
3 Tips For Bootstrapped Tech Startups to Leverage PR in Fundraising
Development is often
synonymous with technological evolution and in the 21st century, the term has
broadened to give rise to cutting-edge innovation driven by originality,
collaboration and experimentation.
Technology startups
embody the spirit of innovation in this digital age, driving the development
with never-seen-before innovation, creativity and entrepreneurship. In 2023,
India boasted 111 unicorns with a combined valuation of $349.67 billion. More
than half of these unicorns (45), began as startups in 2021 and 22 started
their journey in 2022. Their technological prowess, combined with competent PR strategies
helped them to scale effectively, enabling them to streamline fundraising
efforts. From the likes of Zepto and OneCard to CoinDCX, CarDekho and Digit -
the technological innovation contributed to optimising India’s push to become
self-sufficient, with one mutual aspect.
All of them achieved
optimum brand positioning with favourable media outcomes and narratives. In two
words, Public Relations.
A case study
While establishing a
tech startup, many founders put PR in the
backseat for numerous reasons. While the tireless job behind the curtains often
ensures the idea of the particular startup is viable, potential investors are
more interested in its worth in the public domain. For example, numerous
headphones, earphones and wireless speaker brands like Sony, Skullcandy and
others were operating in India in 2016. However, in less than a decade, boAt
has captured the lion’s market share, becoming the world's second-largest
wearable brand. Innovation and experimentation drove the Aman Gupta and Sameer
Mehta-founded company’s growth, however, it was their exceptional narrative
building through adept communication strategies that piqued the interest of the
investors.
This offers a classic
case study for tech entrepreneurs with bootstrapped startups on the importance
of PR in their business. For product & service-based tech startups, fund
crutches are often normal at the initial stages. However, what sets them apart
is their exceptional positioning in the public domain, achieved through
competent PR strategies
that lead to raising critical funds. Otherwise, as statistics suggest, almost
90% of startups fail to make it past its 10th anniversary.
PR is synonymous with fundraising
Out of the 90% of
startups that fail in the first decade, an astounding 70% shut shop in between
2-5 years. Up to 29% of these startups are closed for fund crunches, failing to
attract the interest of investors while competing with an overwhelming domain.
What these firms fail to understand and often ignore, is that PR agencies
are designed to take the task of establishing a robust brand positioning from
them, something that leads to improved investor relations. From media relations
and garnering favourable narratives to crisis management and investor relations
— PR agencies
offer numerous benefits that directly enhance the abilities of tech startups to
garner strategic fundraising. Keeping all this information in mind, let’s look
at three useful tips for bootstrapped tech startups to leverage PR strategies
that can lead to fundraising.
Utilising PR to establish a robust brand identity
There is no dearth of
innovation and originality in tech startups. However, most of these businesses
fail to market their products/services properly, failing to garner a favourable
customer perception of their brand. There are numerous brands out there whose
offerings have the potential to transform their domain, however, the lack of
sufficient exposure and brand identity force these brands to reach the pinnacle
of their potential. Public relations act as the one-stop solution for these
technology-oriented startups, enhancing their brand identity and making their
prospects increasingly alluring to investors.
Founders must recognise
that from a creator’s perspective, it is often challenging to educate customers
about the benefits of a certain technological service or product. However, a PR firm is
adept in crafting that narrative and garners favourable relations with all
stakeholders — media, customers, investors, peers and others. The brand acts as
the story in this strategic narrative itself, something founders are often
unable to perform. However, a seasoned PR strategist
is often an expert in finding the right chords to highlight the positive
aspects of the brand itself, garnering favourable reviews and storylines.
Utilising the track record and credibility of a PR agency
While starting,
technology startups often do not have a credibility or track record apart from
that of their founders. This acts as one of the challenges of garnering
fundraising opportunities. However, a PR firm’s credibility and prior record
can be replicated to suit the requirements of the brand itself, when the firm’s
PR professionals
reach out to media outlets, consumers and other stakeholders on behalf of the
startup. This exercise can prove to be fruitful to recognise the value of a
tech startup, especially for investors, who often become attracted to certain
startups through positive storytelling, interviews or various media placements.
Angel investors and venture capital firms are often on the lookout for new
startups that offer a bright future, garnered through positive story
placements, robust brand identity and public perceptions.
Showcasing worth behind the noise
To ensure strategic
fundraising, the most important aspect for tech startups is to showcase their
worth to all their stakeholders, including potential investors, customers,
peers and others. PR agencies hold a certain advantage to successfully achieve
this. A proficient PR strategy
can represent the brand’s essence by utilising its prior relations with media
outlets, consumers and investors to highlight the qualities that make the
startup stand out in a crowded space. It also offers added benefits like
connecting the tech startup with a proper audience that solidifies the brand’s
identity, helping it to create a pipeline to attract investors for fundraising.
This also provides an assured way to long-term success and thus, continuation
to become a unicorn in due course.
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