I started angel investing in the late 1990s. It was the heyday of the Venture Capitalist. Back in those days, entrepreneurs starting up a web company would stand up and ask for $5M in seed capital -- quite a sum by today’s standards. Back then the entrepreneur had to build their own server farm and buy all their computer equipment. They had to pay American wages for everything and so it cost quite a bit.
In the 10 years following, the cost of starting a web-based company dropped dramatically due to the falling cost of business services. Today those same companies now ask for $500K to get up and running because they pay only for the bandwidth they need from an existing server farm. They lease equipment rather than pay for it upfront and they offshore a number of functions to lower cost areas.
As the cost of business continues to devolve downwards, so do the funds sought to start a business. Today, a web-based company asks for $250K to get up and running. This level of fund raising takes most deals out of the Venture Capital realm and lands them in the area of angel Investors. Angels invest $200K to $2M in a deal with most rounds going for $500K to $1M. That’s too low for most VCs but just right for the individual investor seeking to get in on startup funding.
Angel groups have increased dramatically over the past five years. Some Venture Capitalists have repositioned themselves into the angel world and called themselves “Super Angels” indicating they are on the high-end of the angel world.
Another factor is the near disappearance of the IPO market which reduced returns. To maintain returns required to keep their investors engaged, Venture Capitalists are moving to later stage deals and engaging in private equity transactions. For these two reasons – deal flow falling below the threshold and investors requiring returns that push them into later stage deals, the VC community is about one-fourth what it was ten years ago.
Some VCs focus on the early stage companies and bring additional services to help startups such as management consulting, strategic partnerships, and back office administration. In their place now is the angel investor. Deal flow for angels is up along with the number of angel groups and their membership.
The angel investor is the new venture capitalist.
Friday, February 10, 2012
Wednesday, February 8, 2012
The Angel Investor is the New Venture Capitalist
I started angel investing in the late 1990s. It was the heyday of the Venture Capitalist. Back in those days, entrepreneurs starting up a web company would stand up and ask for $5M in seed capital -- quite a sum by today’s standards. Back then the entrepreneur had to build their own server farm and buy all their computer equipment. They had to pay American wages for everything and so it cost quite a bit.
In the 10 years following, the cost of starting a web-based company dropped dramatically due to the falling cost of business services. Today those same companies now ask for $500K to get up and running because they pay only for the bandwidth they need from an existing server farm. They lease equipment rather than pay for it upfront and they offshore a number of functions to lower cost areas.
As the cost of business continues to devolve downwards, so do the funds sought to start a business. Today, a web-based company asks for $250K to get up and running. This level of fund raising takes most deals out of the Venture Capital realm and lands them in the area of angel Investors. Angels invest $200K to $2M in a deal with most rounds going for $500K to $1M. That’s too low for most VCs but just right for the individual investor seeking to get in on startup funding.
Angel groups have increased dramatically over the past five years. Some Venture Capitalists have repositioned themselves into the angel world and called themselves “Super Angels” indicating they are on the high-end of the angel world.
Another factor is the near disappearance of the IPO market which reduced returns. To maintain returns required to keep their investors engaged, Venture Capitalists are moving to later stage deals and engaging in private equity transactions. For these two reasons – deal flow falling below the threshold and investors requiring returns that push them into later stage deals, the VC community is about one-fourth what it was ten years ago.
Some VCs focus on the early stage companies and bring additional services to help startups such as management consulting, strategic partnerships, and back office administration. In their place now is the angel investor. Deal flow for angels is up along with the number of angel groups and their membership.
The angel investor is the new venture capitalist.
In the 10 years following, the cost of starting a web-based company dropped dramatically due to the falling cost of business services. Today those same companies now ask for $500K to get up and running because they pay only for the bandwidth they need from an existing server farm. They lease equipment rather than pay for it upfront and they offshore a number of functions to lower cost areas.
As the cost of business continues to devolve downwards, so do the funds sought to start a business. Today, a web-based company asks for $250K to get up and running. This level of fund raising takes most deals out of the Venture Capital realm and lands them in the area of angel Investors. Angels invest $200K to $2M in a deal with most rounds going for $500K to $1M. That’s too low for most VCs but just right for the individual investor seeking to get in on startup funding.
Angel groups have increased dramatically over the past five years. Some Venture Capitalists have repositioned themselves into the angel world and called themselves “Super Angels” indicating they are on the high-end of the angel world.
