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How to approach vc's and angels
1.
2.
3. } 1. They want to make money.
} 2. Their most precious asset is their time.
4. } 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
5. } 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…
7. } 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
8. } 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.
9. } 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.
10. } You only need 1-3
rounds of <$3 MM
each
} You want to make
some money at the
exit.
11. } 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
12. } 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
13. } 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
14. } 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”
15. } 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
