Loading...
Answers
MenuHow should I approach publications (online and offline) if I want them to profile my startup? How can I differentiate myself from other pitches?
Should I email them, call them, reach them via Twitter? Even if I understand what they cover and explain how my startup matches what they cover, how can I get them to really listen? I am convinced they will like the startup, as it is different and awesome. Are services like PR web or Pitch Pigeon useful or a waste of time?
Answers
I have used PR agencies and other third party services for my startups in the past. In my experience there is nothing like the founder getting in touch with a journalist directly and 'selling' their product/service with their own passion.
PRWeb has done little for me in the past Pitch Pigeon is nothing more than a quick way of emailing a wide variety of blogs, who may be wrong for your product and the email might not get to the right person. It's to scatter gun.
This is what I would do:
1. make sure you have a story people can write about, a launch is usually not enough, some types of sites are interested in close fundraising (like tech crunch).
2. ensure you have the story down as easy to digest bullet points, as well as a standard press release (in case they ask for it) and a press pack.
3. make a list of all the publications / websites you want to feature in
4. find out the names and email addresses, twitter handles of each of the relevant journalists (look for people who have written about competitors or similar products)
5. If possible get the phone number of the journalist.
6. In my experience NOTHING beats calling up the journalist yourself, they're far more likely to listen to you if you call them than if you email/tweet them
7. See if you have any mutual contacts on LinkedIn or other networks, if so get introductions.
8. Otherwise, call if you can't call, email and tweet.
Happy to give you more specific help, ideas and support on a call.
BTW, I recently got coverage in two national newspapers for my own startup.
Sign up for all of their newsletters then respond with your brief pitch. Many are do-not-respond emails, but you will be suppressed at how many are not. Secondly, type in words related to your product and put the name of the newspaper, media that you want behind it in the search. For example, (type of product) WSJ. Then contact the writer who wrote a similar story as yours. Their email address will usually be at the bottom of the article. I have been featured in NYT, WSJ, ABC News and other media by doing this.
Best of Luck,
Mike
From the Trenches to the Towers Marketing
The art of pitching and approaching journalists and media is about adding value to their lives and about building a relationship with them. I'm a veteran PR and one of our agencies core services is PR for start-ups. We have placed our clients in NY Times, Sunday Times (UK), Yahoo and thousands of other major media publications. Calling a journalist or meeting with them in real life is the best way to get them to 'listen' but sometimes that's not possible. If you're a complete stranger to them start by reaching out via Twitter and see if you can get a conversation going. When you're ready to pitch think very carefully about what makes your company newsworthy. If you don't know what is newsworthy start reading all the outlets that you'd like to be featured in. Pitches and outreach should be 100% personalized. Don't go for the spray and pray (send out a release and hope someone picks it up) that rarely leads to any results. Your first communication to a journalist or writer should be extremely succinct - a few lines at best. Brevity and a great email subject line are the key to getting them to open an email. Don't think about how awesome your start-up is instead think about how you can become an SME for them and someone they trust and can come to. Their job is not to promote your business, their job is to write compelling news stories. I can't speak to PR web or Pitch Pigeon because we don't use services like that. We work to create relationships with media so they come to trust us and come to us for tips and sources. It's a tricky thing and tough if you're just starting out, though not impossible. If you have a great company and some success under you belt you can definitely pitch yourself to relevant journalists. Create a good list and start pitching! In our office we have a saying, 'Clarity through action.' You'll have no idea if they care to listen or if what you have is newsworthy until you start diving down the rabbit hole of pitching them. If you get a reply and it's a no make sure you ask for feedback. It's always good to know what they're working on or why your story may or may not be a fit. Good luck! If you've got further questions I'm happy to hop on a call about it all.
Related Questions
-
What is the average series A funding round at pre revenue valuation for a enterprise start up w/cutting edge tech on verge of our first client.
With all respect to Dan, I'm not seeing anything like that. You said "pre-revenue." If it's pre-revenue and enterprise, you don't have anything proven yet. You would have to have an insanely interesting story with a group of founders and execs on board with ridiculous competitive advantage built in. I have seen a few of those companies. It's more like $3m-$5m pre. Now, post-revenue is different. I've seen enterprise plays with $500k-$1m revenue/yr, still very early (because in the enterprise space that's not a lot of customers yet), getting $8m-$15m post in an A-round. I do agree there's no "average." Finally, you will hit the Series A Crunch issue, which is that for every company like yours with "cutting edge tech" as-yet-unproven, there's 10 which also have cutting edge tech except they have customers, revenue, etc.. So in this case, it's not a matter of valuation, but a matter of getting funded at all!JC
-
What percentage of VC funded startups make it to 100m+ revenues in 5 years or less?
100M+ in revenues in 5 years or less does not happen very often. As an example of one sector, here is an interesting data visualization (circa 2008) of the 100 largest publically traded software companies at that time that shows their actual revenue ramp-ups from SEC filings (only 4 out of these 100 successful companies managed this feat, which themselves are an extremely small percentage of all of the VC-funded software companies): How Long Does it Take to Build a Technology Empire? http://ipo-dashboards.com/wordpress/2009/08/how-long-does-it-take-to-build-a-technology-empire/ Key findings excerpted from the link above: "Only 28% of the nation’s most successful public software empires were rocketships. I’ve defined a rocket ship as a company that reached $50 million in annual sales in 6 years or less (this is the type of growth that typically appears in VC-funded business plans). A hot shot reaches $50m in 7 to 12 years. A slow burner takes 13 years or more. Interestingly, 50% of these companies took 9 or more years to reach $50m in revenue."MB
-
What do (bootstrapped) startups offer to new sales hires? Commission only? What are some good examples to keep people motivated and still survive?
