Among the topics Nic and I discuss in this episode are: why enterprise customers are becoming more willing to buy mission critical systems from start-ups, what strategies help a start-up to get through the growth stage, and how to structure an effective proof-of-concept trial that works for your buyer and you.
Joining me on this episode of Accelerate! is Nic Poulos, Founder of Bowery Capital, a thesis-driven early-stage investor backing exceptional founders.
Nic believes investing in enterprise solutions is extremely exciting for those who enjoy the latest technologies, such as SaaS, and how they impact the way business is done.
Nic notes that enterprises are starting to recognize value and advantage in acquiring earlier, cutting-edge technologies from start-ups, rather than seeking established vendors with larger implementation costs.
Nic emphasizes how knowing your customer’s exact pain point, and what will drive them to purchase.
Understand your costs before entering into a Proof of Concept trial with a buyer. If there are significant implementation and support costs beyond just offering a free trial, then you should consider a paid PoC trial.
Nic identifies the key to a successful Proof of Concept as having the mutual agreement and commitment to a specific set of milestones (the successful achievement of which should lead to an order.)
Nic counsels new companies to watch how much budget is directed to sales automation, and whether the investment is producing the desired returns.
Why it is important for founders to answer this question: Is this is a product that solves a problem only for companies in Silicon Valley, or does it provide solutions and value that are widely applicable to enterprises (other than growth-stage tech companies.)
Who is your sales role model?
Mark Roberge, author of The Sales Acceleration Formula.
What’s one book that every salesperson should read?
The 7 Habits of Highly Effective People, by Stephen R. Covey.
What music is on your playlist right now?
The Revenant soundtrack, Gigamesh, Zara Larsson and Drake.