Fundraising like a pro
Dan Martell’s latest webinar delivers heartfelt insights and value to Entrepreneurs (and anyone!)
One of my favorite Canadian voices is that of Dan Martell, who has grown into one of the consistently bold (and always positive) voices in the ‘Entrepreneurs and Financing’ stream of consciousness throughout North America (and globally) today.
Not only does his own start-up, Clarity, help others find the advice they need directly from experts, Dan himself is a seasoned veteran in closing funding rounds expeditiously (#cashinthebank), and in building great products and businesses (prior to Clarity, he built and sold Flowtown).
It is no surprise then, that his latest webinar (available if you ask nicely for a few weeks here), provides some awesome take-aways for entrepreneurs seeking funding (and, in my opinion, everyone else). I provide a quick list of just a few of his gems below, and encourage you to beg him to be able to watch his hour-long presentation.
- Always be grateful for something deeply personal to you
- Always listen to your power tune before any meeting
- Follow Dan’s 7-week ‘Pre-marketing, Fundraising, and Closing’ formula
- Set a closing date, and stick to it
- Take 7 weeks off everything else, tell your team, and execute the plan
- Make spreadsheet of 45 investors in your space (do your research on AngelList and Crunchbase)
- Find 2 entrepreneurs for every investor, contact them, ask for a 15 minute call, advice on a specific topic related to yours and their business
- My favorite quote from Dan: “Ask for money, get advice. Ask for advice, get money.”
- At some point in your advisory call with each entrepreneur, get them interested in your company (traction, product, team, market, some combination)
- Don’t approach an investor without an introduction
- Find your lead — someone to kick-in $100K. Try to avoid party rounds.
- Establish rapport, build a relationship
- Pitch your 5 slide deck (and 35 ‘back-up slides covering every possible topic and question)
- Tell the story, establish the problem with your ‘aha moment’
- Get to the product demo as fast as possible, and rock it!
- Once there is ‘buy-in’ there will be insightful ideas for marketplaces and other
- ‘Softcircle’ investors for specific amounts that they would be able to commit to, if the round fills out
- Only use AngelList once you have filled half your round.
I could go on, with many, many more of Dan’s pearls of wisdom, but will instead leave you with Dan’s most resounding imperative: Target your investors via AngelList (and other crowdsourcing services), and Get Introduced.
I personally love using Dan’s service Clarity, in conjunction with my financing discourse, to engage with elite advisors in financing, product, design and many other disciplines.
As well, I follow Dan’s suggested approach closely while using a couple services that leverage the AngelList APIs (like Foundersuite as a ‘CRM’ for prospective investors and entrepreneurs, and Gnito iPhone App, to get introduced, and to fill out each profile with cross-platform profiles). Please check them out!
Good luck on your journey! Please keep me posted on your success.