FUNDRAISING QUOTES

19 WISDOM FROM THE MASTERS
PAUL
GRAHAM

Founder,
Y Combinator

1

#

“

“ That's the secret.

Convince yourself that
your startup is worth investing ...
“

“ The fact is that the amount

of money startups raise in
their seed and Series A rounds
is inversely correlated with
s...
“

(on investor meetings)

NAVAL
RAVIKANT
Co-founder,
AngelList

3

#

“ You have a very short amount

of time to make a fi...
“

“ Create alternatives with focus:

pitch and negotiate with all
your prospective investors at once.
Focus compounds sca...
“

most
“ Our led bysuccessful companies
are
entrepreneurs who are

JOSH
KOPELMAN
Co-founder, First
Round Capital

5

#

h...
“

“ If you can’t get an intro to

a VC, hang up your cleats now.
You’re done, GAME OVER. ”

MARK
SUSTER

Investment
Partn...
BRAD
FELD

Co-Founder,
Foundry Group

7

“

“ The only thing that we know

about financial predictions of
start-ups is that...
“

“ A lot of VCs say things like,

‘We’re part of the team with you
and we’re building this together.’

BEN
HOROWITZ

In ...
CHRIS
DIXON

“

“ Size markets using

narratives not numbers. ”

Partner,
Andreessen
Horowitz

9

#

THE SECRET OF RAISING...
“

“ If you’re doing a live demo,
PRACTICE!

PRACTICE!

DAVE
MCCLURE
Founder,
500 Startups

PRACTICE! ”

1
0

#
THE SECRET...
PAUL
GRAHAM

Founder,
Y Combinator

1
1

#

“

“ Investors are pinched between
two kinds of fear:

fear of investing in st...
“

“ Investors are trying to find the

exceptional outcomes, so they
are looking for something
exceptional about the compan...
“

(on investing)

MARC
ANDRESSEN
Co-Founder,
Andreessen
Horowitz

13

#

“ Out of ten swings at the bat,

you get maybe s...
“

“ The best entrepreneurs

made me feel like the train
was leaving the station whether
I got on board or not.”

JON
CALL...
VINOD
KHOSLA

Founder,
Khosla Ventures

15

#

“

“ 95 percent of VCs add zero value.
I would bet that 70-80 percent
add n...
“

“ Keep the competitive leads warm,
get your deal oversubscribed,
because until your deal is done,
it’s just a nice fant...
MARC
ANDRESSEN
Co-Founder,
Andreessen
Horowitz

1
7

#

“

“ It's an old—and true—cliche that

VCs rarely actually say "no...
“

“ I get a lot of emails from

entrepreneurs. The best ones
are short, to the point and include
some question and/or the...
JERRY
MCGUIRE

“

“ SHOW ME THE MONEY! ”

Sports Agent

19

#

THE SECRET OF RAISING MONEY:
THE ENTREPRENEUR’S GUIDE TO
GE...
LEARN HOW
TO MASTER
FUNDRAISING
Sign Up Now to Get the
Two Tactics You Need
to Convince Investors
and a Launch Discount

S...
ABOUT THE AUTHORS
SETH GOLDSTEIN
@seth

‣ Raised hundreds of millions of dollars for
dozens of companies over the last twe...
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19 fundraising quotes: The masters explain how to get funded

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Adapted from The Secret of Raising Money: The Entrepreneur's Guide to Getting Funded, by Seth Goldstein and Michael Simpson

www.thesecretofraisingmoney.com

What is The Secret of Raising Money?
The Secret of Raising Money is a book the provides all the information, tools and materials needed to raise capital for your startup. We have distilled years of "in the trenches" knowledge into a book, and supplemented it with financial models, cap table templates and pitch decks that entrepreneurs can use immediately to improve their chances of success.

We have included exclusive new interviews with many of the most insightful investors on the subject: Fred Wilson, Josh Kopelman, Danny Rimer, Mark Suster, Naval Ravikant, Mark Goldstein, Brad Feld and Jon Callaghan.

