Getting ready for an investor interview is always stressful, and you should always be ready to answer basic questions such as "what way is your solution unique?", "Who are your competitors?", and "How will you generate profit?".
But what about the unexpected? How can you prepare for such events?
To assist you, we've compiled a list of unexpected questions:
1. Who believes in you, and how can I get in touch with them?
Investors may inquire about your mentors or advisors. If you don't have any, tell them about people and ideas that have influenced your team. Prepare to provide examples and explain why.
2. Whose business do you admire and why?
Even if you have never been asked this question before, it is time to consider it so that you can be proactive and inform the next investor. Through your role model, you can demonstrate something about your own values and aspirations (s).
3. How do you keep track of market trends?
Every prospective investor must have confidence that you understand and are at the forefront of your industry. Aside from standard questions like "what is your target market?" some investors may want to ask something unusual to see how comprehensive your understanding of your industry is. Prepare to share a lot of information about the sources and tools you use to stay one step ahead.
4. How do you intend to scale your startup for the least amount of money?
All investors want to get the most bang for their buck...and you should, too! Prepare to explain in detail not only how much money you need to scale the business, but also how you intend to do so while minimizing costs. It is not unreasonable to identify budget expenditures that can be avoided or to create a set of different budgets based on different business scaling models.
This question indicates that you should be fluent and prepared to answer out-of-the-box questions from investors. What answers would you have given to these questions? Please let us know in the comments!
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