Looking for investors for your new business is no easy feat, but there are some things to keep in mind when approaching a venture capitalist, according to a top e& executive.

Group Chief Strategy Officer of e& Harrison Lung said that what captures investors is an understanding of what the investment fund typically invests in. He was speaking at the inaugural KT+150 Summit on Thursday, which brought different founders and entrepreneurs from various sectors together.

Lung explained that some funds may have elements like a website or a team, but not actual money to invest.“If you do your pitch, even if they get excited, there's no outcome. Maybe it's good practice, but you'll likely not get an investment,” he said.

E&, a global technology and investment group, heavily invests in telecoms, digital startups, IoT (internet of Things), and AI through its investment arm e& capital. It has a total asset under management of just under $500 Mn (Dhs 1.8 Bn). Lung said that startup founders should be aware if the fund fits their respective business model.

An example he shared was that e& invests in Airalo, a telecommunications company that sells eSIMS. The company is now valued at $1 billion, marking its unicorn stage. Airalo also fits in with e&'s business model, he said, because the UAE has millions upon millions of telecom subscribers.

“For us, it's actually very easy to funnel many of these services to the customer here today. So really understand the investment thesis of each fund and whatever you're starting. Your startup may be a fit,” Lung said.“At the end of the day, telecom service is not rocket science. It's not that new. It's been around for many decades. But there's a slightly different way of doing things, a slightly different business model, that solves a slightly different challenge,” he concluded.

An“elevator pitch”, a very concise but impactful description of an idea or product, is what helps sell a product to investors. Lung explained that if a startup founder only has 30 seconds to explain their product, they should think about three things: What they are trying to solve, if it is a big enough problem, and if somebody is willing to pay for it (i.e. invest in it). He added that as long as there is a sizeable market, rather than the number of people investing, then it should succeed.

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