Some thoughts about raising money for a seed-stage company from angels...

I advise founders to have a roadshow period BEFORE they officially start fundraising.

Use this time to introduce yourself and the startup and see if they might be a fit for your round.

There are a few KEY things to do during the roadshow.

➡️ Ask Key Questions

You want to ask them 2 key questions before you finish the meeting.

1. What do you need to see us do/achieve to get conviction on investing during our fundraise?

2. Who else should we talk to in your network who might be interested? We'd love 2 or 3 intros.

Remember, for Question 1, this is less about gathering homework assignments and more about...

1. Uncovering the hidden objections in people's heads.

2. Giving you a chance to commit to something so that when you return, they have evidence that you know how to execute and keep you word.

3. Minimizing or eliminating any room for them to say NO when you come back asking for money.

Pro Tip: Try to guide the requests from Question 1 toward a small set of things you're already planning to achieve! If they give you a random metric or goal, try to get them to agree that the north star metric you've ALREADY decided is the right one to hit.

➡️ Create a methodical pipeline of investors

Make sure you end up talking to 100-150 angels at least. Question 2 above (intros to other possible investors) should help turn your initial list into more and more people.

Make sure you have a methodical spreadsheet with all your notes and what you committed to as part of Question 1 so that you can follow up properly.

➡️ Timing

1. Try to talk to everyone within a 4-8 week timeframe. Don't let this diffuse out into an endless process. You need to keep things tight and build momentum toward the fundraising process itself.

2. Tell everyone that the fundraise will start at the end of the Roadshow (no more than 2 months out) so they know when to expect you back.

Let's talk if you need help with this.

I've been doing a LOT of pitch deck and fundraising advisory work lately.