Saturday, February 6, 2016
Five Fundraising Myths Entrepreneurs Believe
Myth #1 -- Fundraising is about getting the check.
Reality--Fund raising is about building a relationship with the investor.
Myth #2 -- My product will carry the day.
Reality -- Your business (if you have one) will carry the day.
Myth #3-- It should only take a few weeks to raise a $1M.
Reality -- It'll take you a calendar year for every $1M you want to raise at the seed stage.
Myth #4 --The investor didn't follow up with me from my pitch session so he must not be interested
Reality -- Investors spend the first three to five interactions trying to figure out what you are doing.
Myth #5 -- I just need 5 investors to raise $250K.
Reality -- You'll need 50 investor prospects from which you can raise $250K.