Quang
Quang Pham details how to overcome the odds and attract investors.

My unlikely journey from a child refugee of the Vietnam War to biotech CEO has been marked by challenges, but overcoming them proves that success is not reserved solely for those with elite credentials.

Those lacking the traditional advantages when they're young in their career—an extensive network of successful people, a degree from a prestigious university, family wealth, etc.—can often feel as though they're starting from far back in the pack. And when trying to start and sustain a business, how can they win investors and raise capital without gleaming resumes, a bevy of impressive contacts, and a strong financial statement?

Here are some keys that those lacking an elite pedigree can use to attract financial interest in their start-up:

Determine your definition of success

I've found that people who are underdogs can attract investors and succeed in business when they first determine what success means to them and then align their efforts and results with that definition. That's what I did en route to our company becoming the first biotech IPO of 2023. And that came three years after my previous start-up buckled. We were another underdog trying to be the newest darling on Wall Street amid a poor biotech financing climate.

Many people have been taught to let others define their success, whether through a grade, a credential, or some other standard, such as a job promotion. This may sound counterintuitive, but underdogs often enter the fight with a sense of success. My time in the Marines reinforced this belief. So did my career in sales. And this approach has served me well in entrepreneurship. There's a lot in life you can't control. But what you can control is your approach.

Approach doesn't just mean mindset. The best mindset in the world won't help you if you don't pair it with action. You can build trust with investors and raise capital through your actions, not your previous affiliations.

Build credibility with the power and components of networking

How do you pitch with credibility without an elite education or resume? Whenever you pitch your start-up to an investor, they rarely care only about the product, your credentials, and the market research. They also want to know the following:

  • Who is on your team (CFO, COO, sales/marketing, product design, etc.)?
  • Who are you already partnered with (sponsors, distribution partners, suppliers)?
  • Who are you already serving (customers/clientele)?

You might be the face of the company, but these three whos are huge credibility boosts—assuming you have the right people. You need to recruit mission-aligned teams. But how do you expect to find those team members and business partners if you're not developing your network?

In today's digital world, it's never been easier—or more critical—to network. Your online profile isn't just a digital resume for people to stumble across—it's your strategic credibility builder. The connection you make today could be your most valuable collaborator. Through social media, people have the opportunity to see you in action, to hear about your values and thoughts. If they align and reach out, then you've gained influence and credibility. You don't need a million followers to gain credibility either. You need intentional connections.

You'll be a better networker if you approach the task with humble confidence. If you go in guns blazing, people will assume you want to sell them on something, and they'll put up a wall. When people ask what you do, shine the light on the problem you solve, the wins that others have experienced, or how great your team is. And make your case relatable.

Strategies to network and pitch effectively:

  • Lead with your purpose and mission, not just your background. Investors seek clarity—what your company is about, why it has long-term relevance, and where you see it going.
  • Share a story that showcases your resilience: Highlight how you've overcome challenges and setbacks. Investors value grit over glamour.
  • Document your achievements: Cite anything that will help you become more credible.
  • Demonstrate results: Execution is a significant edge for underdogs with investors, particularly in the absence of traditional pedigree. Show metrics, case studies, or examples of traction.
  • Show skin in the game: Investors are more impressed by founders who have risked something than those with elite affiliations. Put in your own money first!
  • Create a list of all your transferable skills: Highlight the experiences and abilities you possess that can be applied to leading a successful start-up.

The power of preparation: Be ready when your number is called

Being the best salesperson in the company gave me the credibility and confidence I needed when I made the jump to entrepreneurship. Adding my Toastmasters training, I was prepared to take my presentation skills to the next level by pitching our first start-up to investors.

Life experiences are also vital in finding common ground with investors you're trying to convince in presentations. A case in point was when we entered a major global pitch competition hosted by a big-name venture capital firm. The lead partner was a former military pilot, so we had shared military experience. Additionally, organizing the competition was a former NBA player, then a partner—I followed basketball closely—and a female partner whose father had served in the Marines.

The competition was to be run like the NCAA basketball tournament. All participating start-ups were to be placed into a geography-based bracket and evaluated based on their business plans. The four regional winners would then be the "Final Four" and flown to San Francisco for the final pitch to the venture capital partners themselves.

My second-in-command thought we were wasting our time. He felt we should be going out with our business plan through more traditional pitching routes. He recognized the uphill battle of being an untested startup with a brand-new CEO (me) who had never raised capital before.

I had confidence in the idea. While it was true I'd never raised funding for a startup before, my success as a pharmaceutical rep meant I knew what it was like to raise millions in capital through sales. My thousands of conversations with doctors offered proof that a better system could be developed.

We made it to the Final Four, but we were underdogs. Whenever I give a presentation, my focus is on being factual and entertaining—people get bored easily these days. It was clear to me that the partners were trying to make the experience fun with the March Madness-inspired setup. And yet all the other teams were far too formal. Although I don't have any direct proof, I believe what put us over the top was the last slide, which featured a picture of a basketball going into the hoop. Printed on the side of the basketball was our actual banking information.

I said, "We're not just happy to be here. We're here to cut down the nets. So here's our banking information. Thank you very much."

We secured a $5 million initial investment in 2000 and sold one-third of a company

called MyDrugRep.com, which had four individuals on the team and 18 PowerPoint slides. The biggest deal ever on "Shark Tank" was $2.5 million in 2014..

Preparation isn't just about what you want to achieve. It's also about knowing what your audience wants. That final slide with the basketball hoop wouldn't have worked in any other setting. But it worked there because I had done my homework on who would be in the room and where to find the common ground.

Entrepreneurs without elite credentials or from underrepresented backgrounds must build trust and attract investor interest through demonstrated effort, consistency, and resilience. It doesn't matter if you're from Harvard or the hood. What matters is your track record, your clarity of mission, and how you've responded to adversity. Just like in March Madness, with the proper preparation and execution, underdogs win.

About Quang X. Pham

Quang X. Pham is the founder and CEO of Cadrenal Therapeutics (Nasdaq: CVKD), a

company focused on the development of innovative blood thinners. He has the

distinction of being the first American of Vietnamese descent to become a U.S. Marine

Corps aviator and to successfully lead a biotech initial public offering on the Nasdaq

exchange. In addition to his business ventures, Quang is the author of Underdog

Nation: Zero in on Effort and Results for Success, a recently published book that

explores themes of perseverance and achievement. His contributions to

entrepreneurship have earned him recognition, including the EY Entrepreneur Of The

Year® award. Quang holds a degree in economics from the University of California, Los

Angeles (UCLA) and is a graduate of Harvard's Global Healthcare Leaders Program. He is also a sought-after speaker in various forums.