My “Tough Love” Talk To Founders Who Are Struggling To Raise Capital
This reminds of an interview of Jeff Bezos where he describes how he was too early in the ecommerce business and investors were not willing to invest in Amazon. He stated that he met with 60 investors and 20 of whom agreed to invest some $50,000 each. That raised him $1 million.
Compared to that, I feel, fundraising is far easier these days.
Tell that to those who raised millions of dollars through ICOs between 2017 and mid-2018 even without having a proper team or product. That was a really funny time in the fundraising industry. I’m glad that time is now over and the crypto and blockchain market has grown.
Yeah, there is a similar story around the founder of Pandora, Tim Westergren. He pitched over 300 investors to raise his early funding (and the company eventually went public in an IPO…) Persistence pays off (usually!
There was a unique window when all kinds of crap was getting funded through ICOs. It reminded me of the dot com days of 1999 which I lived through – and we all know how that story ended
1/3 yes rate for $50k checks ain’t so bad.