Why are we doing this?

The cost of starting a company has fallen to almost zero. There are now more founders than ever before, not only in Silicon Valley but all over the world. Early stage capital is abundant. The removal of the ban on solicitation from non-accredited investors is opening the floodgates even wider. Although there is a wealth of information available online, a typical startup CEO has barely enough time to read one blog post about fundraising, much less all of them.

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19 fundraising quotes: The masters explain how to get funded

  1. 1. FUNDRAISING QUOTES 19 WISDOM FROM THE MASTERS
  2. 2. PAUL GRAHAM Founder, Y Combinator 1 # “ “ That's the secret. Convince yourself that your startup is worth investing in, and then when you explain this to investors they'll believe you. ” THE SECRET OF RAISING MONEY: THE ENTREPRENEUR’S GUIDE TO GETTING FUNDED
  3. 3. “ “ The fact is that the amount of money startups raise in their seed and Series A rounds is inversely correlated with success. ” THE SECRET OF RAISING MONEY: THE ENTREPRENEUR’S GUIDE TO GETTING FUNDED FRED WILSON Co-founder, Union Square Ventures 2 #
  4. 4. “ (on investor meetings) NAVAL RAVIKANT Co-founder, AngelList 3 # “ You have a very short amount of time to make a first impression. If you’ve got a long rambling slide deck...you’re done. ” THE SECRET OF RAISING MONEY: THE ENTREPRENEUR’S GUIDE TO GETTING FUNDED
  5. 5. “ “ Create alternatives with focus: pitch and negotiate with all your prospective investors at once. Focus compounds scarcity and social proof, which closes deals.” THE SECRET OF RAISING MONEY: THE ENTREPRENEUR’S GUIDE TO GETTING FUNDED BABAK NIVI Co-founder, AngelList 4 #
  6. 6. “ most “ Our led bysuccessful companies are entrepreneurs who are JOSH KOPELMAN Co-founder, First Round Capital 5 # heat seeking missiles.  It doesn't matter where the missile is aimed pre-launch. Successful entrepreneurs are constantly collecting data, looking for bigger targets, adjusting course if necessary. And when they find their target, they're able to lock-onto it — regardless of how crowded the space becomes. ” THE SECRET OF RAISING MONEY: THE ENTREPRENEUR’S GUIDE TO GETTING FUNDED
  7. 7. “ “ If you can’t get an intro to a VC, hang up your cleats now. You’re done, GAME OVER. ” MARK SUSTER Investment Partner, Upfront Ventures 6 # THE SECRET OF RAISING MONEY: THE ENTREPRENEUR’S GUIDE TO GETTING FUNDED
  8. 8. BRAD FELD Co-Founder, Foundry Group 7 “ “ The only thing that we know about financial predictions of start-ups is that 100 percent of them are wrong. ” # THE SECRET OF RAISING MONEY: THE ENTREPRENEUR’S GUIDE TO GETTING FUNDED
  9. 9. “ “ A lot of VCs say things like, ‘We’re part of the team with you and we’re building this together.’ BEN HOROWITZ In reality, the entrepreneur is building the company, and I’ve yet to see a VC who shows up in the company’s office at 8 am and works until 11 pm 7 days/week, so no: they are not ‘part of the team’. ” # THE SECRET OF RAISING MONEY: THE ENTREPRENEUR’S GUIDE TO GETTING FUNDED Co-Founder, Andreessen Horowitz 8
  10. 10. CHRIS DIXON “ “ Size markets using narratives not numbers. ” Partner, Andreessen Horowitz 9 # THE SECRET OF RAISING MONEY: THE ENTREPRENEUR’S GUIDE TO GETTING FUNDED
