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How to approach vc's and angels

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How to approach vc's and angels

  1. 1. } 1. They want to make money. } 2. Their most precious asset is their time.
  2. 2. } Proof of concept (POC) } Market validation } Regulatory path } Reimbursement plan } IP including FTO } Customer economics } Payer economics } Believable plan } Team to get there } Exits / comparables
  3. 3. } Answers to their objections •  Address their biggest objections up front } Be ready for diligence •  Advisors / prospective customers to call. •  Details of POC •  Detailed financial plan •  Detailed development plan •  FTO analysis •  License / option agreements…
  4. 4. } Because you need >$10 MM } Or >$3 MM in any round
  5. 5. } The good •  Deep pockets, networked to other investors •  Sophisticated board members (sometimes) } The bad and the ugly •  Bad board members (sometimes) •  They like to spend money. •  They may replace you. •  They may wipe you out. •  They want it nearly done before they give you money
  6. 6. } Make sure they are appropriate: •  Have money •  No conflicts •  Similar portfolio companies •  Right sized } Get a warm introduction •  CEO of current / former portfolio company •  Any former CEO, other VC, other entrepreneur… } Write small email description.
  7. 7. } Bring your team, dress well, arrive early, ask how much time you have } Stand up. Present in 20 minutes. } Have answers / back-up slides •  OK to schedule a follow up meeting for deep dive } Ask for when you should follow up } Respond immediately to diligence requests. } If they are not doing work, they have passed.
  8. 8. } You only need 1-3 rounds of <$3 MM each } You want to make some money at the exit.
  9. 9. } The good •  Straightforward terms (1x pref., non-participating…) •  Rolling closes •  Follow-on rounds are easy •  No VC games, no forced CEO replacements •  You own more at exit } The bad and the ugly •  No deep pockets •  Herding cats •  Don’t expect a big salary
  10. 10. } Gust.com to find groups } Find a sponsor } Go to a meeting or two } Start small (<$2 MM) } Pre money <<$5 MM } Make sure you have the right sponsor } Prepare, apply, present
  11. 11. } Bring your team, dress well, arrive early, } Present in allotted time. } Have answers / back-up slides for all questions. •  OK to refer things to diligence meeting } Respond immediately to set up diligence meetings
  12. 12. } Don’t ask a group to sign an NDA } Don’t use more than a handful of words on a slide and do not use any small font sizes } Don’t claim you have no competitors } Don’t think that you will grow by “social media” or “going viral”
  13. 13. } What if you need $1 MM now and then $10+ MM and too early for VC’s } Most angel groups will not do it. } Need super angels, early VC’s, Angel friendly VC’s, friends and family, SBIR

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