WTIA Startup Cohort 3 - Fundraising Process
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January 2020, Washington Technology INudstry Association (WTIA) Startup Programs Cohort Program. January 2020. Founder Cohort 3
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WTIA Startup Cohort 3 - Fundraising Process
- 1. Copyright DKParker, LLC 2018 Fundraising Process Dave Parker @DaveParkerSEA www.dkparker.com/blog Dave@dkparker.com
- 2. Copyright DKParker, LLC 2018 Fundraising 101 ¤ 18-month target ¤ Raise – hit milestones – rinse and repeat ¤ Double Enterprise value ¤ Solid use of proceeds ¤ To hit milestones ¤ Create Testable Experiments ¤ Big Funnel creates optionality ¤ Resources ¤ 16 Startup Revenue models - with metrics
- 3. Copyright DKParker, LLC 2018 Angel vs. VC Angel ¤ There own money ¤ Fragmented ¤ Relationship ¤ Leaders and followers ¤ DD – group or individual VC ¤ Someone else's money ¤ Monday Partner meetings ¤ Relationship ¤ Leaders and followers ¤ DD
- 4. Copyright DKParker, LLC 2018 Managing the Process
- 5. Copyright DKParker, LLC 2018 No one wants to be sold to But, it’s an enterprise sales process
- 6. Copyright DKParker, LLC 2018 People are involved ¤ Investors want to build a relationship early – but they don’t want to invest too early ¤ Events ¤ Updates ¤ Likeability and self awareness matter ¤ This is a long relationship
- 7. Copyright DKParker, LLC 2018 It’s not you, it’s your idea! ¤ Don’t assume investors see your idea the way you do ¤ Each meeting is about getting to the next meeting ¤ Score yourself first! ¤ 10 Factors ¤ 1-4 ¤ Peer rating ¤ Where are you weak?
- 8. Copyright DKParker, LLC 2018 Target Investors ¤ 20-30 Targets ¤ Stage appropriate ¤ Vertical appropriate ¤ Geographic
- 9. Copyright DKParker, LLC 2018 Mechanics ¤ Steps ¤ Prospects – build a big list ¤ AngelList, Crunchbase, LinkedIn ¤ Qualified ¤ Specific Opportunity ¤ Lead/follow ¤ Hubspot – Google Sheet ¤ Track notes
- 10. Copyright DKParker, LLC 2018 About them – Qualification ¤ Know what they invest in ¤ Know their typical amount ¤ Vertical ¤ Stage ¤ Pre-seed - $200k ¤ Seed - $500k ¤ A - $2M ¤ Lead, follow or tire kickers
- 11. Copyright DKParker, LLC 2018 Mechanics ¤ Map your introductions ¤ Create a forwardable email ¤ ABC – Always be closing ¤ What would you like to see before we meet next? ¤ Prep for the next round in 12-18 months
- 12. Copyright DKParker, LLC 2018 Building a syndicate ¤ Lead ¤ Amount ¤ Terms ¤ Influence ¤ Board Role ¤ Follow ¤ Amount
- 13. Copyright DKParker, LLC 2018 Season and timeline ¤ Short Season – Sept 15- November 15 ¤ Long Season – January 15 – June 15 ¤ Target 2-3 Month ¤ Momentum matter
- 14. Copyright DKParker, LLC 2018 Your Due Diligence ¤ Protect your customers contacts ¤ Interview their CEOs ¤ TheFunded.com
- 15. Copyright DKParker, LLC 2018 Monthly Updates ¤ Monthly ¤ Clear, concise, consistent ¤ Not random ¤ Show your Grit here! ¤ Email structure ¤ What we said, what we did, where we need help ¤ Shift to 2 Week updates – if you’re shipping new code and driving new customers ¤ Build an email list on MailChimp, Hubspot, etc.
- 16. Copyright DKParker, LLC 2018 Deal killers ¤ <6 Months of burn ¤ False momentum ¤ Not knowing your numbers ¤ “Rounding up” ¤ Prospects ≠ Customer ¤ Waiting for permission to move forward – don’t wait on an investor check. Don’t make your financials dependent on that check!
- 17. Copyright DKParker, LLC 2018 Resources ¤ Venture Deals – Brad Feld ¤ Secrets of Sand Hill Road – Scott Kupor