We have been approached by a VC about two months ago and did our first intro call (upon their request). A week ago, they emailed me again and requested a follow-up call. Within the past two months, the traction may not have been impressive, but we do have a powerful product, an amazing and growing market, a proven market-product fit, with a great go-to-market strategy. We need funding to make all this happen in a timely manner. How do we conduct this call to have a better chance of approval?
Here is where your poker skills come in because you need to create demand for your deal. Investors chase rabbits, so you have to figure a way to show that your company is the rabbit other investors are looking for.
If you are on Angel list a simple review, comment, or referal rom other investors could raise the level of interest and help you close. Not all investors are lead investors some just want to participate, if you have met with someone who commits have them post it, other investors will see it.
I'm not very fond of press releases but if there is something that changes perspective or adds to the "deal" heat is a press release. Use the PR as leverage saying -Hey we were just menitoned on "x" publication.
When a VC asks, when do you expect to close? Give them a short time frame 2 to 3 weeks because you want to get back to running and building your company.
Finally ask them openly what do they need to know in order to get the deal closed (KPI's, balance sheet, MVP's, etc)
Happy to talk more strategy :)
Answered 10 years ago
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