Fundraising: Dealing with No
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Most investors don't care about your startup and will either reject you, stall or lie to you. What to do?
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Fundraising: Dealing with No
- 1. FUNDRAISING: DEALING WITH “NO”! Benjamin Joffe! June 2013! PLUS EIGHT STAR
- 2. Benjamin Joffe! • 13 years in Asia! • Founder, +8*! • Co-Founder, Cmune! • Mentor, 500 Startups, Chinaccelerator, etc.! • Angel investor! • Speaker, Columnist!
- 3. Investment Experience • 10 investments ($5k to $50k) – 10 founders convinced me to give them money – 100’s did not • Fundraising – Cmune Gaming Atomico, DCM – Elysium Space Space Burials! Fundraising now
- 5. STARTUPS ARE CONFUSED A startup is a company confused about: -‐ What its product is -‐ Who its customers are -‐ How to make money. When confusion stops, it becomes a real business. Dave McClure 500 Startups This plus scale!
- 7. GOOD IDEAS BAD IDEAS GOOD IDEAS THAT LOOK BAD BAD IDEAS THAT LOOK GOOD STARTUPS ARE HERE
- 8. BY DEFINITION YOU ARE DOING SOMETHING THAT LOOKS BAD TO THE MAJORITY!
- 9. VC HEAR MANY PITCHES = CHOICE + HEARD IT BEFORE!!
- 10. DEFAULT ANSWER IS NO!
- 11. MOST INVESTORS WON’T CARE ABOUT YOU
- 12. CONVINCE (IMPROVEMENTS + PERSISTENCE) FIND MORE TRY TO CONVINCE VS. FIND THOSE WHO GET IT
- 13. THOSE WHO SAY “YES” “WHAT KIND OF GIRLS DO YOU LIKE?”
- 14. SIDE NOTE: COULD MEN BE BETTER PREPARED FOR STARTUPS DUE TO THEIR HABIT OF REJECTION? (AND SALESPEOPLE TOO?)!
- 15. YOUR PROBLEM:! DEALING WITH REJECTION! FINDING THOSE WHO SAY “YES”! PLUS EIGHT STAR
- 17. RED FLAGS & MOTIVATIONS!
- 18. WHEN REJECTED • YOU LEARNED SOMETHING! • UNDERSTAND WHY (RED FLAGS, MOTIVATIONS) • IMPROVE • TARGET BETTER
- 20. NOT US COMPANY! (= C Corp + based in US)! 1 NO WE DON’T DO NON-‐ US DEALS HOW WILL I DO MY TAXES?
- 21. UNPROVEN! 2 NO BY DEFINITION ALL STARTUPS ARE UNPROVEN… SO IT’S LIKELY SOMETHING ELSE
- 22. NO TRACTION! STILL HERE! 3 NO TOO EARLY?
- 23. NO DIFFERENTIATION! LEADER YOU 4 NO
- 24. LIMITED UPSIDE! (Valuation? Market? Exit?)! 5 NO FACEBOOK AT IPO?
- 25. NO PROOF PEOPLE WANT YOUR STUFF! 6 “In a startup, no facts exist inside the building, only opinions.”! Steve Blank! “MAKE SOMETHING PEOPLE WANT” NO IS THIS THING A THING?
- 26. MORE REASONS TO THINK NO AND LIE TO YOU!
- 27. REMEMBER “S.H.I.T.S” SHOW HIGH INTEREST THEN STALL RISK IS REDUCED WITH TIME. STALLING PAYS OFF FOR INVESTORS
- 29. DON’T LIKE YOU! 8 NO GUT FEELING “HE LOOKED LIKE MY EX”
- 30. KITCHEN REMODELING! (= no cash)! 8 NO (OUR FUND IS ON ITS 6TH YEAR)
- 31. SPOUSE DISAGREES! 9 NO “PERSONAL LP”
- 32. NOT COOL ENOUGH! (what will I tell my friends?)! 10 NO CAN’T TALK TO EVERYONE ABOUT YOU
- 33. TEAM CAN’T EXECUTE! 11 NO GOOD PLAN, NO ACTION
- 34. FINDING THOSE WHO SAY “YES”! PLUS EIGHT STAR
- 35. IT TAKES A VILLAGE YOU WILL NEED ALL THE HELP YOU CAN FIND!
- 36. THE LEADS ARE WEAK? YOU’RE WEAK! Source: Glengarry Glen Ross YOUR JOB IS TO MOVE THE BALL FORWARD AND MAKE GOOD USE OF YOUR TIME
- 37. pitching Source: Glengarry Glen Ross TELL EVERYONE WHAT YOU DO AND WHAT YOU NEED
- 38. BFF = BEST FOOT FORWARD
- 39. BEST FOOT FORWARD • 1 clear phrase about you (problem you solve) • The MOST SOLID THING YOU HAVE – Team from Google? – Sold a startup? – Crazy high retenion? – You figured out viral? – Users pay lots? – Interviewed 100 clients?
- 40. INVESTORS ARE AFRAID • MISSING OUT (“FOMO”) • LOOKING LIKE FOOLS • FEELING BAD (your reacion) • LOSING REPUTATION PASSION, COMMITMENT, EXPERIENCE MAKE INVESTORS FEEL YOU WILL TRY HONESTLY
- 41. CONSEQUENCES Ask for money, get advice Ask for advice, get money GET TO KNOW PEOPLE BEFORE ASKING FOR CASH (OR A KISS)
- 42. SEDUCTION MECHANICS Social proof Confidence Not needy LOOKING NEEDY IS UNATTRACTIVE
- 43. MVC = Minimum Viable Credibility!
- 44. EXAMPLE: ME • 10 INVESTMENTS BUT… • 2 TIMES LEAD – Both from friends (1 year+) – First one (5 years ago) I knew nothing – Second one (now) I am helping fundraise A FIRST INVESTOR THAT OTHERS RESPECT HELPS A LOT
- 45. SUMMARY 1. ALWAYS BE PITCHING 2. BEST FOOT FORWARD 3. REDUCE RED FLAGS 4. UNDERSTAND MOTIVATIONS 5. ASK FOR ADVICE 6. FOCUS ON THOSE WHO GET IT