Month 4: Are you ready to pitch? And the ins and outs of raising money

1. Problem/Market/Opportunity – you might think about a problem in private or with the team, but where is the market? – That’s thinking and sounding like a business
2. Product/Service – make sure it is clear WHAT you are making!
3. Team – why can WE build this?
4. Where are we now? – An idea/prototype/10k users??? = The Present
5. What do we want/need? What are our plans? = The Future
6. Competition – other similar companies or what do people do or use now to achieve what your product or service does?

If you are pitching to investors, you should also add: Finances/Money/Value (for investors, for customers), what does it cost? Profit margin?
In this case, it’s really true: Practice makes perfect! Build your slide deck and start pitching to everyone in every event you can.
For inspiration, check these pitches of the Web Summit. Check here, here, and here.

Let’s be honest. You don’t need the money now! You have been working on your idea for 4 weeks, so there is plenty of work to be done on your business model and MVP before you think about investment.

However, you should start building relationships with investors right now. Once, we heard someone saying, “If you are looking for investment, ask for advice, and if you are looking for advice, ask for investment.” 

So, list the most active business angels and VCs in your region and reach out to them directly or at events. Tell them what you are doing, ask for advice and connections to potential customers and other investors, but don’t mention money. You are not there yet!!!

There are three things that investors are looking for in startups:

1. Great team! Tell them why you are the right person to build this product! Show them how obsessed you are with the problem you are trying to solve and everything you have done to get here. 
2. Big market! Show them the market opportunity you have in front of you and the feedback from customers! 
3. Great product! Your product is still a work in progress, but you have already made lots of progress. Don’t hesitate to show!

If you keep following up with the investors you are meeting, things will be much easier when you are ready to get an investment.