Five Ways to Make Sure You Get Turned Down by Venture Capitalists
I get this all of the time as an angel investor:
- "My idea is bigger than Google or Facebook"
- "We are the Uber of __________" (fill in the blank)
- "We’ve been focused on product and haven’t had time to meet with any customers"
- "We need $______ million" (but don't provide any details on how you arrived at that number)
- "Here's my plan" (a one-page high-level financial forecast with no details, no unit economics, and no backup for that wild Revenue spike or 65% EBITDA that no company on the planet has ever achieved)
Please do me a favor: Do your homework. Talk to Customers. Use the Startup Financial Model app. Then at least you will know what you don't know.