectivity, but we’re committed to the success of our clients and want to see these collaborations come to life and flourish. By moving us from CC to BCC, you’re limiting the full impact we can bring to the table.
At Bizydev, we don’t just approach business development as an introduction service. We want to be an extension of your team, providing guidance around the customers and partners we bring to the table. We want to be included and consulted throughout the process, so that we can monitor and steer your business towards your goals and objectives.
Don’t worry about cluttering our inboxes – we want to stay engaged with our clients and be a part of their journey towards success. At Bizydev, we’re not just an outsourced accelerant, we’re a committed partner. So, going forward, include us and consult us throughout the process, because that’s what we’re here for.
If you’re looking for more information on how we approach business development, check out the Bizydev Services which provide an overview of how we work with and help our clients.
And if you are looking for more research and when and when not to use cc and bcc check out this article on Email Etiquette 101 by B12.
Emotional Intelligence and Business Development
Judging from my short stint as an associate at a business development firm, this industry is not for the introverted or antisocial. It requires, most principally, the ability to communicate and connect with people across different sectors and over different platforms. If you’re unwilling to do so, you probably won’t make it very far. The business development industry is fundamentally an industry of connections. Thus, successful examples of business development most often come from people willing to engage with others.
But, there are millions of extroverts around the world, so what separates the best communicators from the average? The answer: emotional intelligence. Naturally, everyone would like to think that they’re as emotionally intelligent as they can be and that they possess all the skills necessary to be a great communicator. In many cases, unfortunately, their self-images are overstated. True emotional intelligence is not only the ability to read, understand, and react to other people’s emotions, but it’s the ability to analyze your own emotions and reign them in or properly convey them.
It seems obvious where these skills would play into business development. In an industry where establishing relationships and networking is paramount to your success, a high level of emotional intelligence is almost a shortcut to the finish line. So shouldn’t a skill that can minimize miscommunication issues, endear you to a necessary business connection, and help you analyze your own goals be developed as much as, if not more than any other skill? I think so.
If you choose to believe that emotional intelligence is a quality that is necessary to successful business relationships, then you might also be wondering how you can improve it. I have found that the best way to develop your emotional intelligence is practice. Make more deliberate efforts to reach out to potential connections, have more coffee chats, attend more conferences. And, while you do so, be mindful of your own behavior. Take note of how you phrase things, make an effort to show that you’re listening, even making eye contact will help you better understand your counterpart. The misconception that emotional intelligence is simply the ability to read others is where most people fall short. Self-awareness is key to productive relationships, and it needs to be a quality more present in the business world.
Emotional intelligence is an important part of Bizydev’s approach to their service. We maintain that sincere, mutually beneficial partnerships are key to business growth in any industry. By ensuring that our relationships and the relationships that we help establish between other firms are conducted with a high degree of emotional intelligence, we are setting ourselves and our associates on a path to success.