Hot in Enterprise IT/VC - What's 🔥 in Enterprise IT/VC #317
What's 🔥 in Enterprise IT/VC #317Navigating your first enterprise sales in 2023 - innovative is great, but save me 💰 or give me a 2:1It’s Thanksgiving week 🦃 in the United States, and it’s a great time to take a pause and reflect on the year that has passed and think about all that you are grateful for 🙏🏼. It’s also the week before AWS re:Invent which is back in full force, and a time to 🙏🏼 that your startup does not get killed with the launch of a new AWS service. We’ll be passing on this year’s event after 5 years of participating. While it’s an awesome place to get together with many of our startup founders and friends in the venture community, it simply has gotten too big. During the last couple of weeks, I’ve had several conversations with IT buyers at large organizations to get a feel and understanding for what’s top of mind for them heading into 2023. Besides digging into cloud costs, this quote below sums up the environment for startups and IT Spend: Last year in my budget, I could easily find a small pocket of💰 for innovation here and there. This year I can’t just buy innovative - it has to be innovative and save me money and ideally be a 2 for 1 or show me a quick path for 2 for 1. If you’re a startup selling into this environment, how do you compete and win especially if you just do one thing well?
In the midst of IT Spend questions and a impending recession, many a VC during due diligence for Series A and B rounds will want to talk to live customers about all of the above. Make sure you don’t leave this to chance! Call each and every customer you plan to have as a reference and make sure they hit the main points - can’t live without this product, makes my team XX more productive and saves $XX, buy into vision and long term roadmap, builds fast, trusted relationship…Also make sure to properly gate these conversations and that the investor is truly excited and up to speed on the product and will ask the right questions. The worst thing you can do is burden your customer with too many VC calls and inundate them with conversations that go nowhere. As always, 🙏🏼 for reading and please share with your friends and colleagues! Scaling Startups
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