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How to Not Get Investment for Your Startup
It’s a stunningly humid evening in Soho, Hong Kong, two days after our startups MVP launch.
Our Product Hunt listing reached a meagre 68 up-votes, though around 20 clients have integrated our product and two of these have upgraded to the $197 monthly subscription.
Only a third of the way through my first strawberry daiquiri, I antisocially connect to WIFI and begin the habitual, smart phone facilitated dopamine hunt through:
- Slack
- Email
- Skype
An email notifying me of the Linkedin message shown above attracts my attention:
"Hey Tom,
I came across AskTina on Product Hunt and love the idea. I'm an investor at X, an NYC-based fund spun out of X- would love to set a time to chat and learn more about what you're building. Shoot me a note if you're free to discuss.
Thanks
X"
To put this message in perspective…
Over 4 years of starting startups/online businesses I have never been approached by or considered approaching an investor.
A mixture of fear and $ signs scroll into my subconscious as I continue socialising.
2 hours (and numerous margarita’s later), it seems like a fantastic idea to respond.
Fortunately enough, as I checked in the morning, we had managed to schedule a call for later that week.
Though unfortunately like most of the investors we have spoken to over the past 3 months since that fateful response…
“More traction please”
Translated: you’re not good enough.
The Medium post here:
http://bit.ly/2a3sO9B
Follows the rest of the journey of rejection and heartache that I believe accurately depicts the fundraising process for all early stage startups.
I welcome all comments/questions below :)