Thanks to everyone who made it out last night to the guitar showroom for an incredible panel and some delicious treats from Petee’s Pie Co! Here are four takeaways from the conversation on fundraising, featuring VCs and Entrepreneurs who have participated in a Series A raise.
1. Every business has weaknesses and investors will likely spot them. Instead of trying to hide your weakness, be proactive in knowing how you are addressing these holes and how an investment would help.2. Listen to feedback and revise your pitch as you go. If you keep hearing the same questions about your business, add new slides to your deck and make sure you have industry stats and an informed answer to back you up.3. Not every investor is right for your business. Look for investors who specialize in your particular product or service. Know not only the right firms but the right people to target your pitch to within those firms. You want people who understand what you are building.4. Not every business needs funding. Think about what you need to keep your doors open. Sometimes that’s a cofounder, or a board member that has some equity and provides connections and advice as you grow. Be strategic in raising money only when there is a reason to do so.