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They said "no" because they didn't want to waste time meeting with such an obviously unpromising startup :) I was one of the angels who simply didn't respond,
by paul 11y ago
They said "no" because they didn't want to waste time meeting with such an obviously unpromising startup :)
I was one of the angels who simply didn't respond, in part because I was busy with my own startup, but also because the idea of a marketplace for renting out air mattresses just didn't sound very appealing...
- applecore 11y agoNote that one firm smartly left their free option open to invest in the company post-Series A.
- teej 11y agoThis is a very standard "No" response from a VC. There isn't anything exceptional or strategic about it.
- tptacek 11y agoThen let me reframe the question: "How would I go about presenting my company in such a way that it'd seem so unpromising that only smart investors would give me the time of day?" It feels like maybe there's an "uncanny valley" between "no plausible way this team is getting funded speculatively" and "no-brainer straight- to- partner- meeting".
- ericabiz 11y agoSimple answer: Only take meetings with VC firms and angels who have direct experience in the area where your product helps the most. I mentioned to you in a reply, below, that my marketing software company got immediate YESes from angels who had been leaders of marketing teams and intuitively understood the need for our software. I think my record time to close an angel was under 2 minutes. For those who had never led or been part of a marketing team, it was an uphill battle the entire way. Once I learned that filter, I was able to raise money more quickly, with much higher close ratio.
- mbesto 11y agoI've pitched to 30+ investors and got rejected....a lot. Here's my generalized conclusion: VC funding is like dating. Easy money goes for the hot sexy blonde at the corner of the bar in the west village, but it doesn't mean the slightly less attractive brunette sitting in the corner isn't the best catch. No one would dare miss out hitting on the blonde, and no one is going to fault anyone for not hitting on the brunette "she's uninteresting". My only advice is to understand first what the investors' thesis is and play your pitch to those strengths. For example - what markets, what they look for in teams, and what their fund's goal is. I've had a fair share of VC's be brutally honest with me on the last point with an answer of "we need just one billion dollar business in order to return our fund, so we take as many bets as we can to ensure we get one".
- sitkack 11y agoYour analogies are shit.
- wglb 11y agoNot an appropriate comment for HN.
- sitkack 11y agoAre you addressing me or the OP? Apparently sexiest brogrammer comments are ok. What isn't ok is a silent tacit approval. "Yeah, sexy blonde, totally makes it clear for me. Thanks for putting it into terms I can understand."
- tptacek 11y agoIf you had said that, he wouldn't have remarked about your comment. But that's not what you said.
- sitkack 11y agoComplaints of color over content, sometimes color is part of the content. Sometimes civility of the response downplays the visceral nature of the reaction. I revile at it, the revulsion needs to be expressed. My four words expressed my sentiments in the most correct and compact manner.
- paul 11y agoI doubt it's possible. Keep in mind that nobody invested in AirBnb until YC, and as I understand it, they were mainly accepted based on the strength of the team.
- lubesGordi 11y agoIt's interesting to me that VC's would look at this and not immediately think of an easier to monetize version of couchsurfing, which was already very popular at the time.