Another factor is the near disappearance of the IPO market which reduced returns. To maintain returns required to keep their investors engaged, Venture Capitalists are moving to later stage deals and engaging in private equity transactions. For these two reasons – deal flow falling below the threshold and investors requiring returns that push them into later stage deals, the VC community is about one-fourth what it was ten years ago.
Some VCs focus on the early stage companies and bring additional services to help startups such as management consulting, strategic partnerships, and back office administration. In their place now is the angel investor. Deal flow for angels is up along with the number of angel groups and their membership.
The angel investor is the new venture capitalist.
Monday, February 6, 2012
What are Angel Investors and Why do You Want Them?
Angels are high net-worth individuals that are seeking to make a return on an investment (not donations). But they do usually have additional motivations such as “do a little good, make a little money, and have a little fun.”
To invest in startups they must meet the Accredited Investor requirement set out by the SEC which you can see at this link:
http://www.sec.gov/answers/accred.htm
Typically they are not professional investors but have substantial business experience having started and run their own business successfully. Often times they are ex-CEO and VPs of large companies, and there are many different kinds (such as the fund raiser, the networker, the Jack of all Trades, the strategist and the industry specialist).
Each angel has their own criteria for what makes a good investment. Some of the questions they may ask about your start-up include:
1. Does the company have a strong management team?
2. How large is the market? Is it growing fast?
3. Does the company have strong intellectual property protection?
4. Does the company have a platform product that can produce many products?
5. Is there a clear exit path for the company?
Angels bring expertise through industry experience as many have run successful businesses in the past. They potentially bring their network of experienced and successful people, and they often have a standing in the community - so if they lend their support to your start-up, it should help you in raising more funding and attracting support.
Assess the needs of your startup and look for angel investors who can bring more than just funding to your start-up. Even if they don’t invest, you may find some angel investors are good candidates to join your board of advisors. Angel investors typically know other angels that can be referred to your deal.
Best regards,
Hall T.
To invest in startups they must meet the Accredited Investor requirement set out by the SEC which you can see at this link:
http://www.sec.gov/answers/accred.htm
Typically they are not professional investors but have substantial business experience having started and run their own business successfully. Often times they are ex-CEO and VPs of large companies, and there are many different kinds (such as the fund raiser, the networker, the Jack of all Trades, the strategist and the industry specialist).
Each angel has their own criteria for what makes a good investment. Some of the questions they may ask about your start-up include:
1. Does the company have a strong management team?
2. How large is the market? Is it growing fast?
3. Does the company have strong intellectual property protection?
4. Does the company have a platform product that can produce many products?
5. Is there a clear exit path for the company?
Angels bring expertise through industry experience as many have run successful businesses in the past. They potentially bring their network of experienced and successful people, and they often have a standing in the community - so if they lend their support to your start-up, it should help you in raising more funding and attracting support.
Assess the needs of your startup and look for angel investors who can bring more than just funding to your start-up. Even if they don’t invest, you may find some angel investors are good candidates to join your board of advisors. Angel investors typically know other angels that can be referred to your deal.
Best regards,
Hall T.
Wednesday, February 1, 2012
What’s your timeline for raising funding?
If you answered, “right away!” as many entrepreneurs do, you’re probably not being realistic.
In fact, the benchmark is that for every million dollars you are raising, it will take you one year.
But even if you’re fund raise isn’t that large, it can still take many months of planning and executing to raise funding from Angel Investors.
Here’s a rough outline of what you should be ready for when developing your plan:
Month 1—Check readiness. Assess your readiness for raising funding, and be honest. Ideally, you have a product and have sold some units. You should also have built core team. Communicate with your current team and investors you already have about raising funding. And don’t forget to check with your attorney about the legal aspect. You may have to consider modifying your legal entity to allow for outside investment.
Month 2—Prepare the company. Planning your fund raising strategy includes assembling your key documents including, the Executive Summary, Slide Deck, Financials, and Due Diligence documentation. Take steps to fill out your board of advisors and build a set of email updates for monthly transmission to the potential investors.
Month 3 to 5—Prepare the investors. Identify potential investors to put on your investor prospect list. Start with ten investors you already know and have made contact with and add ten new investors per month to your list. Setup meetings to introduce investors to your deal and tell them that you will start raising money in a few months. Ask permission to keep the investor on the list for updates you will be sending out.
