April 2016
Beginner
224 pages
4h 36m
English
Content preview from The Art of Startup Fundraising
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14Avoiding Common Fundraising Mistakes
Most of this book has BEEN FOCUSED on what to do in order to effectively raise capital. But it is equally important to learn from others' mistakes, and to take to heart the lessons that can be learned.
What are some of the common mistakes made in the fundraising process that should be avoided?
Failing to Connect
Lacking connections puts startups and their founders at a serious disadvantage. Do not underestimate the value of connections!
Business (and fundraising in particular) is still more often about whom you know, not what you know, so invest in making connections and building relationships. When I was first starting out, I would never miss an opportunity to attend an industry event and give talks or provide insights or commentary. This would ultimately increase my reach and network.
The ability to connect carries over to circulating your investment opportunity, as well as following up. Previous chapters discuss some of the things to look for and to avoid in an investor. It's wise to screen for investors who have domain expertise, are well connected themselves, and have financial strength. Yet, even before pitching, startups need to make sure that they are connecting with and presenting to the right investors. Do you have an Ideal Investor Profile?
Startups should have an Ideal Investor profile for each fundraising round. Factors to consider may include:
- Location
- Average size of investments
- Industry match
- Round of funding the investor ...
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