👇 Does this sound familiar? 👇
Intro call with a founder. He starts the call saying he is "successful," has been accepted into this and that and has investors.
Me:
Hi, so and so. How can I help you?
Him:
I have a startup and saw your post saying you help founders.
Me:
Yes, I support startups. Can you please put your deck in the chat.
(When I opened his deck, it was lacking and missing basic information - vague problem statement, no business model, no financial model, no GTM strategy, just a lot of slides. It read more like a marketing brochure v an investor deck.)
When I told him this...
Him:
Oh, I have an investor deck, this is more promotional
Me:
🙄
Back and forth:
What does your company do? He gave a long winded answer.
Is your product live? He answered yes.
Do you have revenue. He answered yes.
How much have you bootstrapped? He answered $350k.
What is your exit strategy. He gave another long answer. And, I still don't know his strategy.
Then...he started telling me how successful he was again.
Him:
I thought you could introduce me to investors and VCs...I thought you do this as a service.
Me:
I do connect founders to investors, but I would need to see your actual investor deck, not your promotional materials.
Him:
Well, I only got on your calendar because I thought you could introduce me to VCs and investors.
Me: (smiling)
You seem to be quite successful.
I wish you the best. Have a great week!
(End meeting for all)
My thoughts:
My antennas went up within the first few minutes of the call.
After seeing his deck, hearing his tone and listening closely to his answers, I sensed something was not right.
So...
No, I'm not investing.
No, I'm not introducing you to anyone I know.
Why...
If you can't share your ACTUAL pitch deck, why would I share your information with my network. 🤔
Coincidentally...
Another investor asked me last week how do I decide to invest or not. I told her, I listen to the founder and ask a lot of questions. Then I do my research.
In this case, the above call only took me a few minutes to say NO THANK YOU and move on.
Unfortunately (or fortunately) I have several examples of founders who said they were raising money and asked me to invest. Instead of having FOMO, I decided to wait and watch instead. And, in each instance, the startups turned out to be "bad" investments.
Unfortunately, these true stories make it HARDER for legit founders to raise.
👉 Investing in startups is a high risk asset class
👉 Investing in ANYTHING can be very intimidating, esp if you are a new
👉 Most investors don't invest full-time, they invest "occasionally" or a few times a year
💬 If you want to know what questions to ask and how to reduce your risk exposure, join my free investor masterclasses https://lnkd.in/gKvZGtsx
#angelinvestor #venturecapital #startups
Bridgette L. Smith 🦋
Executive Chairman, CEO and Founder
Purpose Led Ventures Founder Pitch Week Serenity & Sunshine Holdings