Start sending monthly updates on your company’s progress using personalized emails – not ‘broadcast’ emails. Customize the mailings to build a personal relationship. And don’t send them your press releases. Demonstrate how you are actually achieving milestones.
Month 6 to 9—Pitch the investors. Follow up each potential investor and pitch the deal. Identify the lead Investor and close the first round with investor friendly terms. Offer an incentive to the lead investor for the additional risk he is taking by going first.
Month 10 to 11—Close the investors. Invite other investors to follow on. Keep the relationship with all investor prospects--some may join in a future round.
Month 12—Finish the round. Oh, but you’re not done at this point. Continue sending updates to investors AND the investors on your prospect list on a quarterly basis to prepare for the next round of funding.
In fact, the benchmark is that for every million dollars you are raising, it will take you one year.
But even if you’re fund raise isn’t that large, it can still take many months of planning and executing to raise funding from Angel Investors.
Here’s a rough outline of what you should be ready for when developing your plan:
Month 1—Check readiness. Assess your readiness for raising funding, and be honest. Ideally, you have a product and have sold some units. You should also have built core team. Communicate with your current team and investors you already have about raising funding. And don’t forget to check with your attorney about the legal aspect. You may have to consider modifying your legal entity to allow for outside investment.
Month 2—Prepare the company. Planning your fund raising strategy includes assembling your key documents including, the Executive Summary, Slide Deck, Financials, and Due Diligence documentation. Take steps to fill out your board of advisors and build a set of email updates for monthly transmission to the potential investors.
Month 3 to 5—Prepare the investors. Identify potential investors to put on your investor prospect list. Start with ten investors you already know and have made contact with and add ten new investors per month to your list. Setup meetings to introduce investors to your deal and tell them that you will start raising money in a few months. Ask permission to keep the investor on the list for updates you will be sending out.
Start sending monthly updates on your company’s progress using personalized emails – not ‘broadcast’ emails. Customize the mailings to build a personal relationship. And don’t send them your press releases. Demonstrate how you are actually achieving milestones.
Month 6 to 9—Pitch the investors. Follow up each potential investor and pitch the deal. Identify the lead Investor and close the first round with investor friendly terms. Offer an incentive to the lead investor for the additional risk he is taking by going first.
Month 10 to 11—Close the investors. Invite other investors to follow on. Keep the relationship with all investor prospects--some may join in a future round.
Month 12—Finish the round. Oh, but you’re not done at this point. Continue sending updates to investors AND the investors on your prospect list on a quarterly basis to prepare for the next round of funding.
Sunday, October 30, 2011
Pitching to Angel Investors: Have a solid go-to-market strategy
In your pitch presentation and business plan, it’s important to describe your sales and marketing strategy--or in other words, your go-to-market strategy.
In particular, what is your channel to the customer? Are you selling direct, indirect, through Original Equipment Manufacturers (OEMs) or channel partners? Are you franchising or granting licenses?
Entrepreneurs should also explain why that model was chosen over others and demonstrate how leads are generated and converted into buying customers.
Best regards,
Hall T.
In particular, what is your channel to the customer? Are you selling direct, indirect, through Original Equipment Manufacturers (OEMs) or channel partners? Are you franchising or granting licenses?
Entrepreneurs should also explain why that model was chosen over others and demonstrate how leads are generated and converted into buying customers.
Best regards,
Hall T.
Wednesday, October 26, 2011
Pitching to Angel Investors: Your Business Model and Financials
The business model describes how much revenue you make from each customer, along with how much it cost to acquire, sell, and support that customer and the profit left over. The investor wants to see the business model to understand the level of profitability and the scalability of the business.
Financials
The financials reflect in numbers what the previous sections described in words. They must be consistent. If you are showing a revenue growth rate of 100% per year and your business model indicates you need a sales person per $1M of revenue, then these numbers should come up in the income statement.'
For companies already in operation, it’s useful to show the past year and the coming four years. In other words a five year window is used. In addition to the income statement, there also needs to be a cash flow statement and a sales forecast that breaks out ASP (Average Selling Price) and unit growth. Investors want to see gross margins and net income to understand the profitability of the business.
