Founder of BAM, a full-service PR and marketing firm for VC-backed startups, and OnePitch, a pitch platform for journalists and publicists.
Back in the ’00 days, there were dozens of venture capital (VC) funds. Today there are several hundred, each vying to find the next unicorn to bet on. Despite the “softening” of deals that Sequoia predicted in 2020 due to Covid-19, more than 10,000 deals were done, nearly on par with 2017’s deal total. The hunt for unicorns certainly continues.
In order to stand out from other funds, some VCs have turned to PR campaigns to elevate their allure to those they sign checks for (founders) and to those they take checks from (limited partners).
One PR strategy VCs are deploying is to hire prominent journalists as in-house gurus to guide content, media presence and more. For instance, former TechCrunch editor Josh Constine is now a Principal Investor and Head of Content at SignalFire, and former CNBC health tech reporter Christina Farr is now Principal Investor at OMERS. The list goes on. Another PR strategy is to hire an outside agency or consultant to land press mentions, articles and speaking opportunities.
Either strategy is viable, but often a VC fund isn’t well-positioned for a PR campaign. Here are the four requirements I’ve found VCs need before launching a PR strategy, based on our campaigns with more than a dozen VCs over the last few years.
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A Qualified ‘Bench’
First, you’ll need to fill your “bench.” The bench — the people you’ll tee up for media opportunities — is often a few people at the fund who can speak with authority on a number of defined topics based on success, not qualifications. A Stanford degree in finance or 20 years on Wall Street may be the typical qualifications to be in venture capital but don’t count for authority in the eyes of journalists. Your fintech investor, for example, should be able to say she’s invested in 20 startups, two of which have completed IPOs (Initial Public Offerings).
Your bench doesn’t need to be reserved only for partners. Consider showcasing your up-and-coming associates or principals who have made some bets on rising unicorns or who consistently have a presence on social media. An EIR (Entrepreneur in Residence) may also be compelling to put forward.
Advanced move: Once you’ve assembled your bench, insist everyone on it complete media training. Some may deny needing it, but it’s never a bad idea to brush up and be prepared for curveballs that may come from a journalist.
Iconoclast Views
For venture funds, thought leadership is often the only lever to pull for media opportunities. Unlike startups, which may have launches, new products, market expansions, funding, acquisitions and wild industries always in flux, venture capitalists don’t have much “news.” There are exceptions, like grand events or conferences. Upfront Ventures’ Summit in LA, for example, has often garnered media attention for its flash and star attendees.
Thought leadership, therefore, has to be strong and distinct enough to warrant any media attention. “AI is going to change the economy” or “digital banking is the future of fintech” are hardly big enough. “Kids will be swapped in the future between families” or “global food supplies will shift to Mongolia and Russia with a soil revolution” are absurd positions and certainly attention-grabbing in comparison.
The bolder and more specific your bench can be, the better. But it’s only half the media game. Iconoclast positions need hard facts, which we’ll dive into next.
Content With Numbers (and More Numbers)
Big positions need some big numbers. It’s not meaty enough to say, “Well, that’s what the news keeps saying,” in response to why a strong viewpoint is held. Thought leadership backed by first-party data and analysis from your fund is ideal to weave alongside strong views in consistent blog, video or other forms of content.
Most often, a venture capitalist is convinced of data shown by a startup she signed a check for, but what else did due diligence dig up? Is there an in-house data scientist who can mine some third-party data information from Pitchbook or Crunchbase and tease out trends? Or perhaps your fund has research fellows or a relationship with a university that can compile some findings to back up the iconoclast views. Surveys of certain segments could also work. For example, First Round Capital, long known for its in-depth content, has produced an annual report on the state of startups compiled from thousands of responses.
Whatever the numbers are to back up the bold views, aim to carve out your own data as much as possible on a consistent basis.
An Internal Quarterback
Lastly, a great bench with strong views and good numbers is not enough for a successful PR campaign. Your fund must have someone within the fund who is dedicated to running point on the media opportunities and running it well. This is the most overlooked piece of the PR strategy for VC funds.
This person serves as an internal quarterback, making sure everything stays consistent and on track with the bench. In addition, this person is someone with authority — like a marketing director or principal investor with a background in comms or marketing who understands the timeliness and assets media require. She or he should also be able to wrangle the bench, so it’s important that the quarterback has respect and priority with each person at the fund who is eager for media opportunities.
If your fund can meet these four requirements, you’re likely on your way to a solid PR campaign whether executed internally or externally with an agency or freelancer. A PR campaign that brings notable media attention is a solid strategy to attract entrepreneurs and LPs. Even better: It’s tough to replicate, and VCs love a defended position.
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Author: Beck Bamberger, Forbes Councils Member