  11. 11. “ “ If you’re doing a live demo, PRACTICE! PRACTICE! DAVE MCCLURE Founder, 500 Startups PRACTICE! ” 1 0 # THE SECRET OF RAISING MONEY: THE ENTREPRENEUR’S GUIDE TO GETTING FUNDED
  12. 12. PAUL GRAHAM Founder, Y Combinator 1 1 # “ “ Investors are pinched between two kinds of fear: fear of investing in startups that fizzle, and fear of missing out on startups that take off. ” THE SECRET OF RAISING MONEY: THE ENTREPRENEUR’S GUIDE TO GETTING FUNDED
  13. 13. “ “ Investors are trying to find the exceptional outcomes, so they are looking for something exceptional about the company. Instead of trying to do everything well (traction, team, product, social proof, pitch, etc.), do one thing exceptionally. As a startup you have to be exceptional in at least one regard.” THE SECRET OF RAISING MONEY: THE ENTREPRENEUR’S GUIDE TO GETTING FUNDED NAVAL RAVIKANT Co-founder, AngelList 12 #
  14. 14. “ (on investing) MARC ANDRESSEN Co-Founder, Andreessen Horowitz 13 # “ Out of ten swings at the bat, you get maybe seven strikeouts, two base hits, and if you are lucky, one home run. The base hits and the home runs pay for all the strikeouts. ” THE SECRET OF RAISING MONEY: THE ENTREPRENEUR’S GUIDE TO GETTING FUNDED
  15. 15. “ “ The best entrepreneurs made me feel like the train was leaving the station whether I got on board or not.” JON CALLAGHAN Co-founder, True Ventures 1 4 # THE SECRET OF RAISING MONEY: THE ENTREPRENEUR’S GUIDE TO GETTING FUNDED
  16. 16. VINOD KHOSLA Founder, Khosla Ventures 15 # “ “ 95 percent of VCs add zero value. I would bet that 70-80 percent add negative value to a startup in their advising. ” THE SECRET OF RAISING MONEY: THE ENTREPRENEUR’S GUIDE TO GETTING FUNDED
  17. 17. “ “ Keep the competitive leads warm, get your deal oversubscribed, because until your deal is done, it’s just a nice fantasy in your head. ” THE SECRET OF RAISING MONEY: THE ENTREPRENEUR’S GUIDE TO GETTING FUNDED TRAVIS KALANICK Founder, Uber 1 6 #
  18. 18. MARC ANDRESSEN Co-Founder, Andreessen Horowitz 1 7 # “ “ It's an old—and true—cliche that VCs rarely actually say "no" — more often they say "maybe", or "not right now", or "my partners aren't sure", or "that's interesting, let me think about it". THE SECRET OF RAISING MONEY: THE ENTREPRENEUR’S GUIDE TO GETTING FUNDED
  19. 19. “ “ I get a lot of emails from entrepreneurs. The best ones are short, to the point and include some question and/or the product. ” JASON CALACANIS Serial Entrepreneur and Angel Investor 18 # THE SECRET OF RAISING MONEY: THE ENTREPRENEUR’S GUIDE TO GETTING FUNDED
  20. 20. JERRY MCGUIRE “ “ SHOW ME THE MONEY! ” Sports Agent 19 # THE SECRET OF RAISING MONEY: THE ENTREPRENEUR’S GUIDE TO GETTING FUNDED
  21. 21. LEARN HOW TO MASTER FUNDRAISING Sign Up Now to Get the Two Tactics You Need to Convince Investors and a Launch Discount Send Me the Two Tactics COMING IN 4 MARCH 201
  22. 22. ABOUT THE AUTHORS SETH GOLDSTEIN @seth ‣ Raised hundreds of millions of dollars for dozens of companies over the last twenty years ‣ CEO and Co-Founder of DJZ ‣ Co-founder at Turntable.FM ‣ First EIR at Fred Wilson's Flatiron Partners ‣ Angel investor (bit.ly, delicious) AUTHORS N FEATURED I MICHAEL SIMPSON @michaelgsimpson ‣ Co-Founder at DJZ ‣ Managed process for $3m debt and equity capital raise ‣ Two years M&A investment banking at Greenhill & Co ‣ Angel investor ‣ Yale College
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