With a background in venture capital, Nyree Corby, CEO of fashion label Fame and Partners, knew how important funding could be for a company, and how crucial it was to properly prepare before meeting with investment firms.
“What I would say to any entrepreneur is that you need to deconstruct your vision into the most important metrics and then focus on them one at a time.
“So, in our very early stages, it was all about revenue – showing that we could actually sell the product to real-life consumers. It sounds simple but it’s something a lot of entrepreneurs wrongly assume will come later,” says Nyree.
The second was customer acquisition – evidence that the brand could grow its customer base. And then it was all about margins and how to optimise them using technology and innovative supply chains.
“Once I’d achieved those three things on my own, I knew there was a demand in the market for the product and I could confidently present to an investor.”