LC001: How do you maintain momentum while fundraising AND running your startup?

launchpeer - June 6, 2018

Today’s question:

Today’s question comes from AJ and he asks about two parts of fundraising. First, are investors understanding of the fact that fundraising is hard and difficult to do while also trying to run your startup, especially in the early stages when you’re trying to get everything up and running? Two, what are some tips for keeping the momentum going while you’re constantly on the road fundraising and feeling overwhelmed from all the travel and meetings?

Jake’s answer:

Do investors care about your time and the work you’re putting into fundraising?

The two kinds of investors:

  • Looky-loos
    • They love meeting people for coffee and taking up your time, but rarely actually invest in anthing.
    • They don’t care about your time.
  • Active Investors
  • Actively investing
  • Are always on the lookout for good startups in which to invest

Obviously, you want to avoid the first. It’s important to make you’re meeting with the right investor.

  • Check them out on MatterMark or AngelList and verify that they’re actually actively investing and will be willing to give you a firm yes or no, rather than a maybe.

Looky-loos loving giving maybes. Real investors will give you a firm answer.

Three things you can do to prepare and maintain momentum

  1. Have really clear expectations of the meeting before set the meeting.
    1. When you ask for the meeting, send an agenda outlining exactly what you’re looking for and you’re expected outcomes.
  2. Actually send a calendar invite.
    1. Even if you agree to a certain time over email, make sure it’s actually booked on the calendar with a defined time limit. Real investors will respect this.
    2. Make sure when you get to the last part of the meeting, make sure that time is spent on action steps.
  3. Treat these meeting like a sales pipeline.
    1. When you have a sales pipeline, you weed out potential customers with various filters (price, timeline, etc.), leaving you with your ideal customers.
    2. Instead of meeting with every investors with you find, focus only on the investors that are most likely to invest in your startup.

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