Weather Report
22.45℃
Wednesday, May 8
Great customer experience has long been regarded as a way for companies to differentiate themselves from the competition.According to the Economist Intelligence Unit, companies prioritising customer experience see revenue growth at a rate of 59 per cent versus 40 per cent for companies that don’t.
LPs provide the funds necessary for VCs to make investments, and founders provide the innovation and entrepreneurship needed to make the VCs an attractive option for LPs.Despite the total investment amount dropping due to COVID, Partech Partner’s 2020 funding report revealed that the number of equity rounds in Africa increased by 63.6 per cent to 359.Increasing competition means that founders, especially great founders, have more options to choose from.
Trium is more hands-on by adopting the venture builder model — incubating startups and allowing them to grow sustainably by providing professional and technical support as well as facilitating partnerships that help founders grow from an idea to a funded enterprise.– Ability to give honest and empathetic feedback: As a VC, it is important to know that customer experience starts from the first encounter with you.
Having domain experience means that the VC can fully understand the vision of the startup and provide insightful feedback on key decisions.– Ability to provide value-add: The ability to provide value-add is a critical one for founders.
Venture capitalists (VC) talk to their portfolio companies about how important it is to define the customer, understand their needs, and create a compelling value proposition for them.Venture capital as a “product” still has a long way to go, as does the philosophy of treating entrepreneurs like customers.
While there are no matching studies for the role of customer experience in venture capital, the nature of the industry makes it an increasingly crucial factor in the success of funds.According to the White House Office of Consumer Affairs, dissatisfied customers often tell nine to 15 people about their experience.
After all, in the words of Jules Maltz, GP at IVP and Slack investor, “a venture capitalist is only as good as his or her ability to convince the next great entrepreneur to accept an investment.”The expression “Customer is King” is common parlance in business circles.
This innovation provides better choices for the entrepreneur and should result in better long-term returns.A report showed that customer experience (CX), sometimes, finds it difficult to get full recognition from some VCs, whether in Nigeria or around the world because the nature of the VC business model fosters a perception of VCs being at the top of the food chain.One may ask why VCs should care about customers.
To position themselves as a great option, VCs need to become excellent at becoming known, articulating why they are different, building trust, and proving how their partnership will drive results.According to her, some traits startup founders look for in investors include; believe in their team and vision: Investing in an early-stage start-up oftentimes means investing in the team.
Attracting top-tier founders is imperative for the success of any futuristic-thinking VC firm.To Titilayo Oladimeji of Trium Limited, positioning a VC firm as founder-friendly enquires improving the customer experience for all the founders it encounters—whether they receive funding or not..
Read Full Story
![BREAKING: Rivers Assembly Gets New Speaker Loyal To Gov Fubara [Video]](https://www.naijanews.com/wp-content/uploads/2024/05/fubara.jpg)
