☑ How to defend your startup strategy before going to investors.
Let me start with a quote from Marc Andreessen:
“At our venture capital firm we only invest in a sort of Silicon Valley–style tech. We see 3,000 inbound deals a year. And those are inbound and coming through our referral network, so those are sort of prequalified. We can do maybe 15 or 20 investments out of the 3,000 a year. So I like to say our day job is crushing entrepreneurs’ hopes and dreams. Our main skill is saying no, and getting people to not hate us.”
Source: Inside the mind of Marc Andreessen – Fortune Magazine
It pains me to see how many entrepreneurs have no idea what makes a startup fundable. Over 99% of the entrepreneurs who seek financing are rejected.
If you get rejected by Accelerators, Angels or VCs, and they don’t tell you why, you need to understand the objections and the analysis that led them to their decision. Most good investors take the time to explain. Also, there are some fairly standard reasons why entrepreneurs get rejected by investors.
So, my humble advice to all entrepreneurs: please learn to assess your own probability of getting funded. This course is a very good start if you need a crash course in fundability.
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