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Key Learnings in Failing Fund Raising
- 1. Failure in fundraising
- 2. Hello • Cédric Giorgi • Cookening Co-‐Founder • Previously at Scoop.it (Goojet), Seesmic, Techcrunch France • Also involved in LeWeb, Startup Assembly, La French Touch Conference • Founder of French Startupers FB Group @cgiorgi cedric@cookening.com
- 3. Learning 1. There is no Rule in Fundraising, only specific cases.
- 4. Cookening Timeline • May 2012 -‐ Dev is starAng • November 2012 -‐ Private Alpha is launched
- 5. Cookening Timeline • May 2012 -‐ Dev is starOng • November 2012 -‐ Private Alpha is launched • December 2012 -‐ A VC is calling • December 2012 -‐ Let’s start to think about raising funds
- 6. Learning 2. The US and France have nothing in common. Really. Nothing.
- 7. Cookening Timeline • May 2012 -‐ Dev is starOng • November 2012 -‐ Private Alpha is launched • December 2012 -‐ A VC is calling • December 2012 -‐ Let’s start to think about raising funds • January 2013 -‐ We’re meeAng with a dozen French VC funds
- 8. Learning 3. It’s not because a VC is calling that you’re ready for fundraising
- 9. Cookening Timeline • November 2012 -‐ Private Alpha is launched • December 2012 -‐ A VC is calling • January 2013 -‐ We’re meeOng with a dozen French VC funds • May 2013 -‐ Cookening Public Launch
- 10. Learning 4. Timing, Timing is key.
- 11. Cookening Timeline • November 2012 -‐ Private Alpha is launched • December 2012 -‐ A VC is calling • January 2013 -‐ We’re meeOng with a dozen French VC funds • May 2013 -‐ Cookening Public Launch • June 2013 -‐ Update sent to Investors
- 12. Cookening Timeline • November 2012 -‐ Private Alpha is launched • December 2012 -‐ A VC is calling • January 2013 -‐ We’re meeOng with a dozen French VC funds • May 2013 -‐ Cookening Public Launch • June 2013 -‐ Update sent to Investors • September 2013 -‐ We really need to raise now
- 13. Learning 5. When you try to raise funds when you really need them, it might be too late.
- 14. Cookening Timeline • November 2012 -‐ Private Alpha is launched • December 2012 -‐ A VC is calling • January 2013 -‐ We’re meeOng with a dozen French VC funds • May 2013 -‐ Cookening Public Launch • June 2013 -‐ Update sent to Investors • September 2013 -‐ We really need to raise now • October 2013 -‐ MeeAngs, meeAngs
- 15. Cookening Timeline • November 2012 -‐ Private Alpha is launched • December 2012 -‐ A VC is calling • January 2013 -‐ We’re meeOng with a dozen French VC funds • May 2013 -‐ Cookening Public Launch • June 2013 -‐ Update sent to Investors • September 2013 -‐ We really need to raise now • October 2013 -‐ MeeOngs, meeOngs • December 2013 -‐ Last VC said no.
- 16. Learning 6. You might have a kick-‐ass team, a kick-‐ass product, you need a big market.
- 17. Learning 7. Do not focus on one specific VC
- 18. Learning 8. Look for VCs that do invest in companies like yours
- 19. Cookening Timeline • January 2013 -‐ We’re meeOng with a dozen French VC funds • May 2013 -‐ Cookening Public Launch • June 2013 -‐ Update sent to Investors • September 2013 -‐ We really need to raise now • December 2013 -‐ Last VC said no. • January 2014 -‐ Let’s look for a round with BAs
- 20. Learning 9. BAs and VCs really don’t think the same way.
- 21. Cookening Timeline • January 2013 -‐ We’re meeOng with a dozen French VC funds • May 2013 -‐ Cookening Public Launch • June 2013 -‐ Update sent to Investors • September 2013 -‐ We really need to raise now • December 2013 -‐ Last VC said no. • January 2014 -‐ Let’s look for a round with Bas • February 2014 -‐ Ok let’s do not raise at all
- 22. Learning 10. SomeAmes it’s beer not to raise than bad raising.
- 23. Also… • We didn’t want to move to the US. • We didn’t want to / couldn’t pivot. • We certainly focused too much on wrong things • We were too long to launch • Careful with sexy ideas… • Being the X for Z is a dangerous pitch
- 24. Now ?
- 25. Thanks! Check Cookening, we have awesome meals to aaend in France and in 30 countries cedric@cookening.com @cgiorgi