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Spot on. I know a founder who had to go through 15 meetings just to close one VC in Austin.
by pfista 11y ago
Spot on. I know a founder who had to go through 15 meetings just to close one VC in Austin.
- stephensurh 11y agoThat's not weird, even on sand hill road. I met with about 75 firms before getting a seed investment, and did probably 10-15 meetings with that one before we closed. First time founder, and they made it clear how serious their interest was at each stage (meetings after the fifth were with every intention of investing, which they did).
- DevX101 11y agoCan you describe the progression of what happens in those 15 meetings? What do they need at meeting #14 they couldn't get from meeting #5?
- lmeyerov 11y agoIt should be clear if they're serious by the second meeting, and in many cases, the first. The throwaway comment "Spend 88 percent of your time building your business and 12 percent of your time raising money" sounded right. If an investor doesn't understand that, they're broadcasting that they'll damage your business and don't belong on a board. Thankfully, interviews are two-sided :)
- cylinder 11y agoAs an outsider to tech -- wow. Complaining about a 7% conversion rate on raising money for an idea.
- pfista 11y agoI should have been more specific: Not 15 meetings total, 15 meetings with one VC.