This is the third installment of Entrepreneur First’s five-part series on tactical fundraising advice. The previous two posts covered Preparation and Trial & Error.
With practice rounds behind you, it’s time to kick into high gear and enter “active fundraising”. Your slide deck is crisp, your narrative refined and you can talk your way out of any tough question. Fundraising can be exhilarating or exhausting, and it’s in this stage that the emotional roller coaster is most intense. Many founders enter this stage with excitement over their pipeline of warm leads. Quickly though, that interest can turn cold and you may find yourself staring at your inbox… waiting… watching.
This can be avoided, or at least controlled, by designing a surgical approach to fundraising. Avoiding your initial reaction to rush into a Partner office will pay large dividends later on. Discipline is your friend. Below are several strategies that we suggest a founder adopt as she enters an active fundraise. Venture investing is an asset class that’s driven largely by psychological and social factors. If you can keep these feelings at bay and remain data driven you’ll get a better outcome, or at least some better sleep.