After a whirlwind round of meeting a lot of interesting investors that did not bite on my startup, I decided it was the latest in a long line of signals and wound it down. I am now pursuing a new venture with significant lessons learned, but I’m curious of how long I should wait before bringing this new idea to the people I met previously. Nervous about giving off a flaky impression for moving onto something new so quickly…
LLC stands for Limited Liability Company, a type of business structure that
Get traction. Investors will ignore almost anything else if you have traction.
It’s not 1999 anymore. We’re 16 years past that era.
You’re early stage looking for seed?
Traction -demonstrate market for your product.
Team -you don’t mention anyone else working with you, if you’re a solo founder who hasn’t yet made the leap to having co-founders/team, do so, it will give you valuable insight on your new concept’s appeal.
Talk a little about yourself. Do you have Apple/Google/Microsoft VP on your resume? Do you have a previous successful exit? Were you previously in a position of responsibility at a unicorn?
One thing I’ve experienced is that pedigree matters a hell of a lot. Your failure to get funding may well be a function of this. I know because I’ve had my idea shot down, only to see the literal same idea get funded 2 years later including one of the investors I had talked to. The only positive difference the funded had was pedigree, there were a number of negative differences.
Another issue is focus: were the investors you talked to, focused on the area you were ideating on?
I’d also look at what you were asked to provide. If a 3-5 year plan was asked for – it may well be that said plan was not credible.
Other areas to look at: were said investors fully committed (i.e. their funds were already tied up in existing opportunities).
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