Funds Sought and Use of Funds
It’s important to state how much funding you are seeking in this round. If you’ve received a previous round of funding it’s helpful to show what you accomplished with that funding. Achieving milestones demonstrates your ability to execute which is one of the key questions the investor will be asking. Also, for the funds sought in this round show how those funds will be used.
Finally, discuss the exit strategy. How will the investor get their money back? Will it be a merger and acquisition (the most common form today), an IPO, or some other method. This is how the investor can calculate an expected rate of return.
Investors often look for market validation. List the customers you have closed to demonstrate that customers will buy your product/service. If you don’t have any customers, it’s advisable to get a few of them signed up before you go out for fund raising. It’s also important to list customers in the pipeline with forecasted sales expected from each. Showing your customer’s results from using your product/service in the form of an ROI or even hours or dollars saved goes a long way to proving the value of your product/service.
Best regards,
Hall T.
Financials
The financials reflect in numbers what the previous sections described in words. They must be consistent. If you are showing a revenue growth rate of 100% per year and your business model indicates you need a sales person per $1M of revenue, then these numbers should come up in the income statement.'
For companies already in operation, it’s useful to show the past year and the coming four years. In other words a five year window is used. In addition to the income statement, there also needs to be a cash flow statement and a sales forecast that breaks out ASP (Average Selling Price) and unit growth. Investors want to see gross margins and net income to understand the profitability of the business.
Funds Sought and Use of Funds
It’s important to state how much funding you are seeking in this round. If you’ve received a previous round of funding it’s helpful to show what you accomplished with that funding. Achieving milestones demonstrates your ability to execute which is one of the key questions the investor will be asking. Also, for the funds sought in this round show how those funds will be used.
Finally, discuss the exit strategy. How will the investor get their money back? Will it be a merger and acquisition (the most common form today), an IPO, or some other method. This is how the investor can calculate an expected rate of return.
Investors often look for market validation. List the customers you have closed to demonstrate that customers will buy your product/service. If you don’t have any customers, it’s advisable to get a few of them signed up before you go out for fund raising. It’s also important to list customers in the pipeline with forecasted sales expected from each. Showing your customer’s results from using your product/service in the form of an ROI or even hours or dollars saved goes a long way to proving the value of your product/service.
Best regards,
Hall T.
Monday, October 24, 2011
Pitching to Angel Investors: Competition & Competitive Advantage
If you want an investor to stop listening to your pitch presentation or to stop
reading business plan, state how you don’t have any competition. You might be
surprised at how many entrepreneurs make this rookie mistake in their pitch
presentations--we hear it constantly, and it’s almost certain that you’ll lose
credibility instantly with investors.
I believe that entrepreneurs that say they have no competition are trying to convey a broad opportunity to exploit a market--the problem is that it has the opposite effect. The main reason is that the customer is solving the problem somehow now,even if indirectly in comparison to your solution. There’s always another company competing for the same dollar, and even worse, If the investor finds out about a competitor from someone other than the entrepreneur then it makes them look even more unprepared.
When researched thoroughly, the competitive analysis in your business plan
demonstrates to potential investors that you understand the strengths and weaknesses of your business. It also gives them a better picture into the market opportunity.
When doing research on the competition for you plan or pitch presentation, you should focus on answering the following questions:
1. Who is out there competing for the same dollars that you’re going after?
2. Are they directly or indirectly selling products, services, or substitutes that
compete?
3. What are their strengths and weaknesses in the market?
4. How are they currently positioned in the market.
5. What segments of the market do they operating in?
6. What is their go-to-market strategy and how does that differ from yours?
7. What threats do they pose that may impact your business?
In other words, perform a SWOT Analysis (Strengths, Weaknesses, Opportunities,
Threats) on each one of your competitors and compare them to your company.
When you go to present your findings in the business plan make sure you:
1. List the key competitors with their strengths/weaknesses in comparison with your
own.
2, Show specific competitive advantages of your solution.
3. Use numbers to make the comparison. The more numbers, the more solid your company
looks. Use numbers to show market share, your economic benefit, etc.
reading business plan, state how you don’t have any competition. You might be
surprised at how many entrepreneurs make this rookie mistake in their pitch
presentations--we hear it constantly, and it’s almost certain that you’ll lose
credibility instantly with investors.
