I'm a first-time founder, and very introverted. After meeting 50 VCs, it comes as no surprise that we weren't able to raise money. My startup is post-product, and growing double-digit MoM (not consistently though).
I've concluded that in order for first-time founders to get funding, you need at least one of the following:
1. You have personal relationships with VCs, 2. Your startup is post product-market fit, i.e. >10% WoW growth, 3. You bootstrap all the way through by charging users early
If I was to start over again, I'd go with option 3. Squatted on zoom calls with VCs trying to pitch your vision, background, and MVP narrative in some exaggerated way isn't my cup of tea. I get tense. I shake. I find it appalling to ask for money. But, I know fundraising is a skill every founder must build, no matter how repulsive they find the process to be.
Would love thoughts from other startup founders.
I've concluded that in order for first-time founders to get funding, you need at least one of the following:
1. You have personal relationships with VCs, 2. Your startup is post product-market fit, i.e. >10% WoW growth, 3. You bootstrap all the way through by charging users early
If I was to start over again, I'd go with option 3. Squatted on zoom calls with VCs trying to pitch your vision, background, and MVP narrative in some exaggerated way isn't my cup of tea. I get tense. I shake. I find it appalling to ask for money. But, I know fundraising is a skill every founder must build, no matter how repulsive they find the process to be.
Would love thoughts from other startup founders.