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- #42: Why do senior executives buy from early-stage cyber security startups?
#42: Why do senior executives buy from early-stage cyber security startups?
Why do senior executives buy from early-stage startups?
Reading time: ~3 min.
Enjoy this week’s email….because who doesn’t want a sales bluebird every week???
What drives senior executives to buy from early-stage cyber security startups?
It is definitely not for everyone!
3 reasons:
they have a pressing problem that isn't solved well by a bigger player
they have the risk appetite (personal and company) to work with start-ups
they want to be involved in the startup community...VCs, boards, advisory boards, LPs, funds, advising
Look for at least 2 of these 3 in each deal.
I once met with a CISO at a global financial company and he said he set aside a few million dollars a year in his budget to buy early-stage technology. His main drivers were 2 and 3 on the list.
I met another CISO who said that if the company didn't have 100+ customers and was in a magic quadrant, he wasn't interested. He may have had 1, but didn't have 2 or 3.
Having 1, but not 2 or 3 is the danger zone. You may go through a demo and a POC, be the clear winner, and still not get the deal. If the individual and the company are not comfortable being one of the first customers at an early-stage compan
y, they simply won't do business with you.
Don't: go through the sales cycle hoping that at least 2 of the 3 are there.Do: qualify early and often for 1 and 2, and hope you also have 3.
Time for a dad joke break...
I told my wife she needs to start embracing her mistakes. So she hugged me.
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Rooting for you,
Andrew MonaghanChief [email protected]
