I’m running into a consistent problem and I need help. Potential investors seem to think they understand our space, but upon further discussion I can figure out that they don’t. (let’s just say they ask questions that show they don’t know the space well, utterly mistaking us for the wrong space, etc).
They won’t stop to learn about the space, and waste all my time arguing with me about whether the problem I’ve identified is really a problem, then we can never get into the heart of the matter–is this the right product, what price, etc. I’ve worked in this space for a number of years, AND I interviewed hundreds of others in the space to learn about whether this is a problem (it is.). I don’t want investors who don’t know my space, or who aren’t willing to posit that I do.
How can i keep people like this from wasting my time? I have a couple ideas:
1. create a video and ask any potential investor to see it prior to a meeting so we can level set with background, that way they can come up to speed and research the space in advance.
2. refuse any meeting less than 1 hour if the space is not something they know well. I’d say it’s because my experience so far is that my problem space is new for many investors (though it’s a huge multi billion dollar market), and the answer I’m proposing is something that can only come out of intimate knowledge of the space.
If I’m missing something, by all means, correct me. I’m new to raising money and I know my problem space is complex and that it’s my job to make it simple, but at some point if people are going to argue with everything you say, you spend way too much time “proving” it.
Thank you in advance for any help you can provide!