I believe that entrepreneurs that say they have no competition are trying to convey a broad opportunity to exploit a market--the problem is that it has the opposite effect. The main reason is that the customer is solving the problem somehow now,even if indirectly in comparison to your solution. There’s always another company competing for the same dollar, and even worse, If the investor finds out about a competitor from someone other than the entrepreneur then it makes them look even more unprepared.
When researched thoroughly, the competitive analysis in your business plan
demonstrates to potential investors that you understand the strengths and weaknesses of your business. It also gives them a better picture into the market opportunity.
When doing research on the competition for you plan or pitch presentation, you should focus on answering the following questions:
1. Who is out there competing for the same dollars that you’re going after?
2. Are they directly or indirectly selling products, services, or substitutes that
compete?
3. What are their strengths and weaknesses in the market?
4. How are they currently positioned in the market.
5. What segments of the market do they operating in?
6. What is their go-to-market strategy and how does that differ from yours?
7. What threats do they pose that may impact your business?
In other words, perform a SWOT Analysis (Strengths, Weaknesses, Opportunities,
Threats) on each one of your competitors and compare them to your company.
When you go to present your findings in the business plan make sure you:
1. List the key competitors with their strengths/weaknesses in comparison with your
own.
2, Show specific competitive advantages of your solution.
3. Use numbers to make the comparison. The more numbers, the more solid your company
looks. Use numbers to show market share, your economic benefit, etc.
Saturday, October 22, 2011
Pitching to Angel Investors: building a solid management team
The key to the management team is experience in the area of the new business. First time CEOs need to have substantial operating experience. In addition to the CEO most startups have two other executives on board. Depending on the business, they could be financial, operational, manufacturing, scientific, technical, or other. Again, industry-specific expertise needs to be highlighted. Startups without a full management team could create an “Advisory Board” staffed with non-paid volunteers who provide advice. Typically, they have substantial industry experience and can augment the management team.
Pitching to Angel Investors: Defining the Target Market
In an earlier post, we talked about framing a compelling customer problem for a potential investor--but to truly get their attention, your target market must be sizable. In other words, there needs to be a lot of customers with that problem that are ready to pay for your solution!
I usually break the “target market” category into three pieces: Available, Serviceable and Beachhead.
The Available Market is typically anyone who could potentially purchase the company’s product or service. Look for numbers in the billions to truly be compelling.
The Serviceable Market is the sub-segment that would most likely be a strong candidate to purchase the company’s product or service. This number is usually in the millions of dollars.
And finally, there’s the Beachhead market, which is the first set of customers the company will pursue. The company should list beachhead customers that are in the pipeline which shows market validation.
Conveying these three items in your business plan and pitch presentation will show an investor that the market cap is sizable, that there are may companies willing to buy your product, and you have a solid go-to-market strategy.
Best Regards,
Hall T.
Pitching to Angel Investors: Defining the Target Market
In an earlier post, we talked about framing a compelling customer problem for a potential investor--but to truly get their attention, your target market must be sizable. In other words, there needs to be a lot of customers with that problem that are ready to pay for your solution!
I usually break the “target market” category into three pieces: Available, Serviceable and Beachhead.
The Available Market is typically anyone who could potentially purchase the company’s product or service. Look for numbers in the billions to truly be compelling.
The Serviceable Market is the sub-segment that would most likely be a strong candidate to purchase the company’s product or service. This number is usually in the millions of dollars.
And finally, there’s the Beachhead market, which is the first set of customers the company will pursue. The company should list beachhead customers that are in the pipeline which shows market validation.
Conveying these three items in your business plan and pitch presentation will show an investor that the market cap is sizable, that there are may companies willing to buy your product, and you have a solid go-to-market strategy.
Best Regards,
Hall T.
Wednesday, October 19, 2011
Pitching To Angel Investors: Focus on the core product or service
Entrepreneurs are always excited about their marketplace solutions and want to talk about it to anyone that will listen. That enthusiasm is critical to start a business because that passion is the only thing that will truly carry them through the process (It’s certainly not the money--trust me!)
Sometimes, however, that enthusiasm causes entrepreneurs to lose focus about what they are conveying as part of their product offerings.
For example, you might have ancillary services or spinoff products that are part of the plan. But cluttering the business plan with numerous potential options for the company will appear diffuse and fragmented to an investor.
It’s better to focus on the core product or service. An investor looks for purpose and clarity of focus in start ups and even early stage companies
This also solves the problem for entrepreneurs who are concerned about protecting their intellectual property. You don’t have to describe the “secret sauce” behind their product--simply focus on the benefits the product or service offers.