Generally bootstrapped startups should avoid salespeople, for a few reasons: a. they typically can't afford the base and overall comp required to attract sales people who can actually sell / or afford to support them with marketing, management, etc b. it will be very difficult to find the rare person with the right mix of sales and startup DNA along with the critical domain knowledge, consequently the startup is likely to settle c. the founders need to be very involved in the selling and customers will demand it That said, if the plan is still to hire a salesperson, find someone who has demonstrated sales success in startups and is excited by the early stage in company building. Create a comp plan heavily leveraged on sales results (unless you are in an industry where 100% commission is a common practice, would recommend against $0 base as this creates the false impression that your hire isn't passing time with one company while looking for another job with a richer comp plan - you want your rep focussed). Sell the vision and opportunity to be part of a growth story. I have written a several blog posts on hiring sales people into start-ups. You might find these useful: http://www.peaksalesrecruiting.com/ceo-question-should-i-learn-to-sell-or-hire-a-sales-person/ http://www.peaksalesrecruiting.com/start-up-sales-and-hiring-advice-dont-stop-selling-once-you-hire-your-first-sales-rep/ http://www.peaksalesrecruiting.com/hiring-start-up-sales-reps/ http://www.peaksalesrecruiting.com/startups-and-salespeople/ Good luck!EB
-
For every success story in Silicon Valley, how many are there that fail?
It all depends on what one decides to be a definition of a "success story." For some entrepreneurs, it might be getting acqui-hired, for some -- a $10M exit, for some -- a $200M exit, and for others -- an IPO. Based on the numbers I have anecdotally heard in conversations over the last decade or so, VCs fund about 1 in 350 ventures they see, and of all of these funded ventures, only about 1 in 10 become really successful (i.e. have a big exit or a successful IPO.) So you are looking at a 1 in 3500 chance of eventual venture success among all of the companies that try to get VC funding. (To put this number in perspective, US VCs invest in about 3000-3500 companies every year.) In addition, there might be a few others (say, maybe another 1-2 in every 10 companies that get VC investments) that get "decent" exits along the way, and hence could be categorized as somewhat successful depending on, again, how one chooses to define what qualifies as a "success story." Finally, there might also be companies that may never need or get around to seeking VC funding. One can, of course, find holes in the simplifying assumptions I have made here, but it doesn't really matter if that number instead is 1 in 1000 or 1 in 10000. The basic point being made here is just that the odds are heavily stacked against new ventures being successful. But that's also one of the distinguishing characteristics of entrepreneurs -- to go ahead and try to bring their idea to life despite the heavy odds. Sources of some of the numbers: http://www.nvca.org/ http://en.wikipedia.org/wiki/Ven... https://www.pwcmoneytree.com/MTP... http://paulgraham.com/future.html Here are others' calculations of the odds that lead to a similar conclusion: 1.Dear Entrepreneurs: Here's How Bad Your Odds Of Success Are http://www.businessinsider.com/startup-odds-of-success-2013-5 2.Why 99.997% Of Entrepreneurs May Want To Postpone Or Avoid VC -- Even If You Can Get It http://www.forbes.com/sites/dileeprao/2013/07/29/why-99-997-of-entrepreneurs-may-want-to-postpone-or-avoid-vc-even-if-you-can-get-it/MB
-
How much equity should I ask as a CMO in a startup?
Greater risk = greater equity. How likely is this to fail or just break even? If you aren't receiving salary yet are among 4-6 non-founders with equivalent sweat investment, all of whom are lower on the totem pole than the two founders, figure out: 1) Taking into account all likely outcomes, what is the most likely outcome in terms of exit? (ex: $10MM.) Keep in mind that 90%+ of all tech startups fail (Allmand Law study), and of those that succeed 88% of M&A deals are under $100MM. Startups that exit at $1B+ are so rare they are called "unicorns"... so don't count on that, no matter how exciting it feels right now. 2) Figure out what 1% equity would give you in terms of payout for the most likely exit. For example, a $10MM exit would give you $100k for every 1% you own. 3) Decide what the chance is that the startup will fail / go bankrupt / get stuck at a $1MM business with no exit in sight. (According to Allman Law's study, 10% stay in business - and far fewer than that actually exit). 4) Multiply the % chance of success by the likely outcome if successful. Now each 1% of equity is worth $10k. You could get lucky and have it be worth millions, or it could be worth nothing. (With the hypothetical numbers I'm giving here, including the odds, you are working for $10k per 1% equity received if the most likely exit is $10MM and the % chance of failure is 90%.) 5) Come up with a vesting path. Commit to one year, get X equity at the end. If you were salaried, the path would be more like 4 years, but since it's free you deserve instant equity as long as you follow through for a reasonable period of time. 6) Assuming you get agreement in writing from the founders, what amount of $ would you take in exchange for 12 months of free work? Now multiply that by 2 to factor in the fact that the payout would be far down the road, and that there is risk. 7) What percentage share of equity would you need in order to equal that payout on exit? 8) Multiply that number by 2-3x to account for likely dilution over time. 9) If the founders aren't willing to give you that much equity in writing, then it's time to move on! If they are, then decide whether you're willing to take the risk in exchange for potentially big rewards (and of course, potentially empty pockets). It's a fascinating topic with a lot of speculation involved, so if you want to discuss in depth, set up a call with me on Clarity. Hope that helps!RD
the startups.com platform
Copyright © 2025 Startups.com. All rights reserved.