I had to meet with 64 VCs before we were able to raise our Series A funding of $12M.
The number of VC meetings was well over 100.
But, when you realize that the ratio of face-to-face meetings to investment for VCs is somewhere around 100:1, you realize that you (as an entrepreneur) have to make the numbers work for you.
What does making the numbers work for you mean?
I’ll start by telling you what making the numbers work for you doesn’t mean. Making the numbers work for you doesn’t mean “Meet with 10 VCs. Give up if you don’t get a term sheet.” That was the advice I was given by one of the partners at the VC firm where I was an Entrepreneur in Residence (EIR).
Making the numbers work for you does mean:
- That you have to meet enough investors to get close to the 100:1 ratio, and…
- You truly have to believe in what you’re doing because your belief will be tested like it never has previously, and…
- You keep going even when you are rejected right before you get a term sheet after you’ve raising money for over one year (Read: What You Need To Know About Reference Checks). And..
- You learn from the feedback you are receiving and you adjust your presentation, but you don’t adjust your vision and plan
Raising VC funding is not for the faint of heart. It’s crazy, tough, random, and sometimes unfair. However, it’s a great feeling when you do raise your funding.
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