At this early stage, there’s no need for a non-disclosure agreement, so put that away. Most investors won’t sign one at this stage anyway, and it will only turn them off. Only in later stages will the investor need to learn more about the IP, and they will be glad to sign it at the due diligence stage.
Best regards,
Hall T.
Sometimes, however, that enthusiasm causes entrepreneurs to lose focus about what they are conveying as part of their product offerings.
For example, you might have ancillary services or spinoff products that are part of the plan. But cluttering the business plan with numerous potential options for the company will appear diffuse and fragmented to an investor.
It’s better to focus on the core product or service. An investor looks for purpose and clarity of focus in start ups and even early stage companies
This also solves the problem for entrepreneurs who are concerned about protecting their intellectual property. You don’t have to describe the “secret sauce” behind their product--simply focus on the benefits the product or service offers.
At this early stage, there’s no need for a non-disclosure agreement, so put that away. Most investors won’t sign one at this stage anyway, and it will only turn them off. Only in later stages will the investor need to learn more about the IP, and they will be glad to sign it at the due diligence stage.
Best regards,
Hall T.
Monday, October 17, 2011
Pitching to Angel Investors: What problem do you solve?
Pitching to Angel Investors: What problem do you solve?
When seeking funding from an angel investor or other sources of venture capital, the first element they’re going to look for in the executive summary of your business plan or your pitch presentation is the solution to a customer problem. In other words, what problem does your product or service solve for the customer that is unique?
To ensure that you’re going to get the attention of an investor, make sure you address the following in your plan and pitch presentation:
1. Be Specific and comprehensive at the same time. It’s important to give enough detail so the investor understands what you’re doing without giving too much information about the inner workings of the application or service offering. In some cases, it is helpful to express the company’s product/service in a few words such as “We make radiation-hardened memories.” This helps the investor in on understand the company’s offering.
2. Develop an actual elevator pitch. You’ve got one minute to convey how compelling your offering is to an investor. Go! Can you do it?
3. Your problem should be large and compelling - the problem you’re solving should be large and compelling enough that people not only want a solution, but need one and are willing to pay for it.
4. Use numbers to describe the problem. The numbers you present can the problem more compelling to an investor. For example, how many people suffer from a disease or condition that you potentially solve? How much money is wasted on inefficient solutions or methods?
5. Talk about the business solution and not the technology. This is one of the biggest mistakes that entrepreneurs make over and over in their pitch presentations and in their business plans. In short, investors care less about your technology and more about how you’re going to make money. Focusing on that is paramount to getting follow up meetings--you can focus on the technology at the due diligence stage.
6. Tell a story. Talking about the problem you solve in a story format that’s easy to understand can help you present your case in the most understandable fashion.
Best Regards,
Hall T.
When seeking funding from an angel investor or other sources of venture capital, the first element they’re going to look for in the executive summary of your business plan or your pitch presentation is the solution to a customer problem. In other words, what problem does your product or service solve for the customer that is unique?
To ensure that you’re going to get the attention of an investor, make sure you address the following in your plan and pitch presentation:
1. Be Specific and comprehensive at the same time. It’s important to give enough detail so the investor understands what you’re doing without giving too much information about the inner workings of the application or service offering. In some cases, it is helpful to express the company’s product/service in a few words such as “We make radiation-hardened memories.” This helps the investor in on understand the company’s offering.
2. Develop an actual elevator pitch. You’ve got one minute to convey how compelling your offering is to an investor. Go! Can you do it?
3. Your problem should be large and compelling - the problem you’re solving should be large and compelling enough that people not only want a solution, but need one and are willing to pay for it.
4. Use numbers to describe the problem. The numbers you present can the problem more compelling to an investor. For example, how many people suffer from a disease or condition that you potentially solve? How much money is wasted on inefficient solutions or methods?
5. Talk about the business solution and not the technology. This is one of the biggest mistakes that entrepreneurs make over and over in their pitch presentations and in their business plans. In short, investors care less about your technology and more about how you’re going to make money. Focusing on that is paramount to getting follow up meetings--you can focus on the technology at the due diligence stage.
6. Tell a story. Talking about the problem you solve in a story format that’s easy to understand can help you present your case in the most understandable fashion.
Best Regards,
Hall T.
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