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Transcript of Venture Capital Advice
Jul 3, 2024
Venture Capital Advice Lecture Notes
Introduction
Chris, a sales professional, shares his experience and seeks advice on reaching out to VC firms or Angel Investors.
Discussion with hosts Comron and Jason.
Listener Background
Chris is new to the show, having listened to around four episodes.
Utilizes his iPod to listen while traveling for work.
Chris' Current Approach
Created a list of VC firms and Angel Investors with contact details.
Plans to cold call and directly approach important contacts for meetings/lunch.
Feels uncomfortable with just emailing his business plan.
Feedback and Advice
Critique of Current Approach
Cold calling perceived as overzealous and could make VCs nervous.
Emails containing business plans often ignored or minimally reviewed.
Recommended Strategy
**Research and Network:
Investigate investors, their past investments, and their network.
Approach employees or managers of previously invested companies.
Secure introductions through these second-degree connections.
Utilize Professional Services
:
Lawyers, recruiters, and accountants can facilitate introductions if they believe in the product.
Direct Networking
:
Attend networking events, especially where investors are present.
Consider geographic relocation to regions with active startup ecosystems.
Build an Online Presence
:
Develop a Blog and active social media accounts relevant to your industry to showcase expertise and reduce perceived risk.
Execution Tips
Open and transparent communication about your business idea is crucial. Avoid being overly secretive or demanding NDAs.
Initial traction or a working prototype can make VC pitches more compelling.
Leveraging friends and family for initial funding can help establish proof of concept.
Conclusion
Contacting VCs and Angels requires strategic networking rather than cold calling or blanket emails.
Building a professional and online presence can significantly improve credibility and chances of successful engagement.
Follow up with progress updates to demonstrate commitment and advancements.
Final Notes
Engage locally and then plan for broader outreach if necessary.
Continuous learning and adaptation to feedback are key.
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Full transcript