Why We Left $125,000 Seed-Funding Offer From Investor?
After we have showed a pitch-deck presentation in Techinasia Tour Surabaya 2015, Meeber, Our startup was appeared in Techinasia News. It’s not much, just a few words (about 50 words maybe).
Then the next day, we got some messages, let’s call them investors. One of them was so serious. He introduced himself, he said that he is a former CEO and chairman of one fin-tech company which already did an IPO (Initial Public Offering) in US-based stock market. We didn’t trust him immediately, so we checked his profile on LinkedIn and Bloomberg, and it’s true.
We took a long conversation, day by day. He want our pitching deck, he want to know every single details of our startup, he wanted us to make a Sequioa-Business-Plan-Template and the point is he want us to be a startup that he can invest. He is willing to give us up-to $125.000, because he believe in us, our market and our product. He also said that he passionated with Financial Technology Startup just like us.
But after 2 weeks of conversation and negotiation, We (our team) have decided to let his offer go. Why?
After we had discussed with our business advisor plus based on our instinct, it’s not the right time to take it. Firstly, it’s because as we seen our team still have enough fund, and our team enjoying our startup culture. So, we were really afraid that we change our work-value. Second thing is : He is a foreigner and mobilize. We only want an investor who also as a mentor, that can guide and share their experience with us, sit, meet, discuss and grow together, not just giving his money here and someday hoping to take a multiply after next stage round of funding.
There are so many people around us regretted on our decision to leave his offer. They said that there is no a second chance (but we didn’t and don’t believe it). It’s a huge money (fyi, $125,000 equal Rp. 2 billion), you can be a rockstar and get famous, media will look for you. (come on, seriously).
This is our decision, whether it’s good or not, it’s a risk we’re willing to take. But you know what, now, after 4 months we think that our decision is a really good choices. We Believe that 2016 is gonna be a fantastic year for us :)
