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- 7 Tips for Fundraising
You are the best! So many sales of the course yesterday as soon as the email went out, and lots of positive feedback already! Based on your feedback, I redid the landing page and added a way to send me questions, which I’ll answer in batches on a video released at the end of each month! If you haven’t had a chance to sign up or see the new landing page, click here.
7 Tips for Fundraising
Read time 2.1 minutes.
I came across this image on the weekend on Twitter and decided to scrap my initial newsletter plan instead of doing something simple: 7 Tips for Fundraising. Let’s go:
Pitching is about getting VCs to see your company from the same perspective you do. Always know your perspective and pitch it effectively. (If you don’t know what this means, you 100% need to check out my course).
Have a process. Don’t just send out emails and take meetings when VCs are free. Know when you want to have meetings, when you want to sign a term sheet and when you want to close. Creating deadlines keeps you on track and forces investors to make decisions.
Pitching is a social interaction. Read the room, make sure people are paying attention to you and learn how to adapt on the fly if you need to capture attention (having a story vault is a great way to help with this).
Know the market; the worst thing you can do is come to a VC with numbers that don’t align with market conditions. This will be an instant red flag, and many will shut you out before you even finish your pitch. (Use these benchmarks to help you).
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Don’t try to do it on your own. Many founders don’t understand the “game” of venture capital. There is a reason why so many waste months trying to raise, find an advisor, friendly VC, consultant, course, or book (Secrets of Sandhill Road is my book recommendation). A small investment here will save you months of your life.
Don’t take advice from any lawyers turned “experts” or anyone else turned “expert” unless they are a former founder (like me) or former VC (at a reputable firm). If they claim to be a former founder, they look into it (one very famous pitching expert promotes himself with a founder as an exit when he is a lawyer who started a sole practitioner law firm and handed it off when he couldn’t hack it in law). Most other good pitch coaches or fundraising consultants I’ve met have a background like me. (1) Started a VC-backed business, (2) worked for a well-known investor (I worked for Jason Calacanis), (3) had success in another field (I was a lawyer). Even outside of “consultants,” someone like Mac Conwell is another example of this; he hits all three categories and is a great early-stage VC. (If they call themselves a “legendary fundraiser,” run away).
Have a strong digital identity. Investors spend about 2m44s on your deck and 1m4s on your social media. If you aren’t perfecting your social media, you miss 30% of your initial pitch. Nail this, and you’ll double the amount of meetings you get.
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Mode saw 150x revenue growth from 2019 to 2022, a leap that has made them one of America’s fastest growing companies. Mode is on a mission to disrupt the entire industry with their "EarnPhone," a budget smartphone that’s helped consumers earn and save $150M+ for activities like listening to music, playing games, and ... even charging their devices?!
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Onwards and Upwards,
P.S. Are you ready to take the next step in raising venture capital for your company? If so, you can book a 1:1 strategy call with me to help get you going in the right direction!
PPS If you are not already, follow me on Twitter, where I share tips and tricks for fundraising daily.
*Disclosure: Please read the offering circular at invest.modemobile.com. This is a paid advertisement for Mode Mobile’s Regulation CF Offering.